Retail Marketing Mix

639 Words2 Pages
bulb-icon

Recommended: Merits and demerits of marketing mix

A well thought out marketing strategy starts by understanding how to promote a product and brand through a retail marketing mix. Before a company can begin to introduces a new product into the retail market, careful evaluation of its marketing mix is essential to the success of the product. The introduction of a new product starts with careful consideration to offer the right product, to the right selected target market at the right price, mixed with the right location. This promotion strategy gives the product or service some key elements for marketing success. All elements in the retail marketing mix influence each other and when they aline a strategy develops and executed properly success is achieved.
Distribution Strategy
Major retailer, like Target, Walmart and Home Depot all understand the strength of their brand and store image and make conscious choices selecting key real estate, in store P.O.P eye catching propaganda and strategic store layouts to distribute goods to consumers and still achieve the greatest profit margin.
“Product distribution, whether you are a large retailer or small group of stores, will follow similar steps in the distribution process taking into account both bottom line with channel partners and service end users” (Beck, 2013). Without proper distribution channels in place a company can have the greatest product on the market, but its product might never reach the consumer. Prior to distributing the product/service a company must identify its target market, know who their competitors are and understand the market they plan to place their product or service in. Large retailers have the financial depth to reach consumers through various media channels; direct mailers, television advertisem...

... middle of paper ...

... The cost spent on advertising is usually quite high relative to the overall cost of goods but outweighs the cost to reach their target market. A promotion strategy not only includes the advertising but the selling, sales promotion and public relations all in the name of reaching the consumer. “An effective promotional strategy will hold current positions in the market while building new markets but the goal revenue generated from it’s reach” (Pierce College, 2013) .

Works Cited

Beck, M. Bryan., (2013). Chron Small Business. Retrieved from http://smallbusiness.chron.com/write-marketing-distribution-channel-strategy-65869.html
The hardware connection., (2013). Smart Retail Pricing Strategies. Retrieved from http://www.thehardwareconnection.com/housing-market-starting-to-improve/

http://faculty.piercecollege.edu/rskidmore/Ghost/library/Chapters/CHPT13-04.pdf

Show More
Related

  • Home Depot Competitive Advantage

    668 Words  | 2 Pages

    Per Kalogeropoulos (2016), the company is better able to ensure product availability while managing their costs because of their latest logistics initiative. They have recently created a network of deployment centers that reduces the time between when the product leaves a supplier to when it hits the shelf at the Home Depot store which drives profits higher. Parnell (2014), relays that companies who use low-cost strategy seek distribution channels that minimize cost. Home Depot’s new logistics initiative provides the company with economies of scale and a market advantage because it adds to their low-cost

    Read More

  • Marketing Mix and Promotional Strategy

    1394 Words  | 3 Pages

    The LEGO Group organization is famous due to its flagship product – colourful plastic bricks that can be interlocked to form a variety of figures, and then disconnected again. These binding bricks originated in a wooden form when the company was first established in Billund, Denmark by Kirk Kristiansen in 1932 (The LEGO Group, 2012), and today’s well known plastic version was introduced in 1958 (Rosenberg). The company’s head office is located in Billund to this day, and The LEGO Group remains privately owned by Kristiansen’s family (The LEGO Group, 2012). They currently sell toys and teaching materials in over 130 countries worldwide.

    Read More

  • Marketing: 'The Concept Of The Marketing Mix'

    1556 Words  | 4 Pages

    Borden, N. H. (1964), "The concept of the marketing mix", Journal of Advertising Research, Vol. 4 No. June, pp. 7-12.

    Read More

  • Marketing Mix - H&R Block

    1480 Words  | 3 Pages

    Promotion is advertising to potential customers in and effort to create an awareness of your business. It is reasonable to believe that without the ability to advertise a company would have a difficult time generating new customers.

    Read More

  • Benetton Case Study

    1747 Words  | 4 Pages

    Marketing In this day and age is vital for a company to perform at its possible best. Marketing’s main focus is to give great satisfaction to a customer. There are many aspect of marketing, these aspects give marketer’s the tools to help strive for the best possible success they can achieve. They hope that they can create exposure for their brand, product or service.

    Read More

  • Target Marketing Strategy

    722 Words  | 2 Pages

    The Target stores offer higher quality products while keeping prices low for customers who take quality into consideration. This is a an advantage for Target by collecting a higher wealth of customers

    Read More

  • Importance Of Company Wide Strategic Planning

    932 Words  | 2 Pages

    A marketer doesn’t just have a plan. Marketers now open up to a wider strategic plan and it’s based on steps that balance out what the market is offering consumers. These marketers must analyze their production with these steps, then make a portfolio of the growth and even their down falls therefore this keeps these marketers to continuously innovate and create even a greater amount of value for their customers. Marketing management functions are discussed along with the marketing mix and strategy.

    Read More

  • The Introduction of Voice Recognition Devices

    2141 Words  | 5 Pages

    The company’s marketing plan covers the main goals, marketing strategies, targeted segment, short and long term plans. The main goal in this marketing plan is to analyze the situation of the market, strategies used by competitors, penetrate the market with the product and generate higher dollar sales with appropriate pricing and relevant product specification. The company has decided to target the high price market segment as consumers in this segment are less price sensitive who are willing to purchase products with adequate specification at a higher price. The marketing strategy is to examine targeted consumer market segment, identify consumer needs and a...

    Read More

  • Integrated Marketing Communication Plan for Nokia

    2889 Words  | 6 Pages

    12. Raman, K., and Naik, P.A., (2005), Integrated Marketing Communications in Retailing, [online] Available at: http://ramanassoc.com/yahoo_site_admin/assets/docs/IMC_in_Retailing.26100503.pdf, Accessed on: 1st April 2014

    Read More

  • Product Market Expansion Strategy In The Apple Inc.

    1713 Words  | 4 Pages

    This strategy is very much about the business which is carried out as usual. In this strategy the marketer is focusing on both the product and the market opportunity.

    Read More

  • Positioning Strategy Essay

    1668 Words  | 4 Pages

    Studies and analyses regarding variations between companies performing higher or lower regarding their marketing practices has helped out to assure that a central textbook marketing strategy principle; which is to achieve success regarding that in the long term the products and services of a firm have to be well ‘positioned’ in the market. This paper aims to highlight the common formulations or ‘anatomies’ for strategies and the isolation of some of the most important inclusions that were thought to be really important in achieving success. Just to bring some “flesh on the bones”, this article examines the method through which theory is translated into practice.

    Read More

  • Using The 4 Ps To Market Ultimate Fighting

    1277 Words  | 3 Pages

    Marketing is a process of determining a consumer’s needs, devising a product or service to satisfy those needs, and trying to focus customers on the goods and services you are offering. Marketing is extremely important, and a fundamental building block for business growth. A marketing team is given the task of creating customer awareness through a variety of different marketing techniques. If a business does not pay close attention to their consumer demographic and needs, they will eventually fail over time. Two important aspects of marketing include acquiring new customers, and the preservation and growth of relationships with current customers. Marketing has always been viewed as a creative outlet, which encompassed advertising, distribution, and the selling of goods and services. Marketing staff will also try to anticipate what customers will want in the future, often being accomplished with market research. In summation, a good marketing plan should be able to create a favorable proposition or series of benefits that a customer can value through goods or services. The marketing mix is normally described as the strategic positioning of a product or service in the marketplace, using the specification of the four Ps. During the early 1960’s, Professor E. Jerome McCarthy of Harvard Business School stated that a marketing mix contains four elements. The four key points are product, pricing, promotion, and placement. It is recognized that all these aspects must be present to ensure a successful business model within a given industry. We will now take a thorough look at the four marketing mix points.

    Read More

  • Difference Between Brand Image And Channel Image

    835 Words  | 2 Pages

    Consumers can purchase the goods through diverse channels and this will raise consciousness in the customers’ mind and make the loyalty. The higher the channel, the lower the price, it is going to occur all kinds of customers. Thus, enterprises have to consider their distribution channel architecture. They need to decide that channel must be applied an identical to their brand

    Read More

  • The Importance Of Store Image

    1271 Words  | 3 Pages

    Basically, manufactures try to find solution for distribution of their brand within many categories of consumer products. There is a solution that have been found which known as the distribution intensity. Distribution intensity defined as marketer choose the level of product availability and factors such as the size of target market, production capacity, pricing, services, and promotion if applicable (“ Distribution Intensity”, 2004). Coughlan et al. (2001) mentioned that customers could buy a

    Read More

  • The Role of Advertising in Business

    1792 Words  | 4 Pages

    Advertising lies in the Promotion part of Marketing Mix, but it applies to all the other P's as well. Promoting one’s business is the key ingredient to making one’s business successful. Promotion, along with a great product, key placement, and a reasonable price, will help a marketer work his way to the top. Promoting does not mean leaving his advertising up to the word of mouth of his current customer.

    Read More

More about Retail Marketing Mix

Open Document