presented by:
Charles Blankson

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Retail Marketing Mix and Planning
The nature of retail marketing
 The key aspects of retail marketing is an attitude of mind.
 In making retail marketing decisions, retailers must consider the needs of the customers.
 Retail marketing decisions are driven by what the shoppers need and want.
 Retail marketing is therefore a philosophy and is all about satisfying the customers
 What the customers regard as value and what they buy is decisive.
 What the customers buy determines the nature of the retailer’s business.
 The essence of retail marketing is developing merchandise and services that satisfy specific needs of customers, and supplying them at prices that will yield profits.
 Retailers must take the customers’ needs into consideration in retail operation.
 Retail marketing is stimulating, quick-paced, and influential.
 It encompasses a wide range of activities including:
 Environmental analysis
 Market research
 Consumer analysis
 Product planning etc.
The concept of retail marketing
 The retail marketing concept is the acceptance by the retailer that it is the “customer” and not “demand” that lie at the core of the retail organisation.
 The retail marketing concept is a philosophy, not a system of retailing or retail structure.
 It is founded on the belief that profitable retailing and satisfactory returns on investment can only be achieved by identifying, anticipating and satisfying customer needs and desires.
 It is an attitude of mind that places the customer at the very centre of retailing activities.
Importance of marketing in retailing
 Marketing is a vital tool for every retailer, as it identifies current, unfulfilled needs and wants, which it defines and quantifies.
 Marketing determines which target groups the retailer should serve.
 Marketing could be seen as delivering an acceptable standard of living.
 Marketing can ensure complete satisfaction and sustained customer loyalty.
 Marketing depends on the efficient co-ordination of consumer prediction, product development, packaging design and influencing demand through appropriate communication medium.
 From these, a suitable mix is achieved.
Retail marketing objectives
 The retail marketing objective is a performance parameter which has been explicitly stated.
 It can be stated in quantifiable terms and time terms so that results can be measured against it.
Three types of retail objectives include:
1. Basic objective – those which defines retailer’s long-term purposes.
2. Goals – those which the retailer must achieve to be successful
3. Targets – short-term goals that require immediate achievement.
Retail marketing mix
 Retail marketing mix is the term used to describe the various elements and methods required to formulate and execute retail marketing strategy.
 Retail managers must determine the optimum mix of retailing activities and co-ordinate the elements of the mix.
 The aim of such coordination is for each store to have a distinct retail image in consumers’ mind.
 The mix may vary greatly according to the type of market the retailer is in, and the type of product/services.
While many elements may make up a firm’s retail marketing mix, the essential elements may include:
 Store location,
 merchandise assortments
 Store ambience,
 customer service,
 price,
 Communication with customers