Retail Marketing Mix

A well thought out marketing strategy starts by understanding how to promote a product and brand through a retail marketing mix. Before a company can begin to introduces a new product into the retail market, careful evaluation of its marketing mix is essential to the success of the product. The introduction of a new product starts with careful consideration to offer the right product, to the right selected target market at the right price, mixed with the right location. This promotion strategy gives the product or service some key elements for marketing success. All elements in the retail marketing mix influence each other and when they aline a strategy develops and executed properly success is achieved.

Distribution Strategy

Major retailer, like Target, Walmart and Home Depot all understand the strength of their brand and store image and make conscious choices selecting key real estate, in store P.O.P eye catching propaganda and strategic store layouts to distribute goods to consumers and still achieve the greatest profit margin.

“Product distribution, whether you are a large retailer or small group of stores, will follow similar steps in the distribution process taking into account both bottom line with channel partners and service end users” (Beck, 2013). Without proper distribution channels in place a company can have the greatest product on the market, but its product might never reach the consumer. Prior to distributing the product/service a company must identify its target market, know who their competitors are and understand the market they plan to place their product or service in. Large retailers have the financial depth to reach consumers through various media channels; direct mailers, television advertisem...

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... The cost spent on advertising is usually quite high relative to the overall cost of goods but outweighs the cost to reach their target market. A promotion strategy not only includes the advertising but the selling, sales promotion and public relations all in the name of reaching the consumer. “An effective promotional strategy will hold current positions in the market while building new markets but the goal revenue generated from it’s reach” (Pierce College, 2013) .

Works Cited

Beck, M. Bryan., (2013). Chron Small Business. Retrieved from http://smallbusiness.chron.com/write-marketing-distribution-channel-strategy-65869.html

The hardware connection., (2013). Smart Retail Pricing Strategies. Retrieved from http://www.thehardwareconnection.com/housing-market-starting-to-improve/

http://faculty.piercecollege.edu/rskidmore/Ghost/library/Chapters/CHPT13-04.pdf