Sunday, 25 December 2016

Elements of Retail Marketing Mix (7Ps

The retail marketing mix is the combination of marketing activities that the retailers carry out to meet the target market’s requirements in the best possible way. Retail marketing mix is a combination of 7Ps 



· Product − The quality and range of variants of the product or service.
· Place − It is the location where the product or service is sold: online, type of store, location of store, time taken and the mode of transport to reach the retail place.
· Price − Cost of product or service for different customer segments by considering various price affecting factors.
· Promotion − It is raising customers’ awareness about the product or service and driving customers to buy the products by offering tempting deals.
· People − This includes internal stakeholders such as customers, sales staff, management staff, and external stakeholders such as suppliers and supply chain management force.
· Process − It is the range of activities involved in manufacturing and delivering the product or service to the customer.

· Physical Environment − Presenting the products or offering services in a well-organized and attractive manner, keeping an aesthetic sense in presentation to elevate customers’ shopping experience.

8 comments:

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