A retailing strategy is a marketing plan abstractly designed to offer its products and services in a way that will optimize customer satisfaction. Service quality and marketing mix strategy have significant and positive association on customer loyalty. A marketing strategy effectively outlines all key aspects of firms targeted audience, demographic and preference. In a highly competitive market, the retail strategy sets up long-term sustainability. It focuses on customer relationships, stressing the importance of added value and customer satisfaction. The retail mix is designed to complement the retail strategy through theoretical tools such as the product, its quality and value, the promotions, place, and price.
Managing the Retail strategy and Process includes such Key activities:
- Definition of retail formats: right numbers, right structure, right locations across different geographical areas.
- Depending on chosen retail format its important to define the kind of selection, assortment, service levels, mix of products, pricing levels.
- Field marketing, relational marketing activities, the customer database, events on the point of sales, communication activities, direct marketing, VIP marketing.
Field marketing is a traditional discipline in direct marketing, it involves people distributing, auditing, selling or sampling promotions on the “field”. These disciplines, individually or combined, develop brands and in their implementation show a clear Return on Investment (ROI) to the brand owner. This is a key feature and benefit of field marketing – seeing revenue expenditure generate a specific return.
Field marketing professionals are able to give support to marketing operations. This includes counteracting a competitor’s campaign and/or increasing market distribution. Individuals in this profession are preferred to have extensive knowledge of different industries. Personnel are experienced, trained and supported by computer reporting systems. This allows for a high degree of accuracy and high speed reporting and compilation of data that allows fast and flexible solutions to the dynamics of the changing environment tailored to the needs of the client’s market. Each campaign might involve two or more core disciplines to maximize client budgets and give as much pay back as possible.
4. Retail operations, in-store service policies, repairs, returns, sales period duration.
5. People management – retail training, academies, personnel becomes brand’s ambassador which has to deliver right message to the customer in terms of shopping experience.