Retail Market Strategy

Advertisement

 

The term strategy is frequently used in retailing. For example, retailers talk about their merchandise strategy, promotion strategy, location strategy, and private-brand strategy.

Retail strategy isn’t just another expression for retail management.

Definition of Retail Market Strategy

A retail strategy is a statement identifying-

1) The retailer’s target market

2) The format the retailer plans to use to satisfy the target market’s needs, and

3) The bases upon which the retailer plans to build a sustainable competitive advantage.

The target market is the market segments(s) toward which the retailer plans to focus its resources and retail mix.

A retail format is the retailer’s type of retail mix (nature of merchandise and services offered, pricing policy, advertising and promotion programs, approach to store design and visual merchandising, and typical location and customer services).

A sustainable competitive advantage is an advantage over competition that is not easily copied and thus can be maintained over a long time.

 

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]
5 Comments

Leave a reply

BMS.co.in is aimed at revolutionising Bachelors in Management Studies education, also known as BMS for students appearing for BMS exams across all states of India. We provide free study material, 100s of tutorials with worked examples, past papers, tips, tricks for BMS exams, we are creating a digital learning library.

Disclaimer: We are not affiliated with any university or government body in anyway.

©2020 BMS - Bachelor of Management Studies Community 

A Management Paradise Venture

Ask Us On WhatsApp
or

Log in with your credentials

or    

Forgot your details?

or

Create Account