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Published byAnnis Phillips Modified over 9 years ago
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MARKETING STRATEGIES IN RETAILING, MARKET RESEARCH, AND SEGMENTATION
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Retail Mix ◦ Combination of decisions made to create and operate a store Products Location Prices Advertising Displays employees
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Specific group of people on whom a retailer focus merchandising and service decisions ◦ Target market profile Description of target market customers Determining target market ◦ Should be measurable ◦ Large enough to be profitable ◦ Reachable
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Gathering and analyzing data Primary data
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Analyzing the market to determine the target market ◦ Demographics Measureable Statistics Age, race, income, religion ◦ Pyschographics Attitudes, interests, opinions ◦ Geographics Area, Region, Climate ◦ Behavioral Segmentation “Rate of Use” – buyer preferences & tendencies
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Product mix ◦ Types of merchandise that a retailer offers to sale ◦ How many different product a store offers Services mix ◦ Number or kinds of services offered Installation Delivery Warranty
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Factor that makes one retail store more desirable than other competitors ◦ Customer service ◦ Atmosphere ◦ Unique merchandise ◦ Branding, image, appeal…
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Operating expenses ◦ Rent, office supplies, salaries, utilities Interest expenses ◦ Loans for building, equipment Cost of goods sold ◦ Paying for the merchandise that you are selling
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Five C’s of credit ◦ Capacity ◦ Capacity -ability to pay ◦ Character ◦ Character -reliability ◦ Credit history ◦ Credit history -amount of past debt & repayment record ◦ Capital ◦ Capital -assets owned after debt ◦ Collateral ◦ Collateral -property or valuables owed for security
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Situation or occurrence that can lead to financial loss for a business Risk management ◦ Handling risk in a way to minimize negative impact the business Theft Spoilage
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Economic risk – Downturn or negative shift in economy Natural risk – Hurricanes, floods, tornadoes, earthquakes, fires Human risk – Internal theft Employee theft – External theft shoplifting
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