Retail Marketing Mix and Est Theory
V V Gopal, Professor, India
It includes 6 Ps of Retail:
- Product (assortments, quality and type)
- Place (store location, layout, ambience)
- Promotion (advertising, visual merchandising)
- Personnel (customer service, quality and type of manpower)
- Positioning (ref to the 'Est Theory'*).
*The Est theory states that a winning retailer must be good enough in five market positions and the best at one of them. The five positions are:
◾CheapEst: lowest prices
◾HottEst: most fashionable
◾BiggEst: largest selection
◾QuickEst: fastest service
◾EasyEst: most convenient service
The Est theory is a prescription for a retailerís market position, reducing all of the ways a retailer could claim to be superior to competitors to only five ways. However, it is more demanding than just a market position statement; an Est retailer must incorporate the theory into the core of its operations. The retailer canít simply declare superiority in one of the five positions in its promotional materials - it must consistently deliver on the position and truly be superior in that position.
Source: Willard N. Ander and Neil Z. Sternís WINNING AT RETAIL: Developing a Sustained Model for Retail Success