Marketing: An Introduction

Instructor: Dr. Ravineet Kaur

Updates

Botla/Sem I/MM/Session 1-2

Updates

Botla/Sem I/MM/Session 1-2

 Retailing and Marketing
Retail marketing refers to the range of activities undertaken
by the retailers as well as the brand to promote the products
to the customers in order to generate awareness, interest,
and sales.
The main objective of the retail marketing strategy is to
differentiate the retail store from the competition by setting
up and promoting a sustainable competitive advantage
which leads to increased sales.
 Marketing as a Concept

 It is important to understand the customers

 It is important to keep a track of Competitors’ activities
 It is important to respond to changes in the business environment
 Retailing and Marketing
The basics of retail marketing campaigns revolve around the four Ps: product,
price, place, and promotion.
•Product: Even though retailers don’t usually create their own products, their
selection of items is still a key selling point. Customers want to know that you have
what they’re looking for.
•Price: You might want to raise your prices to earn a greater profit on each item,
but that will also push some of your customers to competing retailers that offer the
same product at a lower price.
•Place: Place can refer to the actual location of a physical store, but it can also refer
to online visibility. Getting the top results on Google for a given keyword can be
just as valuable for online retail stores as having a prime location.
•Promotion: Retail promotion is all about connecting with customers and making
them more aware of your brand. If consumers don’t know you exist, they won’t
think of you when they want a product.