Applying Different Sales Strategies to Meet Market Needs

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Applying Different Sales Strategies to Meet Market Needs
Demographics, economic conditions, competition and technology are a few of the many factors a retailer must consider before developing a sales strategy. A well thought out strategy looks at the existing position of the business, both controllable and uncontrollable conditions, and devises a strategy to meet market needs. The strengths, weakness, opportunities and threats (SWOT) analysis enables a retailer to view a business through an objective eye and develop a sales strategy to reach a given target market. Different retail venues require retail strategies to meet the unique needs of their target market however all venues require analysis of the consumer base through the use of marketing tools.
Sales Strategy
A retail sales strategy must develop a thorough, well-integrated plan, in order to gain a competitive advantage in the market. A retail business develops a strategy to reach their target market and communicate their message in a meaningful way that consumers can relate too. (Gluck, S., 2014). Prior to communicating with consumers, retailers must assess market conditions and determine if their product or service will meet market needs. An analysis of the strength, weaknesses, opportunities and threats (S.W.O.T) gives a retailer perspective about the market and their own business allowing them to capitalize on the conditions. Once the (SWOT) is evaluated, the retailer sales strategy will account for both controllable and uncontrollable variables. Examples of controllable variable are: location, retail pricing of products and advertising. Examples of uncontrollable variables are: advances in technology, competition, and economic conditions. Succe...

... middle of paper ...

...omotion. Both the sales strategy and the sales promotion give a retailer the tools to evaluate their business and provide a well thought out plan for a retailer to follow. Consumer needs are fulfilled and a retailers financial goals met as well by applying different strategic plans in place to meet the individual needs of the given market.

Works Cited

Anderson, H., (n.d.). Marketing strategy for westgate mall. Retrieved from http://www.heathanderson.com/MBA/mkt6340/Test1/Group3Test1Q1.pdf
Berman, B., & Evans, J.R. (2013). Retail management: A strategic approach (12th ed.). Upper Saddle 
River, NJ: Pearson Prentice Hall.
Gluck, S., (2014). What is a sales strategy? Retrieved from http://smallbusiness.chron.com/sales-strategy-629.html
Schenck, B., (2010). Three steps to effective sales promotions. Retrieved from http://www.entrepreneur.com/article/204860

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