Definition[ edit ] Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. From a sales process engineering perspective, marketing is "a set of processes that are interconnected and interdependent with other functions" of a business aimed at achieving customer interest and satisfaction. The Chartered Institute of Marketing defines marketing as "the management process responsible for identifying, anticipating and satisfying customer requirements profitably. However, because the academic study of marketing makes extensive use of social sciencespsychologysociologymathematicseconomicsanthropology and neurosciencethe profession is now widely recognized as a science,  [ not in citation given ]allowing numerous universities to offer Master-of-Science MSc programs.
This is different from other types of marketing because of the components of the retail trade, such as selling finished goods in small quantities to the consumer or end user, usually from a fixed location. Retail marketing makes use of the common principles of the marketing mix, such as product, price, place and promotion.
A study of retail marketing at university level includes effective merchandising strategies, shopping and consumer behavior, branding and advertising. Retail marketing is especially important to small retailers trying to compete against large chain stores.
Product The cornerstone of the retail marketing definition is the product. In the retail environment, merchandise is classified according to the category into which it falls. These categories include hard or durable goods such as appliances, furniture, electronic goods and sports equipment; food; and soft goods or consumables.
Soft goods include clothing, furnishings, cosmetics, paper goods and other items with a typical life span of three years or less.
For example, in a small business selling handmade crafts, the products would likely all fall under a single category.
Place The place where retail marketing occurs helps to define the process. More than 90 percent of U. A definition of retail marketing includes the places where it occurs, such as in-store, online and points of sale. This also applies to non-store operations such as retail sales taking place from the business owner's home.
Price Pricing is a major aspect of any retail marketing strategy. The price of merchandise helps to define the methods of retail marketing employed, as well as the target market, store location and retail format used to sell it. Pricing in the retail environment is based on fulfilling objectives such as covering the cost of sales and overhead, and in accordance with the four basic retail pricing strategies.
In a small retail business such as selling handcrafts, pricing may be based purely on the cost of sales, because overhead costs, if they exist, are minimal. Promotion Retail marketing relies heavily on the promotional aspect of the marketing mix, as can be seen by the number of print advertisements for consumer goods such as clothing, food and furniture.
Promotions take place in both traditional media such as television, print, outdoor billboards and radio, as well as new media such as the Internet. The choice of promotional channels is influenced by factors such as the competitive retail environment, the profit margin on sales and the budget available for promotion purposes.
The success of retail marketing is defined by the success of the business in selling its merchandise. Promotion may be more difficult for small businesses, because of their lower advertising budgets, but social media provides a low-cost method of promotion.Retail Marketing Masters Degree Program Overviews.
A Master of Business Administration in Marketing and a Master of Science in Marketing are both options for students interested in retail marketing. Shopper Marketing magazine is an official publication of the Path to Purchase Institute. The Path to Purchase Institute is a member-based organization that brings the marketplace to you through industry best practices, retailer insights, unparalleled content, competitive intelligence and community.
Retail marketing is the range of activities undertaken by a retailer to promote awareness and sales of the company’s products. This is different from other types of marketing because of the. Download marketing stock photos including images of commercial, advertising, product and market.
Affordable and search from millions of royalty free images, photos and vectors. Effective retail marketing is vitally important for today’s manufacturers.
Without a presence in retail stores, businesses rarely achieve the high level of exposure or widespread product. The present paper analyses the importance of store image and store brands management for the competitiveness of the retail sector.
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