Answer to Question #282209 in Marketing for abeni

Question

2. Discus the retail merchandising and assortment. Explain what factors to consider in sorting retail products.

3. Explain in detail the process of retail buying.

4. Discuss the layout models that the store uses.

5. What basic factors a retailer needs to consider in designing the interior.

6. Discus their pricing, promotion and distribution strategy

Answer 1

2. The range of items that a business offers to customers is known as product assortment, also known as product or merchandise mix. This collection, in the eyes of a customer, determines a retailer's image and why they purchase there. The product assortment will also define how reliant a corporation is on specific inventory. One of the most crucial — and difficult — aspects of retail is getting your product assortment right. It takes both an art and a science to create a good merchandise mix. You'll need data, a thorough awareness of your customers and trends, plus some foresight and intuition into what they desire. To allow customers to make a rapid purchase, convenience products require simple access. Consumers are also interested in these products in general. A mall may not be the best place for convenience goods because these items may be priced differently than other merchants on the property. Customers may be more likely to frequent convenience stores positioned near their regular commutes. This could include taking up space near or in a transit hub, or along regularly traveled routes. Consider the location from the customer's perspective while assessing visibility. In many circumstances, the higher your retail store's exposure, the less advertising you'll require. A specialist retail establishment in a free-standing building six miles outside of town will require more promotion than a shopping center.

3. The consumer purchasing process begins with need recognition, in which consumers identify an unmet need, and culminates with satisfaction (agreement) or discontent (disagreement). Retailers try to persuade customers to buy their products by influencing them throughout the purchasing process. The customer realizes that their existing situation is incompatible with what they want when they recognize an issue or a need. The consumer then begins to gather information in order to find options that will satisfy their need. Once the consumer has a sufficient number of options, they may begin comparing them, analyzing possibilities or alternatives, and making decisions on which is the greatest fit to fulfill their want. Finally, the consumer chooses and purchases the product/service that will meet their need. Following the purchase and, in most cases, some consumption, the customer assesses their satisfaction. In terms of evaluation, there are several variables to consider when determining satisfaction. These factors include whether the product/service met expectations, satisfied the need, was simple to use, was a good bargain, the consumer was well-supported, and the buying process was generally painless. Because they combine objective and subjective judgements, these post-purchase evaluations are critical considerations. They also track customer happiness, which has an impact on repeat purchases, loyalty, and referrals.

4. In the retail industry, the grid pattern is the most prevalent store layout. When a business has a lot of things (especially diverse kinds of products) or when a retail site wants to maximize space, it's employed in supermarkets, drug stores, and many big box retail stores.

The racetrack, or loop, layout is one to consider if you're providing a product that people want to peruse, touch, and look at. Customers walk through a pre-determined path through the merchandise and see it the way the retailer wants them to perceive it.

This arrangement can take any shape or location that the retailer desires. The only constant in this type of layout is customer behavior: we know they'll come in and turn right, that they won't want to travel up or down a floor, and that they won't shop in a space that's too small.

5. It's critical that your outlet's fit-out matches your brand image, no matter what modifications you make. Clear retail signage, company color palettes, artworks, and lighting are some of the things to think about. Small, overcrowded businesses may appear charming, but they can be aggravating for customers, especially if they start bumping into each other or knocking items over! Your shop visitors will be more inclined to meander, linger, and browse if you have larger aisles and more room to walk around. When you use modular, flexible fixtures, you can expand your displays or move them about to advertise or call attention to specific products. As your company develops and evolves, a modular solution can also allow you to move and change barriers without having to make major structural alterations. Tired customers will enjoy it if you provide sitting within your store. It can, however, do more than just allow them to relax; it can also inspire them to stay longer and take in more of their surroundings while they do so. Customers may be confused by cluttered layouts, but providing clear routes for them to follow can make the shopping experience easier and more enjoyable, encouraging them to explore and spend longer in your business. A professional fit-out company can assist you in designing a retail outlet interior that reflects your brand and improves the in-store experience. Give our knowledgeable staff a call to discuss your requirements.

6. The goal of business planning is to build plans for any challenges your company may face. This will include ideas for distribution, pricing, and promotion that, if you're ready, can help you get a leg up on the competition. You'll have to evaluate your firm's distribution capability. In the company description section of your business plan, include the results of your assessment. Describe how distribution supports your marketing goals and objectives in your marketing plan — and briefly in the marketing strategy part of your company plan. Pricing your products is one of the most important decisions you'll make as a business owner. You must arrive at prices that cover all costs and provide an acceptable profit margin, while also hitting the sweet spot of what buyers are ready to pay for the perceived value of the product. You must match your prices to the image of your business and the nature of your clientele (you can't charge premium prices if your business has established itself as a middle-of-the-road option), while also covering your production and operational costs and delivering the profits necessary for your business survival. Your promotion strategy's description explains how you'll communicate your marketing message to potential customers. Provide a detailed description of your target customer, your market area, your marketing message, the creative approach you'll use to convey your message and advance your brand image, the media channels you'll use to reach prospective customers, and the budget you've set aside to get the job done in your marketing plan.