4. A target market is a particular group of
consumers at which a product or service is aimed
5. Channels:
Based on Target Market
analysis retailers must
decide which channel
to employ to reach
their customer.
6. The retailer’s product assortment must match the
target market’s shopping expectations in breadth and
depth.
7. Procurement : After deciding on the product
assortment strategy, the retailer must establish
merchandise sources, policies, and practices.
8. Pricesare a key positioning factor and must be set in
relationship to the target market, product-and-services
assortment mix, and competition.
9. The action of helping of doing
something for someone is services
1.Pre Purchase Services
2.Post Purchase Services
3.Ancillary Services
10. The Store Atmosphere is another element in the store arsenal. Every
store has a look and a physical layout that makes it hard or easy to move
around.
11. The growth of e-commerce has forced
traditional brick-and-mortar retailers
to respond. In addition to their natural
advantage, such as products that
shoppers can actually see, touch, and
test; real life customer services; and
no delivery lag time for most
purchases stores also provide a
shopping experience as a strong
differentiator.
12. Retailers use a wide range of communication tools to generate
traffic and purchases through ads, run special sales, money saving
coupons.
13. The three keys to retail
success are often said to
be “Location, location,
and location.”
14. Retailers can use these locations
• Central Business Districts
• Regional shopping centers
• Community Shopping centers
• Shopping strips
• A Location within a larger store
• Stand-alone stores