Course Code BRL-102

Course Title: Introduction to Retail Marketing

Assignment Code BRL-102/TMA/2022-23
Coverage All Blocks
Maximum Marks: 100

Attempt all the questions.

(A) Short Type Questions

1. Explain the process you would undertake to market your own retail outlet which has been recently
launched. You can make valid assumptions. (10)

Ans: - Retail marketing pertains to the strategies and tactics that retailers use to attract customers and drive
sales. Retail marketing has 4 key components, also knows as the "4 Ps": Product, Price, Place, and Promotion.

Product. First is the Product, which is the physical item that's being sold.
Price. The second is Price, which refers to the pricing strategy that the merchant uses to sell the item. (Examples
include "everyday low prices," implementing pricing psychology like using "9.99" etc.)
Place. Third is "Place" which refers to the location or platform used to sell products.
Promotion. Finally, there's Promotion, which is what the retailer does to get the word out and entice sales.
Identify the channels, tactics, and activities that are bringing visitors to your retail stores. Some common ones
may include:

Retail displays and in-store initiatives - Are people coming into your store because of the vibrant windows? Are
they attracted to the large signs or beautiful products you have on display? If these in-store efforts are driving
results, then you know that it's worth doubling down on them.
Online listings - People are increasingly turning to tools like Google and Yelp to find and discover businesses in
their neighborhoods. If this is the case for your retail biz, then be sure to make them a big part of your retail
marketing strategy.
Digital marketing - From Facebook ads and lnstagram posts to AdWords and a strong ecommerce presence, the
things you do online may also drive in-store traffic. See to it that you're measuring your efforts on the digital
marketing front.
Word of mouth - Are your customers talking up your business? If word of mouth is a big traffic driver for you, be
sure to incorporate it into your retail marketing.

2. What is personal selling? Explain the essential elements of personal selling. (10)

Ans: - Personal selling is also known as the act of convincing a customer to buy a given product or device. It is
also considered to be one of the most costly and effective promotional methods that are ever seen. It is
effective as there is a face-to-face interaction observed between the seller and the buyer which helps the seller
to change their promotional techniques used as the situation asks for. I
Personal Selling is yet another type of selling initiative by the business companies, a way to persuade the local
people to try their products. Personal Selling is surely one of the distinctive methods which are used by the
selling strategists to achieve their goal of selling a destined quantity of sales.
In our discussion, we have included this interesting topic of 'Personal Selling', and to further strengthen our
knowledge we have discussed the pros and cons related to this.

Concept of Personal Selling

Personal selling is face-to-face selling where one person who is the salesman tries to convince the customer to
buy a product assigned by the company. It is a promotional activity by which the salesperson uses his or her
skills and abilities to persuade people to buy the product thereby in an attempt to make a sale.
Here, the salesperson tries to highlight the features of the product to convince the customer that the product
will hold benefits in the long term. However, getting a customer to buy a product is not always the motive
behind personal selling, this personal selling is also done to make the customers aware of new products in the
market.
Personal Selling Examples
Personal selling is where businesses use the sales force to sell the product after meeting the customer face-to­
face.
The sellers advertise these products through their skills such as attitude, appearance, and specialist product
knowledge. The salesperson informs and encourages the customer to buy or at least try the product.
A unique example of personal selling is found in the department stores on the perfume and cosmetic counters.
A customer can get advice on how to apply the product, its specialties and can try different related products,
these all are guided by the personal selling staff present there. Products with high prices, and with complex
features, are often sold using this type of technique. Examples: Cars and many products that are sold by
businesses to other industrial customers.
3. Explain various categories of advertising with specific examples. (10)

Ans: - Advertising is a component of a company's marketing strategy. Companies use advertising to share
information about their products or services through various media. The advertising landscape has changed with
technology, with print and broadcast advertising serving as the traditional format and digital advertising serving
as a more modern option. With technology, companies gain new ways of targeting consumers and tracking the
effectiveness of their advertising campaigns.
1. Print advertising
Print advertising refers to printed advertisements, often seen in newspapers and magazines. However, this
category also includes other printed materials, such as brochures, directories and flyers. Companies can place
advertisements in local newspapers-whether throughout the paper or within the classifieds section-to target
consumers within a geographic location.
For a more targeted audience, companies may seek advertising opportunities in magazines. Specialty magazines
can help a company reach a specific group or type of people. For example, a company that sells golf equipment
would place ads in magazines for golf enthusiasts because they know that audience is more likely to appreciate
their product. Magazine advertising can also offer a better visual experience for consumers, as the full-page
opportunities allow for more color and high-production images than newspaper advertisements.

2. Direct mail advertising

Direct mail is a type of print advertising that sends advertisements to customers through the mail. Examples
include brochures, catalogs, newsletters and flyers. This approach enables companies to identify an even more
targeted market than other print advertising formats because it distributes ads via a direct mailing list.
For example, someone who opens a hair salon can create a flyer that announces their grand opening. They can
then send that flyer to a list of residents located within five miles of the salon. To attract new customers, the
owner can also include a discount coupon with the mailer.

4. What is In-store promotion and how do retailers communicate promotion. (10)

Ans: - 3.Television advertising is a type of broadcast advertising where companies advertise their products or
services through 20-, 30- or 60-second TV commercials. It can be costly but enables companies to repeat their
advertisements regularly. The costs to air television commercials can vary due to the following factors:
• The ad length
• The time of day
• The television show
• Frequency of airing
• The geographic reach
The number of networks
4. Radio advertising
Radio is another form of broadcast advertising that plays ads during programming breaks. Customers can hear
radio advertisements while conducting other activities, such as driving or doing household chores. Like
television, radio enables the repetition of advertisements, which can give companies more recognition with
consumers. Companies can research what radio stations are popular with their target customers. They can also
learn what times of day these customers listen to the radio most. For example, they may try to advertise during
a morning time slot when they know many of their customers will be driving to work.

5. Podcast advertising
In podcast advertising, companies can sponsor podcasts or have advertisements for their products or services
played during the episodes. Typically, podcasts play ads at the beginning, middle and end of episodes. Similar to
radio advertising, companies can research which podcasts are most popular with their target audience.

6. Mobile advertising
Mobile advertising reaches consumers through any mobile device with internet connectivity, such as a cellphone
or tablet. These advertisements may appear to consumers through social media, on web pages or within apps.
For example, a customer playing a mobile game may receive ads for similar games between gameplay rounds.
The benefit is that these advertisements can reach consumers no matter where they are. If individuals enable
location settings, companies may even be able to target them via geographic location.

7. Social media advertising

Companies use social media advertising to promote their products or services on various platforms. Social media
advertising, like other digital advertising, enables companies to target specific audiences. They may focus on
reaching customers based on their geographic location, age group or buying habits. They can either pay for the
platforms to promote their advertisements, or they can use more organic methods.

s. Write about the social media marketing and discuss the SEO in social media marketing. (10)

Ans: - Social media marketing is a powerful way for businesses of all sizes to reach prospects and customers.
People discover, learn about, follow, and shop from brands on social media, so if you're not on platforms like
Facebook, lnstagram, and Linkedln, you're missing out! Great marketing on social media can bring remarkable
success to your business, creating devoted brand advocates and even driving leads and sales.

Social media marketing is a form of digital marketing that leverages the power of popular social media networks
to achieve your marketing and branding goals. But it's not just about creating business accounts and posting
when you feel like it. Social media marketing requires an evolving strategy with measurable goals and includes:
I/
Maintaining and optimizing your profiles.
Posting pictures, videos, stories, and live videos that represent your brand and attract a relevant audience.
Responding to comments, shares, and likes and monitoring your reputation.
Following and engaging with followers, customers, and influencers to build a community around your brand.
With such widespread usage and versatility, social media is one of the most effective free channels for
marketing your business today. Here are some of the specific benefits of social media marketing:

Humanize your business: Social media enables you to turn your business into an active participant in your
market. Your profile, posts, and interactions with users form an approachable persona that your audience can
familiarize and connect with, and come to trust.
Drive traffic: Between the link in your profile, blog post links in your posts, and your ads, social media is a top
channel for increasing traffic to your website where you can convert visitors into customers.
Generate leads and customers: You can also generate leads and conversions directly on these platforms,
through features like lnstagram/Facebook shops, direct messaging, call to action buttons on profiles, and
appointment booking capabilities.
Increase brand awareness: The visual nature of social media platforms allows you to build your visual identity
across vast audiences and improve brand awareness. And better brand awareness means better results with all
your other campaigns.
SEO is about optimizing your website so that it turns up in searches done by people seeking your product or
service, and enticing them to visit your website. Social media does the same thing - it gets your name and
content in front of people interested in your offering.
"But my business is serious, we can't make TikTok dance videos or post photos of our clients."
Most of our clients are in the B2B and non-profit spaces, so we hear this a lot. SEO makes obvious sense,
because it's about using data to identify the best queries, then produce content around them. No matter your
industry, our customers all use Google every single day, and we all want to be on page one. A

6. What do you understand by the term "marketing mix"? Explain with an examples. (10)

Ans: - A marketing mix includes multiple areas of focus as part of a comprehensive marketing plan. The term
often refers to a common classification that began as the four Ps: product, price, placement, and promotion.

Effective marketing touches on a broad range of areas as opposed to fixating on one message. Doing so helps
reach a wider audience, and by keeping the four Ps in mind, marketing professionals are better able to maintain
focus on the things that really matter. Focusing on a marketing mix helps organizations make strategic decisions
when launching new products or revising existing products.
The four Ps classification for developing an effective marketing strategy was first introduced in 1960 by
marketing professor and author E. Jerome McCarthy.
Depending on the industry and the target of the marketing plan, marketing managers may take various
approaches to each of the four Ps. Each element can be examined independently, but in practice, they often are
dependent on one another.

Product
This represents an item or service designed to satisfy customer needs and wants. To effectively market a
product or service, it's important to identify what differentiates it from competing products or services. It's also
important to determine if other products or services can be marketed in conjunction with it.

Price
The sale price of the product reflects what consumers are willing to pay for it. Marketing professionals need to
consider costs related to research and development, manufacturing, marketing, and distribution-otherwise
known as cost-based pricing. Pricing based primarily on consumers' perceived quality or value is known as value­
based pricing.

Placement
The type of product sold is important to consider when determining areas of distribution. Basic consumer
products, such as paper goods, often are readily available in many stores. Premium consumer products,
however, typically are available only in select stores. Another consideration is whether to place a product in a
physical store, online, or both.

Promotion
Joint marketing campaigns also are called a promotional mix. Activities might include advertising, sales
promotion, personal selling, and public relations. A key consideration should be for the budget assigned to the
marketing mix. Marketing professionals carefully construct a message that often incorporates details from the
other three Ps when trying to reach their target audience.

7. What are the types of decision-making processes? Explain with an examples. (10)

Ans: - Step 1: Identify the decision

You realize that you need to make a decision. Try to clearly define the nature of the decision you must make.
This first step is very important.

Step 2: Gather relevant information

Collect some pertinent information before you make your decision: what information is needed, the best
sources of information, and how to get it. This step involves both internal and external "work." Some
information is internal: you'll seek it through a process of self-assessment. Other information is external: you'll
find it online, in books, from other people, and from other sources.

Step 3: Identify the alternatives

As you collect information, you will probably identify several possible paths of action, or alternatives. You can
also use your imagination and additional information to construct new alternatives. In this step, you will list all
possible and desirable alternatives.

Step 4: Weigh the evidence

Draw on your information and emotions to imagine what it would be like if you carried out each of the
alternatives to the end. Evaluate whether the need identified in Step 1 would be met or resolved through the
use of each alternative. As you go through this difficult internal process, you'll begin to favor certain
alternatives: those that seem to have a higher potential for reaching your goal. Finally, place the alternatives in a
priority order, based upon your own value system.

Step 5: Choose among alternatives

Once you have weighed all the evidence, you are ready to select the alternative that seems to be best one for
you. You may even choose a combination of alternatives. Your choice in Step 5 may very likely be the same or
similar to the alternative you placed at the top of your list at the end of Step 4.

Step 6: Take action

You're now ready to take some positive action by beginning to implement the alternative you chose in Step 5.

(B) Essay Type Questions

8. What are the steps in individual selling? How are they different from the B2B? (15)

Ans: - Personal Selling Process - Identifying the Prospective Buyer, Pre-Approach, Approach, Presentation,
Demonstration, Overcoming Objection, Closing and a Few Others
This process involves identifying the prospective buyer, establishing a contact and relationship with the buyer,
presentation of the product to the buyer and demonstrating its uses and benefits, convincing the customers
about the product by efficiently handling objections from the customers, negotiating the price and terms of
payment and finally getting the orders.
A follow up call from the sales personnel, after the sales process is over ensures customer satisfaction and
establishes long term relationship between the seller and customer and improves goodwill.

1. Identifying the Prospective Buyer (Prospecting and Qualifying):

The first stage of personal selling process involves identifying potential customers. All prospects identified may
not turn out to be actual customers. Hence identifying the right prospect is essential as it determines the future
selling process. Marketers tap different sources to identify the prospective customers. Marketers search for
prospects in directories, websites and contact through mail and telephone.
Marketers establish booth at trade shows and exhibitions, get the names of the prospects from existing
customers, cultivate referral sources such as - dealers, suppliers, sales representatives, executives, bankers etc.
After identifying the prospect the sales person qualifies the prospects on the basis of their financial ability,
needs, taste and preferences.

2. Pre-Approach:
The next step to prospecting and qualifying is pre-approach. At this stage the salesperson needs to decide as to
how to approach the prospective customer. The salesperson may make a personal visit, a phone call or send a
letter, based on the convenience of the prospects.

3. Approach:
At this stage the salesperson should properly approach the prospects. He should properly greet the buyer and
give a good start to the conversation. The salesperson's attitude, appearance, way of speaking matters most at
this stage.

4. Presentation and Demonstration:

At this stage the salesperson provides detailed information about the product and benefits of the product. The
salesperson narrates the features of the product, explains the benefit and the worth of the product in terms of
money.

5. Overcoming Objections:
After presentation and demonstration, when customers are asked to place order, they are reluctant to buy and
raise objection. Customers give importance to well-established brands, show apathy, impatience, reluctance to
participate in the talk etc. Customer may raise objection with regard to price, delivery schedule; product or
company characteristics, etc. Salesperson handles such objections skillfully by clarifying their objections and
convinces the customer to make purchase.

9. What is "SPIN" selling? Explain.(15)

Ans: - SPIN principles are versatile and worth understanding. In many cases, they actually fit seamlessly with
other sales methodologies. The strategy focuses on asking good questions in the right order, using active
listening, and translating the prospect's needs into your product's features - principles that align particularly
well with inbound sales.
SPIN principles are versatile and worth understanding. In many cases, they actually fit seamlessly with other
sales methodologies. The strategy focuses on asking good questions in the right order, using active listening, and
translating the prospect's needs into your product's features - principles that align particularly well with
inbound sales.

Situation questions help reps learn more about each prospect's current state. They're asked during the opening
stage of a sale.
Problem questions probe prospects' frustrations and pain points. These types of questions are asked during the
investigating stage.
Implication questions give prospects a chance to voice their frustrations with the problems they mentioned in
the previous stage. These questions are asked when sales agents are ready to demonstrate the value of their
product or service and how it can solve those problems.
Need-payoff questions ask buyers how important or urgent it is for them to solve their problem and what the
benefits would be. This is a closing tactic used in the final phase of the sale.
At the beginning of the SPIN selling process, reps shouldn't push their products or services on leads. Instead,
focus on gradually building a sincere relationship. Gather as much information as you can about them-their
role, their frustrations, and so on. CRM software helps with this learning phase and improves the quality of sales
relationships by making it easy to manage customer information and track interactions.
In the previous SPIN selling stage, you started to establish a genuine relationship with the prospect. In the
investigation stage, you'll go even further by asking questions to uncover information about the prospect's
problems (which your product or service may be able to solve). By digging into customer needs and challenges,
you'll be able to establish yourself as knowledgeable and trustworthy. To continue our time-tracking software
example, a sales rep should be narrowing in on pain points by asking the following questions in Stage 2:

What issues do you have with your current processes for time-tracking?
How time-consuming or cost-prohibitive is it for your team to track their time accurately?
Has your current time-tracking process ever failed?
What are the biggest challenges your company faces with tracking time?
Understand what has frustrated leads in the past, and you'll be ready to explain why your product or service
won't involve those roadblocks.

You've established rapport and built a solid relationship with your prospect, so they're likely ready to listen to
how your products or services can solve their problems. In your sales presentation, walk them through the
features and explain how those features can benefit their company. Say, for example, the prospect mentioned
their company has a distributed workforce. You might highlight that your software is cloud-based, allowing users
to access their data from any device, no matter where they're located.