Essay On Retail Marketing Mix

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Recommended: Highlight the role of marketing mix elements

Retail marketing mix is about choosing the optimum combination of marketing mix elements and integrating and formulating the methods strategically to satisfy target audience establishing brand positioning and creating value in the market. The marketing mix serves the purpose of coordinating the elements of mix and creating distinct images in the consumer’s mind about each store. The way our customers perceive and value proposition of our retail store is affected by the way we design our marketing mix. It completely depends on the market we operate and the type of customers they serve. The optimum combination helps the retailer to better stand out from the competitors in the retail market. Here we discuss the marketing decisions that need to be taken in the areas of marketing mix elements.

NEW RETAIL ENVIRONMENT
The fast changing macro and micro environment, consumer expectations, and competition has resulted in several changes in the retail sector. Today consumer has more sophisticated expectations of product, service; value and environment that what used to be 3-4 years back. In India the growth of urbanization, increasing youth market with high disposable income and economic liberalization has supported fast growth of organized retail and influencing changes in the retail market.
New Retail forms and Combination: To satisfy the ever increasing demand of customers variety of new retail forms have emerged. Now you could have coffee in bookstore. One could avail the facility of food stores at petrol stations.

Growth of Intertype Competition: Discount chains like Walmart are expanding into product areas such as clothing, health, beauty, and electric appliance and hence department stores have to worry about these emerging t...

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...and pay more easily.

Use of QR code technology: Scan the item for purchase with mobile and get the item delivered at home

• Global Profile of Major Retailers: Retailers are increasingly making their presence outside home countries with their strong brand positioning. Walmart operates over 3600 stores outside US where it does 25% of its business.

• Growth of Shopper Marketing: Research now suggests that 70-80% of purchase decisions are made in stores. Hence the need to give stimulus to customers and influence them is being recognized by firms as way to boost sales. Where and how a product is displayed and sold can have significant effect on sales. More communication options are available through in store advertising such as Wal-Mart TV. Some employ goggle like devices that record what customers see by projecting infrared beam on wearer’s retina.

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