How to Control Implementation of Retail Strategy Marketing and Planning
Retail marketing strategy and planning are the procedures
a retail business undertakes to sell products to its customers.
In developing a marketing strategy, businesses focus on
the four factors of product, price, place and promotion to reach consumers.
These are variable factors that can be controlled so as to optimize the
financial profits made by the business.
Controlling the implementation of a retail marketing
strategy and planning entails continuous monitoring and evaluation of the four
variables in order to make changes to the main strategy when the need arises.
1. Identify the four
variables of the marketing mix that make up your retail marketing strategy.
The product is a material good or service you are selling;
The price is the value of the product and the cost
incurred by the customer in buying the product;
The place or placement is the location where customers
access your product, which is a retail store in this case, and the distribution
channels include online transactions (e-commerce) or physical point of sale
transactions; and
The promotion is the communication you have with customers
through sales strategies and advertisements.
2. Carry out a periodic
audit of the products you offer to guard against offering products and services
that are not needed by the target customers. Do this by observing new trends in
the market that could make your product redundant and by asking customers what
improvements they want on a product. Modify the product by making it healthier
or withdraw the product to create a new one that will align with customer needs
and market trends.
3. Monitor the prices
of the product continuously. Take into consideration factors such as the cost
of production, the value of the product and if it is worth that price, and the
demand for the product. Lowering the cost of production and increasing the
value of the product keep prices at levels that help the business meet its
revenue targets. Aim to maximize gains or minimize losses by controlling the
price mix.
4. Evaluate the
placement of the product constantly and how accessible it is for the customer
and the business. Do this by taking into consideration factors such as whether
the distribution channels are efficiently delivering the products, if the
customers easily access the product and whether or not the order processing and
transportation logistics are favourable to the business revenue targets.
Change the channels of distribution, or the location if it
is does not create the contact the business wants to have with its customers.
5. Position and
reposition your product as part of controlling the promotional mix. Do this by
redesigning the product by packing it in green recycled paper to promote the
product as environmentally friendly.
Identify a marketing mix and present a modification to the
sales strategy that delivers results: You can generate more sales by
guaranteeing a payback on a new home appliance if the customer buys it and the
appliance does not work as promised. Remember that the most effective way of
controlling the promotional mix is by communicating with the customers and
telling them what you have that suits their needs.
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