Definition Retail Mix? Meaning.
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:
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:
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Meet the expectations of target customers
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It's elements (see below) must be consistent with each other to create some form of synergy.
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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
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Price
- Costs
- Profitability
- Value for money
- Competitiveness
- Incentives
- Quality
- Status
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Place
- Target market
- Channel structure
- Channel management
- Retailer image
- Retail logistics
- Retail distribution
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Promotion
- Promotional mixes
- Advertising management
- Sales promotion
- Sales management
- Public relations
- Direct marketing
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People
- Staff capability
- Efficiency
- Availability
- Effectiveness
- Customer-staff interaction
- Internal marketing
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Process
- Order processing
- Database management
- Service delivery
- Queuing system
- Standardization
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Physical Evidence
- Shops layout, reception, checkout
- Shopping mall
- Customer-staff interaction
- Atmosphere
- Customer testimonials
- Cash receipt
- After sales service
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