Which of the following makes up the retail marketing mix?
Product and service assortment, retail prices, promotion and store differentiation.
What is retail image mix?
A retail mix, defined, is the marketing plan put in place to address key factors such as location, price, personnel, services, and goods. The retail mix is also referred to as the “6 Ps.” Click for a larger image. … The retail mix will differ based on the store and the type of product offered to the customer.
What are the process involved in retail marketing?
Retail marketing is the process of bringing a product directly to customers in a retail store. It involves the planning, promotion, and presentation of a product. … The four gold standards of retail marketing are product, price, place, and promotion.
What is retailer and its types?
Store retailing: This includes different types of retail stores like department stores, speciality stores, supermarkets, convenience stores, catalogue showrooms, drug stores, superstores, discount stores, extreme value stores etc. … Corporate retailing focuses on retailing goods of only the parent or partner brand.
How are retailers categorized?
Retail Formats can be classified into the following categories: Store Based: Store based formats can be further classified into two formats based on the basis of Ownership or Merchandise offered. … Service Based Classification: Such retailers specialize in providing different kinds of services to the end consumer.
What is retail mix elements?
At the core of any retail marketing plan is the mix consisting of the four Ps (Product, Price, Place and Promotion) of marketing. The following images show retail examples of each of the elements of the mix and the next activity describes each element of the mix further.
What is VM in retail?
Visual merchandising is the practice in the retail industry of optimizing the presentation of products and services to better highlight their features and benefits. The purpose of such visual merchandising is to attract, engage, and motivate the customer towards making a purchase.
What are the components of a retail image?
The components of a firm’s image are its target market characteristics, retail positioning and reputation, store location, merchandise assortment, price levels, physical facilities, shopping experiences, community service, advertising and public relations, personal selling, and sales promotion.
What are the three main types of off price retailers?
The three main types of off price retailers are:
- independent off price retailers.
- factory outlets.
- warehouse clubs.
What are the 5 R’s of merchandising?
The five rights include providing the (1) right merchandise, at (2)the right place,(3) at the right time, (4)in the right quantities, and (5)at the right price.
What is the retail process?
Retail is the process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit. Retailers satisfy demand identified through a supply chain. … Retail markets and shops have a very ancient history, dating back to antiquity.
What is a retail strategy?
A marketing plan that details how a business intends to offer its products or services to consumers and influence their purchases.
What are the major types of retailers?
This diversity in size and earnings is reflected in the range of different ownership and management structures, discussed below.
- Department Stores. …
- Chain Stores. …
- Supermarkets. …
- Discount Retailers. …
- Warehouse Retailers. …
- Franchises. …
- Malls and Shopping Centers. …
- Online Retailing.
What are the main function of retailers?
A retailer performs the dual functions of buying and assembling of goods. The responsibility of a retailer is to identify the most economical source for obtaining the goods from the suppliers and passing on the advantages to the consumer. The retailers perform the functions of warehousing and storing.