Retail trade is booming in the country due to increasing disposable incomes of middle and. The paper aims to investigate the influencing of marketing mix mm elements product, price, place or distribution, and promotion on increasing the effectiveness of product promotion and their role to reduce the problems within the organization. The effectiveness of marketing mix strategies on performance. Librarian, university of ruhuna libraries and information centers of sri lanka, in spite of various financial constraints have been able to build up satisfactory resource collections for the purpose of providing information to their users. Typically retail is a quickpaced, stimulating environment. Nov 21, 2011 the nature of retail marketing the key aspects of retail marketing is an attitude of mind. Sc university of novi sad, technical faculty mihajlo pupin, djure djakovica bb, zrenjanin 23000, serbia abstract the term promotion means the process of communication between companies and customers in order to.
The marketing mix and the 4 ps of marketing are often used as synonyms for each other. In a typical retail business, the 7 th p physical evidence is a bit redundant, unless services are a main component of the offering banks, online retail, mail order. The impact of promotional mix elements on consumers. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
The elements of the marketing mix are combined to create a marketing strategy that will lead to the achievement of the organisations objectives. Marketing mix means the product, distribution, promotion and pricing strategies. The 4cs marketing concept focuses on niche marketing unlike mass marketing which was propagated by the 4ps. The difficult part is doing this well, as you need to know every aspect of your business plan. Marketing mix elements of retail petrol outlets australian retail petrol outlets all essentially provide the same products to the customer whether the service stations are privately owned and operated or managed under agreements with the supplying oil companies such as bp, shell, caltex, mobil etc. Retail communication program ppt 1611 retail and vendor communication programs vendor longterm objectives product focused national specific product retailer shortterm objectives category focused local assortment of merchandise ppt 1612 methods for setting communication budget marginal analysis. Retailer needs to identifying and full fill customers needs. A retail marketing mix addresses product, price, place and promotion, in order to keep your small business growing and thriving. This paper was designed to test the effect of selected marketing mix elements on customer retention in retail industry. Application of marketing mix elements 4ps in the library sector. Sep 02, 2017 as you already know, there are four elements in the marketing mix of any product and seven in case of services. As we noted before, the marketing mix is predominately associated with the 4ps of. Purposes of the retail merchandising mix plan the retail merchandising mix plan is a refinement of the retail strategy, which was broadly identified in phase i for each of the retail districts.
As a business manager, you determine how to use these variables to achieve your profit potential. The marketing mix is a good place to start when you are thinking through your plans for a product or service, and it helps you avoid these kinds of mistake. Once the target market is identified and positioning strategy defined, the retailers employ various tools of product mix to reach out to consumers. Retailers must be focused about the quality of product as per the customers expectations and requirements. Retail marketing mix and the 7 p s of the retail mix september 15, 2019 by hitesh bhasin tagged with. Librarian, university of ruhuna libraries and information centers of.
The impact of tourism marketing mix elements on the. Elements of retail store interior design mba knowledge base. Of the elements in the marketing mix, product and price are perhaps the easiest to understand. Pricing reflects on your brand its a major driver of brand image think rolex and how its price adds to its appeal. It must be pointed out that a marketing application field is regarded as a specialised. Unit 1 marketing of services service is the action of doing something for someone or something. Mar, 20 elements of retail store interior design the retail stores exterior is responsible for attracting the passers by both actual and potential customers to induce them to enter the store. Application of marketing mix elements 4ps in the library sector j. Marketing involves finding out what your customers want and supplying it to them at a profit marketing vs selling focuses on consumers needs consumer enjoys supreme importance product planning and development to match products with markets converting consumer needs into products cavet vendor let the seller beware focuses on sellers needs.
Concept of retail price price is an integral element of retail marketing mix. The purpose of a companys marketing mix is to control its marketing plan. Extended marketing mix and customers satisfaction in classified nonstar hotels in meru municipality kenya gitau paul mucai school of business and public management mt. Promotion as instrument of marketing mix david novak, b. Com elements of logistics management additional notes scorebms.
Evaluation of retailers vs customers views on the usage of advertising as. So how do we take our retail planning strategy and put it into an actionable plan. Basically, there are five elements involved in promotional mix. Promotional mix elements on consumers purchasing decisions. A retailer must engage in planning, research and analysis before implementing a marketing strategy. The retail mix the set of variables that the retailer can use to satisfy the customers needs to influence their buying behavior and compete effectively in the market retail managers must determine the optimum mix of retailing activities and coordinate the elements of the mix. A projects report on effectiveness of retailing mix in big bazaar. The retail product mix is device so as to develop an appropriate promotion strategy for the store depending on the target market to be reached. The promotion mix refers to the blend of several promotional tools used by the business to create, maintain and increase the demand of goods and services. They are product place, price, and promotion and all of the four play an important. If you continue browsing the site, you agree to the use of cookies on this website. The focus of this book is to present concepts, principles, and techniques that provide guidance to help a seller set the. The price of a merchandise also communicates the image of the retail store to the customers. To ensure that the nature and size of the retail mix in the downtown districts will maximize downtowns.
Pricing as an element of the marketing mix a nytime anything is sold, there must be a price involved. All these elements are very significant and depend upon each other. Pdf an examination of marketing mix elements and customer. Retail managers must determine the optimum mix of retailing activities and. The 4ps make up a typical marketing mix price, product, promotion and place. To ensure that the nature and size of the retail mix. Each element is also referred as mix, for example, product mix, price mix, promotion mix, and place mix.
Elements of the retail marketing mix centre for business. A projects report on effectiveness of retailing mix in big bazaar slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. The nature of retail marketing the key aspects of retail marketing is an attitude of mind. Apparel merchandising unit 2 merchandising mix, assortment and vocabulary quadrant 1 etext learning objectives the learning objectives of this unit are to.
To identify the characteristics and components of the jordanian tourism product to establish a competitive tourism product that can satisfy inbound tourists, with concentration on the identity of the jordanian tourist product. Extended marketing mix and customers satisfaction in. In making retail marketing decisions, retailers must consider the ne. Every retail location carries a variety of products that distinguishes it from other stores in the. Retail communication mix ppt 168 communication methods ppt 169 types of sales promotions special sales merchandise demonstrations premiums coupons games, sweepstakes, and contests. Pdf the retailers marketing mix and commercial performance. At the core of any retail marketing plan is the mix consisting. Your marketing mix should be something you pay careful attention to because the success of your business depends on it. The retail stores exterior is responsible for attracting the passers by both actual and potential customers to induce them to enter the store. The four important types of retail marketing mix are discussed below. The constituents of marketing mix are said as marketing mix elements. Therefore, various retail promotion methods can be compared on the basis of degree of control, flexibility, credibility and cost associated with them.
The retail marketing mix and the retail product the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the target market kotler 1999 the retail marketing mix. Ppt 1610 steps in developing a retail communication program ppt 1611 retail and vendor communication programs. Hypermarkets and specialty stores, they are either highly. Measuring emarketing mix elements for online business. To identify the impact of tourism marketing mix elements on the satisfaction of inbound tourists. The fourth element of the 4 ps of marketing mix is the promotion, that focuses on creating the awareness. The retailing product and the product in retailing product based benefits. It is a broad group of products, intended for similar uses and having. It is about putting the right product or a combination thereof in the place, at the right time, and at the right price. A projects report on effectiveness of retailing mix in big. The use of only a single retail outlet for a product in a large geographic area. Retail report and the retail mix of walmart ukessays.
Every organization has a product mix that is made up of product lines. Marketing mix a mixture of several ideas and plans followed by a marketing representative to promote a particular product or brand is called marketing mix. Pricing reflects on your brand its a major driver of brand image. Retail marketing retail marketing mix refers to the variables that a retailer can use in variable methods to arrive at an effective marketing strategy to attract his prospects. Retail marketing mix and the 7 ps of the retail mix. Elements of promotional mix are also called as tools, means, or components. Marketing mix elements of retail petrol outlets australian retail petrol outlets all essentially provide the same products to the customer whether the service stations are privately owned and operated or managed under agreements with the supplying oil.
As you already know, there are four elements in the marketing mix of any product and seven in case of services. How a company combines the 4 ps determines its standing with customers and its income. Retail mix is the term used to describe the various elements and methods required to formulate and execute retail marketing strategy. If services are included in the marketing strategy, the four ps are extended to seven. Unit 1 marketing of services pondicherry university.
Several concepts and ideas combined together to formulate final strategies helpful in making a brand popular amongst the masses form marketing mix. However, we will consider five elements as shown in figure 1. Marketing mix is a type of econometric modeling that explores the impact of marketing activities on the company sales. Jan 26, 2019 a retail marketing mix addresses product, price, place and promotion, in order to keep your small business growing and thriving. Application of marketing mix elements 4ps in the library. Marketing channels represent the place or distribution element of the marketing mix channel members intermediaries, resellers, and middlemen negotiate with one another, but and sell products, and facilitate the change of ownership between buyers and sellers. Marketing mix elements of retail petrol outlets term paper.
The retail enterprise is conveniently located at the regent ave boulevard lagimodiere junction and attracts a large number of consumers. The detail discussion about elements of retail mix is as follows 1 product product is one of the most important element of retail mix. Pdf this paper concerns the management and organization of the marketing function within large multiple retail organizations. The stores interior is much more important than the exterior as it welcomes the actual consumer. Top 5 elements of promotion mix with diagram article shared by. Study 22 terms marketing chapter 14 flashcards quizlet. The study adopted a qualitative research method because owners of startups see the application of marketing mix elements as paramount. Mccarthy 1964 offered marketing mix, often referred to as the 4ps, as a means of. The impact of promotional mix elements on consumers purchasing decisions. Finding the right marketing mix is integral to the success of any small business because customers enjoy shopping in stores that successfully meet their needs. Dec 20, 2015 nike retail mixabout nike, nike market, nike retail mix slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. However, nowadays, the marketing mix increasingly includes several other ps like. Obviously, the retail marketing mix is dependent on the type of retailer.
We see products all around us, and we understand that we need to pay a specific price to buy them. The variety of products that a company produces, or that a retailer stocks is known as product line. Com mobile 98900 75900 1 elements of ligistics management logistics management consists of eight elements called wings of logistics. A service tends to be an experience that is consumed at the point where it is. Pricing is a huge element of your marketing strategy as it determines how much of your product consumers buy and how much your firm makes.
All the strategy dimensions are of high importance for department stores. Part of the success of any retailer is taking that strategic plan and breaking it. Aug 24, 2010 pricing is a huge element of your marketing strategy as it determines how much of your product consumers buy and how much your firm makes. Several concepts and ideas combined together to formulate final strategies helpful in making a brand. The retail marketing mix is another application that comes to mind when revisiting the marketing mix there is no real agreement in marketing texts on whether a different mix exists in retail marketing strategy and practices. A retail marketing mix has six ps instead of just four ps, and they consist of. The retail marketing mix and the retail product the set of controllable tactical marketing tools that the firm blends to produce the response it wants in the. Pdf application of marketing mix elements 4ps in the. Those retail mix elements that customers want for interaction and that have significant relationships with customer loyalty can maybe viewed as satisfiers based on the work of herzberg 1968. The impact of promotional mix elements on consumers purchasing decisions mahmud i.
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