Retail mix literature review
Retail mix elements are customer service, store ambience, communication mix, location, merchandize assortment and pricing. Customer service
According to National skill Development Corporation, there is a skill gap in human resource in India for following retail management operations. They are Store operations, merchandizing, purchase, logistics and marketing. My area of study is interaction with customer.
[Source: National Skill Development corporation in organized retail sector, 2002] Retail location
Decisions about where to locate a store are critical to any retailer’s success. Location decisions are particularly important because of their high cost, long-term commitment and impact on customer patronage. Choosing a particular location type involves evaluating a series of trade-offs. These trade-offs generally include the occupancy cost of location, the pedestrian and vehicle customer traffic associated with the location, the restrictions placed on the store operations by the property managers, and the convince of the location for customers. My area of focus would be customer point of view i.e. customers’ location convenience. [Source: retailing management, Michael levy, Barton A weitz, Ajay Pandit] Communication mix
Retailers communicate with customers through advertising, sales promotion, websites, store atmosphere, publicity, personal selling, email and world of mouth. These elements in the communication mix should be coordinated so customers have a clear, distinct image of the retailer and not be confused by conflicting information. My area of focus would be advertising and sales promotion because largest portion of retailer’s communication budget is typically spent on this. [Source: retailing management, Michael levy, Barton A weitz, Ajay Pandit] Store design, display and visual merchandizing
Ultimate goal of retailers is to provide convenience to customers considering all other limitations. For that they have to trade...
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