What Are The Retail Growth Strategies?


0
7 comments

Retail Growth

Advertisement

 

Four types of growth opportunities that retailers may pursue are: market penetration, market expansion, retail format development, and diversification.

Market Penetration- A market penetration opportunity involves directing investments toward existing customers using the present retailing format. Approaches for increasing market penetration include attracting new customers by opening more stores in the target market or opening the stores for longer hours.

Cross-selling means that sales associates in one department attempt to sell complementary merchandise from other departments to their customers. More cross-selling increases sales from existing customers.

Market Expansion- A market expansion opportunity employs the existing retailing format in new market segments.

Retail Format Development- A retail format development opportunity involves offering customers a new retail format–a format involving a different retail mix–to the same target market.

Adjusting the type of merchandise or services offered typically involves a small investment, while providing an entirely different format, such as a store-based retailer going into electronic retailing, require a much larger and riskier investment.

Diversification- A diversification opportunity involves a new retail format directed toward a market segment that is not presently being served.

 

https://www.youtube.com/watch?v=yRNfBXg19M0

 

Advertisement
The following two tabs change content below.
We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]

Like it? Share with your friends!

0
7 comments
BMS Team

We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]

7 Comments

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube and Vimeo Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format