Thursday, October 24, 2019

The role of Marketing as being an ‘Initiator’ in identifying, evaluating, recommending and implementing overall retailing strategy

We suggest that marketing, along with Finance, Operation, Human Resource management, Property and System are functions that all contribute to the overall retail strategy. We would develop a strategic marketing plan that will identify customer's based opportunities. The central thrust is to positioning of the company in term of its Merchandise, Services and trading environment offer such that it is clearly recognizable by the customer group to which it is directed/targeted. At the same time, the fundamental requirements of the company can be identified and established as a performance requirements which need to be meet and the critical success factor can then form a planning structure for the company strategy decision. CRITICAL SUCCESS FACTORS 1. Increase sales revenue in real terms. 2. Increase gross profit in real term 3. Containing operation costs throughout the business 4. Increase the productivity of physical & human assets 5. Adding value to the customer offer 6. KEY VARIABLES. Key Variables. 1. Merchandise selection reflects customer requirement for choice, quality, exclusivity etc. 2. Co-ordinate merchandise ranges. Merchandise availability in stores and distribution centers. 3. Merchandise reorder/replenishment 4. Pricing/price competitiveness. 5. Customer perception of total Retail offer. 6. Provision of sales data. 7. Merchandise spaces planning & control. 8. Improve sales forecasting. 9. Research customer expectation. 10. Monitor customer responses, attitude and perceptions of competitive offers. Marketing Activities 1. Increase awareness of the ‘offer' among existing customers and potential customers—create positioning strategy. 2. Increase number of customer visits 3. Influence percentage of visiting customers to buy, 4. Increase size of purchase (buy more) 5. Increase range of purchase 6. Influence those who buy to return regularly and more frequently

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