Good research should help align marketing with the other areas of the business. Goods are designed and delivered to match the taste of people and satisfy their desire and thereby ensuring customer delight. Companies seek to provide better services through economies of scale. In fact, creating interest is often considered the most important use of sales promotion. You might think that this is a same-old, same old process for marketing research. Retailing at economical prices was further popularized by the concept of self – service stores. Microenvironment vs. Macroenvironment. Retailers deliver goods from a location that is convenient to the customers. They are the big spenders. A retailer by holding large stock of variety of products assumes the following kinds of risks: i. Identify and Retain High-Value Customers. It helps a manufacturer to produce the product that the customer likes. People are becoming urban i.e., sophisticated in their consumption habits that is creating opportunity for retail marketing. It is creating employment opportunity and contributing to globalisation of retail trade. Creates and distributes these goods that are within his reach. He acts as a link between manufacturer or middleman and consumer. Retailer knows the likes and dislikes of each individual customer; he can guide the consumer to buy the product that matches his taste and budget. Marketing tactics like Discount Sale, Offers, ensure that dead stock is cleared through clearance sale. Attractive presentation of goods for easy identification and convenience. Address: 770 Stony Battery Rd, Landisville, PA 17538 Phone: (717) 898-5726 Email: [email protected] Current job: Store Associate at Turkey Hill Minit An MIS is, as will shortly be seen, more than raw data or information suitable for the purposes of decision making. 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. The information in this section usually refers to: corporate background, company officials, different articles and editorials written about the company along with related images as well as contact information and links to personal profiles of company’s representatives charged with management, customer care, advertising, etc… 5. iv. Competitive landscape- Some organisations aim at growth to react to changes in the competitive landscape. Placement, showcasing and window dressing of the product in his shop and showroom will make the product visible to people and it may attract them to buy it. The process of setting goals gives a clear picture of what needs to be accomplished and setting positive results. The main objectives of an IT department are to develop, deploy and support software. Benefits of a Specialist or Expert in Distribution Network: Retailer is an expert and experienced person in distribution network. Now Fasten your Business Research with our in-depth research enrich with detailed facts. The main objectives of Supply chain management are to reduce cost, improve the overall organization performance and customer satisfaction by improving product or service delivery to the consumer. A growth objective analyses the current business size and determines or plans the growth strategies to achieve the desired amount of growth. Within that the size of young population with less 25 years age group is estimated at more than 50% so market will have large number of customers, who have wide range of demands that creates opportunity for growth in organised retail. Goods are created for consumption and satisfaction and it is made possible through the system of marketing. Top 22 Retail Sales Associate Resume Objective Examples. This will create demand and needs more production and investment in business activities. If offers enough opportunities for the growth of retail business. Each firm is … It may be a small store, a shop and multiplex. Report a Violation 11. 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. This is experienced in case of China, South Korea, Japan etc., But in India, with present per capita Income of $400 is indicating the signs of progress in organised retail. Online shopping through internet, mobile is becoming popular with the growth of I-T and courier service. Global retail development Index has identified India as top 5th among 30 emerging economies Empirical studies have revealed that, whenever per capita Income of a nation exceeds $1200, organised retail starts growing. There is need of penetration or entry of this organised retail business into ‘C’ class cities and rural area. Similarly Indian customer is made to pay a higher price for the product, due to high margin of middlemen. Marketing goals are long-term achievements. The other objectives of logistics management should be consistency in delivery performance; this will help build customer confidence for keeping a long-term relationship. to undertake stock clearance, or else he has to suffer the loss. v. Provides services like home delivery, quality assurance, offer of sale service etc. The following are illustrative examples of smart objectives. They may buy products directly from farmers giving him a definite price. Give away items such as fridge magnets, pens, cups with a company logo or image. These typically include end-goals such as revenue or meaningful steps towards end-goals such as launching a new product. The main purpose is to deliver the goods to the people that can result in customer satisfaction. You can view samples of our professional work here. Retail rating agency called Fitch has predicted stable growth for retail in India. One can get the feel and experience of retail marketing by visiting modern shopping malls like Walmart, Big-Bazar, More, Reliance fresh in case of goods or visiting a new generation bank like ICICI, HDFC. Retail in India is overcrowded by small shops which account for around 14mn, which have a per capita flour size of around 260 sq.ft. This helps the decision – maker to select the best course of action. Further display and promotion of the product will increase demand and sale of product. Uploader Agreement. 2. population that can be classified under middle income level. ii. In this article we discuss the 11 objectives of advertising and the goals which advertising can achieve for an organization. they are specific, easy to measure, can be achieved, are not too ambitious, and designed for a specific period. He stores those products and services that people want and delivers them in size and style which the people expect Dye to his expertise and knowledge about the product and market he helps the customers to make right choice in their purchase. Prospects of gelling c job in city and attraction of city life is making rural people to migrate to urban centers. It is said that he gets only 1/3 of selling price. Opportunity for development is due to following factors: In population terms, India is second largest country in the world with population reaching 130 mn. Health and Longevity depends on consumption style. This will minimise the cost of warehousing, damage that may occur in storage period. It does not matter how goods or services are sold i.e., by person, mail vending machine, internet, mobile etc., or where they are sold, in store, on street or in the consumer home. You should first decide what you want to accomplish and then decide what you want to offer as incentives. Amazon Business Strategy: Goals, Objectives & Retail Marketing Takeaways. The word retail means cut size ‘small piece’ or break the bulk. To Stimulate Demand: It is the primary objective of market promotion. People felt that Departmental stores, Mail order houses are charging high price and are not satisfying their demands. Business (or Strategic) management is the art, science, and craft of formulating, implementing and evaluating decisions that will enable an organization to achieve its long-term objectives. Right now organised retail is growing at 35% pa. Management is required in all aspects of life and forms an integral part of all businesses. Vasudaiv Kutumb i.e, entire globe is one family may be made possible due to organised retail. Application of inventory control techniques ensures that optimum level of stock is maintained. Business objectives need to be flexible enough to change as the needs of the business evolve. Retail as a Separate Branch of Study: Growing demand for organised retail and revolutionary changes in the retail trade has resulted in retail management and market as a separate branch of study. iii. Today we see revolution in the field of retail business with entry of firms like ‘Big Bazar’ ‘More’ McDonald, Walmart that are not just delivering goods, but also satisfying needs and wants of people there by ensuring customer -delight. The concept of super market to cater to the needs of Blue – Collar and Elite of people was started in 1938. 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. Content Guidelines 2. The objective of the retail information systems is as follows: An information system should provide relevant information to retail manager regularly. Retailer creates time, place and from utility in the distribution of goods and increases value of goods. Growth is an essential objective that contributes to increased revenue. The information must refer to: - Features of the product or service - Payment methods - Return policies - Warranties - Shipping options - Product or service F.A.Q. Increased sales necessitate more production that in turn increases employment of more resources in economic activities. The goal of a profitability objective could consist of increasing annual sales by 15 percent or gaining five new accounts each month. Retail marketing is organised business of selling to the customer by application of principles and functions of marketing. Goods and services are created for consumption and use by people, it is retailer who assumes the role of taking the goods to its final destiny of consumption. They share their opinion and ideas regarding the utility and value of goods and what they further expect from the goods. Some software may be created by programmers to help internal processes and procedures that proves to be a return on investment. Retailer buys goods from different producers and makes them available locally to his customer and there by creates place utility. Management refers to the process of bringing people together on a common platform and make them work as a single unit to achieve the goals and objectives of an organization. Marketing objectives are the strategy’s set to attain the overall growth of the organisation. Retail marketing collects information regarding type of product decide by them, Communicates such information to manufacturer. Even sale of spare parts, equipment, machineries etc., to industrial house or business is organised are classified under retail transaction. To keep its name in front of consumers and reinforce its image, a small business … Retailing started assuming organised format through ‘Bazars (weekly market) and Jatras’ where temporary shops were erected to seller to the people who congregate or assemble during that. It defines measures and quantifies the size of the identified market and the profit potential. Marketing objectives are business goals related to selling products and services. Facility, of credit and shopping within reach of common man will increase standard of living. Retailer will perform marketing functions like transportation, warehousing, promotion and in some cases also grading, packing and labeling etc. Modern business of retailing or retail marketing means the same. It is common for business plans, marketing plans, marketing strategy, campaigns, projects and performance management to begin with sets of marketing objectives.Objectives are planned before strategy and define what you want to achieve. International marketing aims to achieve all the objectives and establish a connection among the nations that participate in global trade. Facilities of home delivery, after sale service guarantee, warranty. He sells goods to final customer. This gives a better opportunity for the growth of retail in India. Supply chain management has some key & important objectives which are also applicable for International Logistics and Supply Chain management. Peddlar street vendors were the first Retailers. Growing wealth of people, increasing education levels culture resulted in formation of large Departmental stores, Super-market and Hypermarket worldwide. This is followed by further stores in the US and Europe. Retailer stores and presents such product to the people in size, style, price and other services through his store that increases satisfaction levels of people. Marketing goals can be long-term and short-term goals. He undertakes sales promotion campaign through various forms of Publicity and advertising to create demand for products and sells them. There are two of them. These initiatives will minimise wastage, cut down cost of operation and there by ensure efficiency and productivity. Promotional objectives need to be defined and planned. With growing education, life style is changing particularly young population believes in enjoying comforts and luxuries People are aspiring for a higher living standard. Another target market objective is to increase leads for the company. Objectives are smaller steps within the marketing goals. Indian farmer is forced to sell his product at un-remunerative price. Content Filtration 6. A common business goal is to run a profitable organisation, which typically means increasing revenue limiting expenses. With globalisation emergence of MNC’s, easy convertibility of currencies of different countries and use of Bit coins for trading, retailing is experiencing revolutionary changes that are trying to meet increasing needs of people. Each objective should specify an action and a desired outcome. There is no further re-sale of the product or service. If you own a franchise unit. He displays product to visiting customers and ensure sales. It pinpoints which segments the company is capable of serving the best, and it designs and promotes the appropriate products and services.”. How To Set Marketing Goals. By holding ready stock, He creates Time Utility, and increases value of goods. Brand Awareness. 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