Retail Marketing Mix: The 6 Ps
1. Product: A product is an item purchased by the patron. An effective product should be able to satisfy a customer’s need or preferred feature. A product may be combined with related merchandise and purchased in a set or bundle.
2. Price: Involves setting the right pricing strategy for products or services. Retailers consider factors such as cost, competitor pricing, perceived value, and market demand to determine an optimal pricing structure that aligns with the overall business strategy.
3. Placement: Placement refers to where the product is purchased. For example, does a store promote a product in its store on its Internet site or both? Furthermore, some goods can be purchased in some stores (such as supermarkets) but not in other stores (such as branch stores).
4. Promotion: Promotion refers to various marketing activities to generate interest in the product and power sales. Promotional strategies include advertising to family members and special promotions (for example, discounts or unique offers).
5. People: People refer to representatives of the corporation (for example, personnel contractors or associates) who interact with customers in retail sales. These representatives can answer questions about merchandise or confirm product information including availability and sales charges. In some retail settings (for example sales of large flat display screen televisions) people may be immediately responsible for converting “just looking” traffic into buying customers.
6. Presentation: Presentation refers to the experiential layout of retailing. Presentation factors include furnishings signage wallpaper and retail area layout. The Apple Store is known for its bright aesthetic and a full glass front face layout with long rows of tables offering Apple products.
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