Retail marketing is a process that’s creating an interest and awareness to your perspectives clients or consumers where maximum sell and profits happen. Today in this article we will talk about the the particular module in details , so lets see the agenda.
We will talk about the steps of retail marketing process and understanding the stage of concept of development of retail marketing. :
- To Understand the task involved in the analysis of the exact market.
- Understand the stage of market opportunity to design.
- The market testing.
- Understand the implementation.
- To Understand the selling.
Chain of Retail marketing process :
The chain of Retail marketing is starting from the concept of development of the market opportunity. Understanding the market strategies and designing the strategies accordingly leading up to testing the products . After testing you can sell your products to the market. So this is the entire chain process step by step.
Concept development :
So how exactly does concept development work. The Concept development is all about understanding what is the key products for the consumers in the market. The concept development is the stage of defining what your products will be. However for the retailers the products are already in place but they need to understand the format of the stores. Most retailers sell same or similar products but at different value proposition. New and innovatives ways of the store have to lead high competition, emergence, hypermarket and supermarket etc.
Analysis of market opportunity :
Market opportunity is crucial to find and should help you understand the exact market requirements. What exactly you are selling, you also need to understand the consumers’s behaviour because ultimately your consumers will be the main end users.
Identify the market objectives and market segments that in which market you are targeting.
- Market strategies Design
- Position : The position of your product’s will be very essential.
- The physical layout of the store and physical location of the store is very important for your business.
- For Personal services If you are hiring a staff member for a personal service to your consumers.
- The process is very important for retail marketing because the whole execution will depend on your strategies.
Market testing :
Always test your products on a small platform first:
- Evaluate what products will be.
- Evaluate the consumers response towards marketing plan.
- Test out the location.
- Your market strategies.
How you can implement ?
- Choose the right people for promotion.
- Make shift plan for sales.
How to sell ?
- Ensure your Footfalls.
- Meeting customers demands.
- Conversion of prospects into a customer.
- Provide sales promotion and discount offers.
- Get satisfied customer reviews