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Student’s name: Instructor’s name: Course name and number: Date submitted Factors Contributing to Retail Marketing Retail marketing is the selling of goods and services from people or business to the last user. Retailers buy goods in large quantities from manufactures through a wholesale or directly, then sell them to consumers in small numbers for a profit.
A good marketing mix entails place, packaging, product, promotion and price. Strategy of retailing is always first drawn in a business plan. A business plan entails information about the objective and goals of the business. The plan always embraces research over who the business’s potential customers are as well as what their necessities. The plan should consist decisions on marketing mix style, such as how the customers will acquire the products. An efficacious retail company recognizes their market, the essential of considered location, and their customers. Competition in the retail business is sometime fierce, thus, such companies need the superlative micro marketing implements or factors accessible to analyze where to locate new stores inaugurate client profiles, and regulate preeminent marketing practices in order to treasure new customers (Berman, and Evans, 30-90). Some of the factors are explained in the following paragraphs. First factor is the retail pricing. In the industry of commerce retail pricing is denoted as psychological prices. In retail marketing, the prices are always fixed and exhibited on signs. This is because when prices are not displayed clearly, there can be price discernment. This is where the price for sale relies on the customers (Berman, and Evans, 30-90). ...
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