MK0012- RETAIL MARKETING

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ASSIGNMENT

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

 

Q1. What are the classifications of retail customers based on shopping?

Answer : In the retail industry, it seems as though we are constantly faced with the issue of trying to find new customers. At one time or another, we have all become obsessed with making sure our advertising, displays, and pricing all “scream out” to attract them.

 

Types of retail customers based on shopping:

 

Loyal Customers: Naturally, we need to be communicating with these customers on a regular basis by telephone, mail, email, etc. These people are the

 

 

 

Q2 Explain Retail EST Model with an example.

Answer : In developing the strategy of companies doing business in the retail industry, we use the model of ‘The Est’ (McMillLab | Doolittle). Model positioning ‘The Est’ for retailers derived from the word ‘best’, which suggests the need to be the best for their customers in a particular aspect of the retail business. According to this model, the retailer should strive to be the best in one of the categories for specific groups of customers, rather than trying to be the best in everything and everyone. To do this, it is often necessary

 

 

 

Q3 “Retail merchandising refers to the process used to conduct retail sales.” Explain

Answer : Retail merchandising is the process used in order to conduct retail sales. As part of the process, the merchandiser pays close attention to the types of products offered for sale, how to best present those products to consumers, and determining what is a reasonable retail price for each unit sold. While retailers have traditionally engaged in the task of retail merchandising in a physical location, the Internet has now made it possible to apply these same basic principles in a virtual setting.

 

 

Q4 Elaborate the upcoming tools used in Integrated Marketing Communication.

Answer : Definition of Integrated marketing communication :

Integrated Marketing Communication (IMC) is a term that emerged in the late 20th century regarding application of consistent brand messaging across myriad marketing channels. The term has varying definitions depending upon the source cited. These definitions continue to form an ongoing discussion in marketing – and therefore are included here for review, as the differences in these discussions can play a part in how IMC is

 

 

 

 

Q5 “Selling globally opens up the way to lucrative large-business customers.” Explain

Answer : Even before the U.S. entered a period of souring consumer confidence and slowing sales growth at home, several U.S.-based retailers were looking internationally for growth. Over the last decade or more, however, many retailers have realized that expansion by building physical locations abroad can be risky, expensive and time-consuming.

 

As a result, retail executives today are instead considering using their company`s online retail channel to see how the brand and its products are

 

 

 

 

Q6 Write short notes on:

Answer :

a) Enterprise Resource Planning (ERP)

Answer : ERP is short for enterprise resource planning. Enterprise resource planning (ERP) is business process management software that allows an organization to use a system of integrated applications to manage the business and automate back office functions. ERP software integrates all facets of an operation, including product planning, development

 

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