What Is a Retail Marketing Mix?
Category Services
A retail marketing mix has four parts, each directed toward the target audience. The way you design your marketing mix affects your value proposition and the way customers perceive your store. It will vary based on the type of consumers you serve and the market in which you operate. Finding the correct marketing mix is an important part of positioning your retail outlet to stand out from competitors.
Product
Your product marketing decisions will vary based on the type of retail outlet you run and your target audience. The factors that affect the perception of quality include packaging design, service plan options, warranty, colors and materials. If you are marketing your retail store and products to a high-end crowd, for example, you might choose an elegant, simple design and cool colors; for a family-friendly store, you might lean more toward bright, bold colors and large fonts.
Price
Price is an important part of a retail marketing mix; if your customers cannot afford your products, they are unlikely to frequent your store. Most of the products in your store should be in a comfortable range for your target audience base; to get this information, you will need to perform an audience analysis to get an idea of median income and spending power. To create a sense of desire and to give an option for a splurge, you can also sell some items that are priced just out of your target customer's normal price range.
Place
In retail, the design of your store and the way you present your products is an important part of the marketing mix. The display should fit your image so that customers encounter a cohesive experience. In a high-end retailer, products are often placed father apart to create a sense of scarcity and exclusivity; in a computer store, display models are set at waist height to allow testing. Placement can help bring certain products to attention and promote items you want to sell more of.
Promotion
Promotion is the most recognizable part of the marketing mix. It involves all of the marketing activities you do to let your customers know about the products you offer. For a retail outlet, you might advertise in newspapers and on the radio, start a social marketing campaign, use marketing emails, hand out flyers or plan grand-opening events. Your promotional campaigns should be targeted to your customer base. Choose publications that they read, stations they listen to or watch, and copy or graphic design that will resonate with them.
Author: Elizabeth Smith
