Retail started as early as when barter began i.e., exchange of goods for goods. Size of middleclass population is increasing in India. Off course, that question does not have a simple answer. The goods or service delivered for final consumption in convenient lots through different forms of organisations. Organized retail is not just selling of goods, it embraces activities of marketing like grading packing, promotion and advertisements and show casing variety of goods, at reasonable price with offers like discount, credit. It is the size of population of America. Discoveries in the field of refrigeration and retail transport system led to promotion of Hyper – Markets that delivered wide variety of goods at reasonable price. A retailer by holding large stock of variety of products assumes the following kinds of risks: i. We would like to increase the number of inquiries that come from our marketing communications efforts by 15% by the end of October this year. vi. Peddlar street vendors were the first Retailers. If you sell directly from your website, you must consider additional security iss… Retail marketing makes people to imagine or desire goods that can satisfy and it creates and delivers those goods, surpassing the expectation of customers and thereby creating customer delight. He has to design strategy like discount sales, offer etc. Opportunities and Challenges for Retail Business in India: Organised retail is poised to take off or prosper in India. Before looking at fancy retail marketing tactics, start by … You have to provide full and comprehensive information on what you sell, allowing prospective customers to easily order from your site. Labour productivity is only 6% compared American productivity; business of retailing is controlled by family that has limitation of capital, technology and managerial abilities which are hindering the progress of Indian retail industry. The exposure to TV, Internet has made people to know life style of western people. A marketing information system (MIS) is intended to bring together disparate items of data into a coherent body of information. Apart from this, organised retail will induce demand. Retailer will help for demand creation for the product by offering services like free home delivery, after sale service. At the core of any great marketing plan is a list of strategic and clear marketing objectives.. Marketing objectives are a brand’s defined goals. Duties and Responsibilities. There are various types of marketing objectives, but the four main types are profitability+ objective, market share objective, promotional objective, and growth objective. ii. The information must refer to: - Features of the product or service - Payment methods - Return policies - Warranties - Shipping options - Product or service F.A.Q. It provides more satisfaction than what is expected through its retail network. An information management framework via Wikipedia. Creating a brand identity with imagery and punchlines is the first stage of a marketing campaign, followed by expanded messaging, either through email or social media. Target the Right Market. Brand Recognition. It defines measures and quantifies the size of the identified market and the profit potential. Business objectives need to be flexible enough to change as the needs of the business evolve. Indian farmer is forced to sell his product at un-remunerative price. Makes attractive presentation and placement of product for easy identification and selection. Brand Awareness. This gives a better opportunity for the growth of retail in India. POS systems use bar code identification in receiving, tracking and selling inventory items. There is no sufficient growth in logistics like Warehouse, Roads and Communication that is essential for Rural Development. He undertakes sorting or classifying of the goods to meet the specific need of each customer. 5. He is described as merchandising arm or neck, in the bottle of distribution. Cross-channel marketing is using a variety of marketing channels at the same time to increase visibility with consumers. It is estimated that organised retail in India can provides 10% shares in total employment. In this post, I will focus on KPIs for business operations, marketing outcomes, customer service, customer behavior, and website performance. They may buy products directly from farmers giving him a definite price. ii. Marketing goals should fit into your company’s financial objectives which can be expressed in units sold, dollars, market share, sales, ROI on advertising expenditures, awareness, sales conversion rates etc. ii. Retail management Marketing, India, Essay on Retail Marketing. Retailer’s knowledge about the market, i.e., types of product available, expectations of people about the product will help retailer sell those product that matches taste of customer. To determine this, divide total assets by net worth. iv. A cleaning company might introduce home repairs; the objective is to attract new customers seeking home repair services while cross-selling existing customers who already use the company for their cleaning needs. Retail marketing is organised business of selling to the customer by application of principles and functions of marketing. Plagiarism Prevention 5. An expense objective could involve finding a new operating facility that decreases the rent by $2000 a month or cutting monthly phone and utility bills by 10 percent. The following are illustrative examples of smart objectives. Profitability defines an organisations ability to sustain a business. posted by John Spacey, February 28, 2018 Smart objectives are goals that are designed to be specific, measurable, achievable, relevant and time-bound. Retail marketing ensures not only customer satisfaction, but something more than that: i. Content Filtration 6. Return on assets is the equation formed when you divide a retailer’s net profit by his total assets. Growth is a strategic objective that helps a company to position itself better against its competitors. As Tony Robbins says “setting goals is the first step in turning the invisible into visible” It is not about setting unrealistic marketing goals you will never meet. In this process he creates form utility. Retail marketing provides opportunity for this: i. Facilities of home delivery, after sale service guarantee, warranty. The growth in Information Technology further led to web based training. Our business needs 10,000 website visitors, within the next 6-months from our inbound marketing activities in order to achieve revenue of $200,000 from inbound and content marketing. 7. The presentation of product, the environment and decoration inside the shop, display of price, facilities inside are an indicator as to how goods are marketed in organised retail. to undertake stock clearance, or else he has to suffer the loss. Organised retail can provide direct job opportunities in retail store. The concept of middleman emerged. It embraces the direct to customers sales activities of the producer, whether through his own store, by house to house counseling or mail order business”. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for executives to review and support. The difference between information and knowledge. These further creating new opportunities in retail education and development. A growth objective analyses the current business size and determines or plans the growth strategies to achieve the desired amount of growth. This will increase sale and profits and ensure higher levels of satisfaction to the consumer. Work Experience. A common business goal is to run a profitable organisation, which typically means increasing revenue limiting expenses. I’m going to approach this in a different way that will get you better results. Organised and developed retail system creates better demand for goods and services. Employment of capital and labour will increase to meet additional demand that results in increase in economic activities. Each firm is … Vasudaiv Kutumb i.e, entire globe is one family may be made possible due to organised retail. Universities are offering courses in retail business. Goods may be repacked or delivered in small packs in convenient form which an individual can carry to his home. Retailers buy in large quantity from middleman or manufactures, he breaks the bulk and sells in small quantities to match the need of customers. Long and regular association-ship between retailer and his customer will make them to share their personal and family related issues. Retail marketing primarily undertakes following activities: 1. Report a Violation 11. He has to keep wide variety of goods and service that may be demanded by the customer. Increased sales necessitate more production that in turn increases employment of more resources in economic activities. Goods are manufactured in one corner of country and they care consumed in different parts of the word. Retail marketing is not only connected with delivery of physical goods or merchandise like Grocery Vegetable, Electronic goods etc., it is also engaged in providing services. Retail marketing has 4 key components, also knows as the “4 Ps”: Product, Price, Place, and Promotion. A marketing audit is performed, which lets a business firm to establish its strengths, weaknesses, opportunities, and goals, after which the organisation may redefine its objectives. Profitability is a business’s ability to earn a profit as an objective in doing business. You might think that this is a same-old, same old process for marketing research. The goal of any enterprise is to grow your business operation. It pinpoints which segments the company is capable of serving the best, and it designs and promotes the appropriate products and services.”. 4. This will also help you to learn about the objective type (multiple choice) question and answers on Marketing that is most likely to be asked in SBI, IBPS, BANK PO and other banking exams. There is brighter side to India organised retail. Right now organised retail is growing at 35% pa. Prospects of gelling c job in city and attraction of city life is making rural people to migrate to urban centers. Retailers are the last and vital members in the channel of distribution. Apart from this they celebrate festivals round the year and occasions like Marriage, Birth, Death, each occasion demands expenditure on consumption on Food, Clothing, Jewellery etc. People are motivated to consume more and more. SlideShare Explore Search You. Industrial revolution in the 17 and 18 century that invented varieties of machineries changed the system of production. Discount and other offers which are important sales promotion strategies. Along with this there is sharing of consumption habits between people living in different corners of the world that is made possible due to big MNC’s that have opened there outlets in different parts of world. This is an important service that a retailer is offering both to manufacturer and also to customer. The main objectives of an IT department are to develop, deploy and support software. Supply chain management has some key & important objectives which are also applicable for International Logistics and Supply Chain management. Customers come into direct and personal contact with the retailer. Top 22 Retail Sales Associate Resume Objective Examples. Uploader Agreement. The first self-service store by name ‘PIGGLY – WIGGLY’ was started in 1916, in Memphis, Tennessee of the US. Establishing a business in one’s home country has limited restrictions and demands but when it comes to marketing at international level, one has to consider every minute detail and the complexities involved therein. The word retail means cut size ‘small piece’ or break the bulk. They outline the intentions of the marketing team, provide clear direction for team members to follow, and offer information for … Marketing objectives are a brand’s defined goals. Retailing has developed as a more organized activity adopting functions of marketing in distribution of goods or service. Amazon Business Strategy: Goals, Objectives & Retail Marketing Takeaways. In summary, one of the main objectives of advertising is to carry out communications between the brand and the customer. To be sure, any goal involves consistent effort and results may not always be apparent immediately, but here are some aspects that you can get started with. Place utility is created by bringing goods from place of manufacturer to the place of consumer. Types of channels include social, mobile, television commercials and paid search. Retailer ensures a higher standard of living by making available variety of goods and service to the people at reasonable price. He undertakes sales promotion campaign through various forms of Publicity and advertising to create demand for products and sells them. Marketing goals properly planned and executed are the stepping stones to financial achievement. Increase the cost efficiency of the project by 20 percent by the third release. 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