How would you choose the right retail strategy and marketing

How would you choose the right retail strategy and marketing mix to the brand you have chosen? Think about the merchandise assortment you would need to be efficient as a retailer and satisfied as a customer. What type of store atmospherics and level of customer service would best suit your product?

Solution

When marketing their products firms need to create a successful mix of:

To create the right marketing mix, businesses have to meet the following conditions:

For example, a company like Kellogg\'s is constantly developing new breakfast cereals - the product element is the new product itself, getting the price right involves examining customer perceptions and rival products as well as costs of manufacture, promotion involves engaging in a range of promotional activities e.g. competitions, product tasting etc, and place involves using the best possible channels of distribution such as leading supermarket chains.The product is the central point on which marketing energy must focus. Finding out how to make the product, setting up the production line, providing the finance and manufacturing the product are not the responsibility of the marketing function. However, it is concerned with what the product means to the customer. Marketing therefore plays a key role in determining such aspects as:

The product range and how it is used is a function of the marketing mix. The range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations. Alternatively, a product may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan.