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1、Retail Marketing Mix and PlanningCharles Blankson, Ph.D.The nature of retail marketingnThe key aspects of retail marketing is an attitude of mind.nIn making retail marketing decisions, retailers must consider the needs of the customers.nRetail marketing decisions are driven by what the shoppers need
2、 and want. 2The nature of retail marketing nRetail marketing is therefore a philosophy and is all about satisfying the customersnWhat the customers regard as value and what they buy is decisive.nWhat the customers buy determines the nature of the retailers business. 3The nature of retail marketingnT
3、he essence of retail marketing is developing merchandise and services that satisfy specific needs of customers, and supplying them at prices that will yield profits.nRetailers must take the customers needs into consideration in retail operation. 4The nature of retail marketingnRetail marketing is st
4、imulating, quick-paced, and influential.nIt encompasses a wide range of activities including: Environmental analysis Market research Consumer analysis Product planning etc. 5The concept of retail marketingnThe retail marketing concept is the acceptance by the retailer that it is the “customer” and n
5、ot “demand” that lie at the core of the retail organisation.nThe retail marketing concept is a philosophy, not a system of retailing or retail structure.nIt is founded on the belief that profitable retailing and satisfactory returns on investment can only be achieved by identifying, anticipating and
6、 satisfying customer needs and desires.nIt is an attitude of mind that places the customer at the very centre of retailing activities. 6Importance of marketing in retailingnMarketing is a vital tool for every retailer, as it identifies current, unfulfilled needs and wants, which it defines and quant
7、ifies.nMarketing determines which target groups the retailer should serve.nMarketing could be seen as delivering an acceptable standard of living.nMarketing can ensure complete satisfaction and sustained customer loyalty.nMarketing depends on the efficient co-ordination of consumer prediction, produ
8、ct development, packaging design and influencing demand through appropriate communication medium.nFrom these, a suitable mix is achieved. 7 Retail marketing objectivesnThe retail marketing objective is a performance parameter which has been explicitly stated.nIt can be stated in quantifiable terms a
9、nd time terms so that results can be measured against it. Three types of retail objectives include:Basic objective those which defines retailers long -term purposes.Goals those which the retailer must achieve to be successfulTargets short-term goals that require immediate achievement. 8Retail market
10、ing mixnRetail marketing mix is the term used to describe the various elements and methods required to formulate and execute retail marketing strategy.nRetail managers must determine the optimum mix of retailing activities and co-ordinate the elements of the mix.nThe aim of such coordination is for
11、each store to have a distinct retail image in consumers mind.nThe mix may vary greatly according to the type of market the retailer is in, and the type of product/services. 9.Retail Marketing MixWhile many elements may make up a firms retail marketing mix, the essential elements may include:nStore l
12、ocation, nmerchandise assortmentsnStore ambience, ncustomer service, nprice, nCommunication with customers 10Mix nPersonal sellingnStore imagenStore designnSales incentivesnPeoplenProcessnPhysical evidence 11The mix planningThe retail marketing mix is the vehicle through which a retailers marketing
13、strategy is implemented and, in planning the mix, retailers should be guided by three basic principles:The mix must be consistent with the expectation of target customers;Elements must be consistent with each other to create synergy; andThe mix must be responsive to competitive strategy. 12.Composit
14、ion of key elementsnPlacenProductnPricenPromotionnPeoplenProcessnPhysical Environment13Key ElementPlace (store location)nTarget marketnChannel structurenChannel managementnRetailer imagenRetail logisticsnRetail distribution 14Key elementProduct (merchandise)nProduct developmentnProduct managementnPr
15、oduct features and benefitsnBrandingnPackagingnAfter-sales services 15Key elementPricenCostsnProfitabilitynValue for moneynCompetitivenessnIncentivesnQualitynStatus 16Key elementPromotionnDeveloping promotional mixesnAdvertising managementnSales promotionnSales managementnPublic relationsnDirect mar
16、keting 17Key elementPeople elementnStaff capabilitynEfficiencynAvailabilitynEffectivenessnCustomer interactionnInternal marketing 18Key elementProcess elementnOrder processingnDatabase managementnService deliverynQueuing systemnStandardisation 19Retail Marketing PlanningnRetail marketing plan consists of:nSetting objectivesnSystematic way of identifying a range of options.nFormulation of plans for achieving goalsnLo
