What Are The Principles Of Retail Business

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PREFACE 1. The customer is the most important person in your business The customer holds the key to every successful retail operation. Based on my 20 years ' of experience with a number of different retail businesses, this article will introduce you to the journey to make your business customer-focused, and realize the potential you have to make your retail business a success. The main retail principle to master is the customer; the customer should be the centre of your business and everything you do must revolve around that customer. Knowing them, and focusing on them in everything you do, will help you grow your business and your team — the customer is king. 2. Retail is detail One of the most famous principles in retailing is, of course, Understand the four P’s This is a very old principle but still has validity. This retail principle will help you understand the overall foundations of a retail business; the 4 Ps: Product, Price, Place, Promotion. These are the basic foundations of a successful retail business. • Product: You need products that your customers want to buy and a product range that will satisfy your customers’ needs and desires. The products must also deliver a profit for you to have a successful business; • Price: Price must be consistent across the marketing mix and meet all requirements for your business. You need to price your product range at the correct level for the customers to be able to buy your products, and for them to gain value from your products. This could mean pricing high or low — this very much depends upon your customer History has dictated that this is one of the most important factors in the success of a physical store, and still to this day it will have a major impact on your success. The best location of your store will be dictated by your brand and product strategies. For example, a supermarket operation needs a car park and a high fashion store needs to be in a high fashion area that attracts the right customers for the store. I would argue, however, that location has less effect now than previously, due to two main factors: the first being the flexibility of the customers; now we often travel more, and the second being the

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