Retail (Marketing) Mix

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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 7^th 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:

Forum Forum about the Retail Mix. Below you can ask a question about this topic, share your experiences, report a new development, or explain something. Start a new topic about Retail Mix Share your knowledge here (or ask a question)   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 inform... 10   1 comments 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 strat... 5   2 comments 🔥 NEW Merchandise Mix, Product Assortment and Merchandise Planning In the retail business, the merchandise mix is an important factor for the success of any retail company. It is essentially the product assortment that a retail store offers. Whereas some stores may c... 3   2 comments Retail (Marketing) Mix Types I'd like to know types of retail mix... Please advise... 3   2 comments Classifications of Retail Outlets and Stores I'm working on a project where I have to classify modern trade retail outlets in India as per their value to business. This classification has to be done for an FMCG company. Eventually this classifi... 2   2 comments What is a Mystery Shopper? What is the Impact of Mystery Shopping? Any comments available on mystery shopping and its impact?... 2   2 comments 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?... 1   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).... 1   1 comments 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 consu... 0   1 comments

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