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ASSIGNMENT
| DRIVE | FALL 2015 |
| PROGRAM | MBADS (SEM 3/SEM 5)MBAFLEX/ MBA (SEM 3) PGDMMN (SEM 1) |
| SUBJECT CODE & NAME | MK0012- Retail Marketing |
| BK ID | B1723 |
| CREDITS | 4 |
| MARKS | 60 |
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. Describe the general characteristics of consumers and explain the classification of retail consumers based on shopping.
Answer : The consumer market pertains to buyers who purchase goods and services for consumption rather than resale. However, not all consumers are alike in their tastes, preferences and buying habits due to different characteristics that can distinguish certain consumers from others. These particular consumer characteristics include various demographic, psychographic, behaviorialistic and geographic traits. Marketers usually define these consumer characteristics through market segmentation, the process of separating and identifying key customer groups.
Characteristics of consumers :
- Demographic Characteristics
Characteristics of consumer markets based on demographics include differences in gender, age, ethnic background,
- 2 Describe the Retail Buying Process in brief.
Definition of retailing
Explanation of retail buying process
Answer: Retailingis a business or person that sells goods to the consumer, as opposed to a wholesaler or supplier, who normally sell their goods to another business. It is a Selling of merchandise directly to the consumer. Retailing began several thousand years ago with peddlers hawking their wares at the earliest marketplaces. It is extremely competitive, and the failure rate of retail establishments is relatively high. Price is the most important arena of competition, but other factors include convenience of location,
- 3 Explain the Retail Merchandising Management (RMM) in brief.
Answer: Retail Merchandising refers to the various activities which contribute to the sale of products to the consumers for their end use. Every retail store has its own line of merchandise to offer to the customers. The display of the merchandise plays an important role in attracting the customers into the store and prompting them to purchase as well.
Merchandising helps in the attractive display of the products at the store in order to increase their sale and generate revenues for the retail store.
Merchandising helps in the sensible presentation of the products available for sale to entice the customers and make them a brand loyalist.
- 4 Define e-tailing. Explain the future of electronic retailing.
Definition of e-tailing
Future of e-tailing
Answer: Electronic retailing (e-tailing) is a buzzword for any business-to-consumer (B2C) transactions that take place over the Internet. Simply put, e-tailing is the sale of goods online. Companies like Amazon and Dell created the online retail industry by putting the entire customer experience – from browsing products to placing orders to paying for purchases – on the Internet. The success of these and other companies encouraged more traditional retailers to create an online presence to augment their brick-and-mortar outlets.
E-tailing requires businesses to tailor traditional business models to the rapidly changing face of the Internet and its users. E-tailers are not restricted solely to the Internet, and some brick-and-mortar businesses also operate websites to reach consumers. Online retailing is normally referred to as e-tailing.
Future of e-tailing
While some companies are making a success of selling things on the Internet, it is still not clear who the successful e-tailers of the future will be. From the evidence so far, it seems that simple business models designed to keep costs low and profits high are the most likely to succeed. What a surprise!Selling things on the Internet certainly seems to have a great future. Whether the same can be said of his company and some of the other early leaders in online retailing, however, is a different question altogether.
Technology: The investment and improvements in the communication infrastructure will lead to the mass offering of electronic services in the home from several appliances. Established appliances, including the television and telephone will be equipped to provide simple access to electronic products and services. Furthermore, the increased power and portability of computers will facilitate easy, carefree, and daily use of electronic shopping options. “This revolution will achieve the critical mass by as early as 2005 (de KareSilver 12).”
Consumers: As e-shopping becomes the most sensible alternative to procuring needed goods and services, consumers will abandon their traditional views of shopping. No longer will a routine trip to a supermarket or mass retailer, such as Walmart, satisfy the e-consumers expectations. The effort of the trip will require an experience that appeals to ones social needs, entertainment needs, creativity, and curiosity (2, 3).
Brick and Mortar Retail:This new shopping experience segues into the changes required by suppliers. As stated above, retailers and manufactures will have to rethink their physical selling strategies. Existing retail shops will not survive if the fail to adapt the changes in consumer needs and behaviors. Stores may become a place to showcase new products and services that will be purchased later electronically.
- 5 Price is a highly sensitive and visible part of retail marketing mix. Retailer’s overall profitability depends on Pricing. It plays an important role in strategic decision making process. Explain various pricing strategies are adapted by the retailer according to the situation.
Explanation of pricing in Retail
Retail Pricing strategies
Answer: Retail price is the price that a coin dealer will charge you to purchase a particular coin. This is sometimes referred to as “price”. The money that a coin dealer will pay you for your coins is referred to as the “coin’s value.”The price the end user of a product pays. That is, if one buys a vacuum in order to use it instead of to sell it to another store, one likely pays the retail price. The retail price includes all expenses the retailer incurs, plus a mark-up.
The pricing strategies are:
- 6 Describe any three Rural retail strategies in brief.
Definition of Rural retail
Any three Rural retail strategies
Answer: Retailing can be defined as the set of activities that markets products or services to final consumers for their own personal or house hold use. This is done by organizing the availability of goods and then supplying them to consumer on a relatively small scale.The rural population dominates the Indian market with over 720 million consumers (70% of the total population) spread across 0.63 million villages in the country18. Typically Indian rural retail stores are in the form of haats and melas. Undeniably, the urban market (metropolitan cities, tier II, III cities) offers great opportunities to organised retailers but they are anticipated to saturate in the near future. Hence, most big retail companies are envisaging entering the untapped rural market.
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