What Is The Meaning of Retail Target Market?


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Retail Target Market

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The retailing concept is a management orientation that focuses a retailer on determining the needs of its target market and satisfying those needs more effectively and efficiently than its competitors.

The selection of a target market focuses the retailer on a group of consumers whose needs it will attempt to satisfy.

The selection of a retail format outlines the retail mix to be used to satisfy needs of customers in the target market.

The retail strategy determines the markets in which a retailer will compete.

We define a retail market, not as a specific place where buyers and sellers meet, but as a group of consumers with similar needs (a market segment) and a group of retailers using a similar retail format to satisfy those consumer needs.

 

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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]

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