May 27, 2019, 07:09 AM
This is what we are going to learn from today. We have come across many event methods so far. This is something you will love to apply to boost your marketing strategies. Malls, shops, exhibition stalls are the most favorable places to test the goods from the brands with the customers. Retail marketing is a process where retailers trying to build the brand identity and sell the goods to the customer.
Four strategies marketers considering on retail marketing
Product: Two types of merchandise get benefited through retail marketing. One of them is hard goods like home appliances, electronic goods and so on. In other hand, soft goods like books, bouquets, clothing accessories, grocery items. Some retailers sell both in bigger shopping malls like Big Bazaar, and Saravana Selvarathinam does.
Pricing: Here is where retailers play a crucial role and get benefited. Pricing the good with low margin actually works very well.
High to low pricing: In outlet shopping or Online shopping, we can see the actual price and the offer price for the same product. Our mind calculates how much this offer can be fitted into our budget and how much we can gain from this offer. If the calculation has a worthy conclusion, we will decide to buy that product. This is happening at the time when the popularity and the need for the product are lesser.
The type of methods used by Low and medium retailers. Competitors based price also works very well. Actually comes after when high to low pricing failed eventually. There is another kind of marketing they use in pricing is known as physical pricing. They show the price of the product as Rs. 459 and the actual price Rs 500. Consumers assume that Rs.459 product will save some money.
Place: Most of the business under this category is run by small retail shop owners. They are independent. Amazon, Flipkart are some of the e-commerce retailers became popular in India in recent years.
Promotion: the Last P of the 4ps retailer strategy is Promotion. Retailers do promotion in a various way for their products. It includes personal selling, advertising, sales promotions, and samplings. The technique called promotional mix defines how much amount you have to spend on each promotional method.
This term is used in the industry to specify the largest chain of stores which have bigger retail establishments.