Retail (Marketing) Mix

Knowledge Center

Description of Retail Mix. Explanation.

Contents

  1. Summary
  2. Forum
  3. Expert Tips
  4. Resources

  Print


 



Why register?
Log in

Shopping MallDefinition Retail Mix. Description.


The Retail Marketing Mix is a marketing term that refers to the variables that a retailer can combine in alternative ways to arrive at a marketing strategy for attracting its consumers. The variables usually include factors such as: merchandise variety and assortment and services offered, pricing, advertising, promotion and layout, store design, store location, and visual merchandising.


It is a specialized form of the Extended Marketing Mix for Retailers. In a typical retail business, the 7th P (Physical Evidence) is a bit redundant, unless services are a main component of the offering (banks, online retail, mail order).


Types of Retailers

Typically retail is a quick-paced, stimulating environment. Obviously, the retail marketing mix is dependent on the type of retailer:

  • Department Store: very large stores offering a large variety of categories and has broad assortment at average price. They offer considerable customer service.
  • Discount Store: offering a wide array of products and services, but competing mainly on price.
  • General Merchandise Store: a hybrid between a department store and discount store.
  • Warehouse Store: offering low-cost, typically high-quantity goods piled on pallets or steel shelves.
  • Mom-And-Pop Store: family-run, small retail outlet, owned and operated by individuals.

  • Specialty Store: focuses on a particular category and provides high level of service.
  • Convenience Store: found in residential areas, providing limited merchandise at above average prices with a quick checkout.
  • Hypermarket: providing large variety and huge volumes of merchandise at low margins.
  • Supermarket: self service store selling mostly food products and limited non-food items.
  • Category Specialist: supplying very wide assortment in a single category at low prices.
  • E-Tailer: offering products through internet. The merchandise is delivered at the customer's address.
  • Mail Order: offering products through a catalogue. The merchandise is delivered at the customer's address.
  • Vending Machine

Retail marketing is all about satisfying the customers: What matters is what the customers regard as value and most importantly what they buy. It encompasses a wide range of activities.


Elements of a Retail Marketing Mix

A good retail marketing mix must:

  1. Meet the expectations of target customers

  2. It's elements (see below) must be consistent with each other to create some form of synergy.

  3. Be competitive to offerings from competitors.

The following list of typical elements can be used to develop a strong retail marketing mix:


Product (Merchandise)
  • Product development
  • Product management
  • Product features and benefits
  • Branding
  • Packaging
  • After-sales services
Price
  • Costs
  • Profitability
  • Value for money
  • Competitiveness
  • Incentives
  • Quality
  • Status
Place
  • Target market
  • Channel structure
  • Channel management
  • Retailer image
  • Retail logistics
  • Retail distribution
Promotion
  • Promotional mixes
  • Advertising management
  • Sales promotion
  • Sales management
  • Public relations
  • Direct marketing
People
  • Staff capability
  • Efficiency
  • Availability
  • Effectiveness
  • Customer-staff interaction
  • Internal marketing
Process
  • Order processing
  • Database management
  • Service delivery
  • Queuing system
  • Standardization
Physical Evidence
  • Shops layout, reception, checkout
  • Shopping mall
  • Customer-staff interaction
  • Atmosphere
  • Customer testimonials
  • Cash receipt
  • After sales service
   



Retail Mix Forum (7 topics) Help
  Point of Sale Systems
Can anyone share ideas as to what important criteria should be considered when assessing the pros and cons of point of sale technology?...
     
  Retail Mix is a Strategy
Retail marketing mix means a strategy that retailers use to attract customers and increase footfalls in the store.
Main points include:
1. Location strategy
2. Assortment strategy
3. Pricing strategy
4. Communication m...
     
  What is a Mystery Shopper? What is the Impact of Mystery Shopping?
Any comments available on mystery shopping and its impact?...
     
  Trends in Global Retail Industry
I would like to know about the retail industry (i.e. current scenario, industry dynamism, big players in the market and what strategies they follow)....
     
  Point-of-sales Advertising
In fact, I am looking for the different techniques of POS Advertising that can make a product on the shelves more appealing and attractive. So, please I would like to gather as much as possible information about this subject. I ask the help of any on...
     
  Retail Management Assistance
Could somebody assist me project on retail marketing, management and consumer behaviour, strategic management and marketing in retail management such as of shopping mall, consumerism and induced consumerism....
     
  Retail (Marketing) Mix Types
I'd like to know types of retail mix... Please advise...
     



Retail Mix Special Interest Group


Special Interest Group

 

Expert Tips - Retail Mix Premium

Resources - Retail Mix Premium
Product Packaging - Marketing, Sustainable Business, Environmental Sustainability, Packaging
 

News - Retail Mix

     
 

Videos - Retail Mix

     
 

Presentations - Retail Mix

     
 

More - Retail Mix

     

Compare with: Extended Marketing Mix

Sponsor
Sponsor this knowledge center

Special Interest Group Leader
Would you like to be our Retail Mix SIG Leader?

All you need to know about management

12manage for:



Management Smart Card

12manage in:





 

Return to Management Hub: Marketing


More on Management  |  Return to Management Dictionary  | 

 

This ends our Retail Mix summary and forum.

Copyright 2014 12manage - The Executive Fast Track. V12.0 - Last updated: 29-7-2014. All names tm by their owners.