Retail Business Essentials

Marketing

 5 positioning options (uniqueness and relevance)

1. Location (7/11)
2. Cost
3. Brand (rustan’s
4. Service (shopwise/supermarket/hypermarket)
5. Experience (ameircan girl-everything in the store)

How to make money in store retailing?

5s’s (Finance)

1. Spread (at disocunt

2. Speed (volume discount, rebate, good supplier
3. Save (3w: wastage, wages, warehouse, supplier taking advantage
4. Space (listing ,referral)
5. Support (funds for business dev’t)

Finance and Operations

Marketing Plan

1. Definition-a document that outlines a brand or company will win in a competition

2. Importance-it helps identify the opprotutinites, how to achieve, win the marketplace,
3. Factors in studying competition/look at the competition-not follow. Parity means matching with
competitor. Be superior with your competition.
4. Components- 1. Target market; different companies have difftenet approach to marketing plan
5. Essentials: What do they want to achieve; do they want to double sales or what? More ambitous
6. Marketing Strategy- create awareness, make product available; make sure will try the product;
people will purchase the product (AIDA);

Essentials of marketing plan:

1. Identifying competitors:
a. description of competitors
b. size
c. profitability
d. operating methods

2. Pricing policy-how to set price at a level that maximizes profit in the longer term, including
the following
a. cost of product
b. Distribution system
c. Degree of acceptance to the market
 d. Competitor’s price

3. Marketing methods:
a. How will you promote or advertise your business?
b. Will you employ salespeople or marketing agents?
c. How will you sell your product?
d. What channels of distribution will you use to reach your customers?
e. What do your customers think of your product?
f. How can you improve your business as an enterprise?