Quick Answer: What Are The Different Retail Strategies?

What are the different retail categories?

Retail CategoriesAuto dealers, including auto parts, new and used vehicle sales.Non-store retailers, which means online retail sales.Department stores.Apparel, such as specialty clothing stores.Electronics and appliance stores, including big-box retailers like Best Buy.More items….

How do you target new customers?

10 Steps To Target And Connect With Potential Customers…Survey Customers. … Research Your Competitors And Find Out Who Their Customers Are. … Target Ads. … Smart Social Media. … Respond To Every Email, Tweet, Facebook Comment, And Phone Call; Adjust Yourself As Necessary. … Affiliate Marketing. … Establish Trust In Your Community: Publish User Reviews, Get Likes, Syndicate Articles.More items…•

What is your growth strategy?

Growth strategy allows companies to expand their business. Growth can be achieved by practices like adding new locations, investing in customer acquisition, or expanding a product line. A company’s industry and target market influences which growth strategies it will choose. … Investing in customer acquisition.

What are the 7 steps in the sales process?

The 7-step sales processProspecting.Preparation.Approach.Presentation.Handling objections.Closing.Follow-up.

What are the 6 P’s of retailing mix?

The retailing mix is made up of 6 “P’s” commonly known as product, place, promotion, price, presentation and personnel. The 6 P’s of retailing combine to allow the selling of goods and services to the ultimate consumer.

What are the retail strategies?

The retail marketing strategy includes all of the elements of the traditional marketing mix: … Retailers set a price that delivers value for the product and the complete shopping experience. Retailers promote their offering, which includes the shopping experience, the products, the pricing, and broadly, the retail brand.

What are the 4 types of marketing strategies?

4 Types of Marketing Strategies to Spice Up Your CampaignsCause Marketing. Cause marketing, also known as cause-related marketing, links a company and its products and services to a social cause or issue.Relationship Marketing. … Scarcity Marketing. … Undercover Marketing.

What are the 4 growth strategies?

There are four basic growth strategies you can employ to expand your business: market penetration, product development, market expansion and diversification.

What are the 7 marketing strategies?

The marketing mix is an acronym that encompasses 7Ps: Product, Place, Price, Promotion, Physical Evidence, People, and Processes.

What are the 3 methods of retail approaches?

Approaches depend on the buyers and the products or services.Soft Sell. Many customers appreciate the soft sell approach when they just need some guidance in deciding on a selection. … Hard Sell. High-pressure tactics often are not well-received by customers. … Consultative Selling. … Solution Selling. … Customer Personality.

What are the 10 marketing activities?

Here are 10 activities marketers should automate: Data collections. … Content creation. … Target users that abandoned your shopping cart or online form. … Welcome or activation programs. … Collect reviews. … Birthdays messages. … Sales emails. … Post sales email.More items…•

What is retailer and its types?

Store retailing: This includes different types of retail stores like department stores, speciality stores, supermarkets, convenience stores, catalogue showrooms, drug stores, superstores, discount stores, extreme value stores etc. … When a retailer deals with services, the process is called service retailing.

What is the best selling approach?

4 effective sales approaches to incorporate into your sales…Premium sales approach. Everyone appreciates a free gift. … Product sales approach. Making an important buying decision can be exciting. … Network sales approach. Whether it’s B2B or B2C sales, building a list of prospects and developing relationships with them are crucial to the process. … Prescriptive sales approach.

What is the retail concept?

The retailing concept is an idea that examines the evolution of the and transformation of the retail life cycle. This concept was first introduced by Professor McNair from Harvard University. The retailing concept suggests new retailers will typically begin with low-cost and low-margin operations.

What is retail strategy mix?

The 6P’s of the retail strategy mix (product, place, price, promotion, people and presence) reflect the broad action areas where strategic decision are made. They are interdependent, where decisions in one area influence and affect opportunities in the others.

What are the two major types of marketing?

Two Major Types of Markets • Consumer Market — All the individuals or households that want goods and services for personal use and have the resources to buy them. Business-to-Business (B2B) — Individuals and organizations that buy goods and services to use in production or to sell, rent, or supply to others.

What are the four major types of retail organization?

The major types of retail organizations are corporate chains, voluntary chains and retailer cooperatives, consumer cooperatives, franchise organizations, and merchandising…

What are examples of retail stores?

The most common examples of retailing are traditional brick-and-mortar stores. These include giants such as Best Buy, Wal-Mart, and Target. But retailing includes even the smallest kiosks at your local mall. Retailers don’t just sell goods, they also sell services.

Which growth strategy is the toughest?

market penetrationThe toughest growth strategy is market penetration. Among the other growth strategies, market penetration is the hardest one.

What are the five personal selling approaches?

The personal selling process is a 7 step approach: prospecting, pre-approach, approach, presentation, meeting objections, closing the sale, and follow-up.

What are the elements of retail mix?

You have identified and considered the four elements that make up the marketing mix: product, price, place and promotion.