What are the principles of retail strategy?
- Principle 1 – The customer is the most important person in your business.
- Principle 2 – Retail is detail.
- Principle 3 – Understand the 4 Ps.
- Principle 4 – Go the extra mile for your customer.
- Principle 5 – Location, Location, Location.
Similarly, what is a retail strategy?
Retail strategy is a holistic marketing plan for a product or a service to reach and influence the consumers. This strategy covers everything from what retail channels a product or service will be available in to what should be the price or sales incentive to be given and how to display the product in the shelf.
Likewise, what are the three most important factors in retailing success? The four Ps - Product, Price, Place, Promotion - are the basic foundations of a successful retail business.
Accordingly, what are the components of a retail strategy?
There are 5 components in a retail strategy: scope, goals and objectives, resource deployment, a sustainable competitive advantage, and synergy. These 5 components help bring new customers to a business or help increase how much each customer already purchases.
How do you develop a retail strategy?
As you start developing your strategy, keep your business objectives in mind so you stay on track to meet your overall retail goals.
- Define Your Positioning.
- Identify Target Market.
- Determine Benefits.
- Decide on Tactics.
- Set a Budget and Schedule.