Creating a marketing mix for a retail company:
As we know that marketing mix is strategy of companies to see its customers on the basis of Product , Price , Place and Promotion ( 4Ps) but this is most suitable for a company selling product to its customers. For providing better facilities to the customer in services marketing , it can be used as 7Ps( Product, Price , Place , Promtion , Process , People and Physical evidence ) .
For , A retailer having life style products for the Asian people( Indian ) as its target customer should focus on these elements as follows ,
1) Product : The retail company should sell all the products like clothes for men and women, Cosmetics , nutrients , accessories etc. Products for children.
2) Price: Pricing will be kept as per the industry norms. Differential pricing as per the customer’s class .
3) Place :
The retail stores must be open to those locations like semi-urban , rural , urban areas etc. After assessing the population and working class , the company will open retail chain to different stores.
4) Promotion: Company should choose different push and pull marketing startegies. Customers should be attracted through best window dressing and shelf attraction by displaying products. Offers must be displayed for customers clarity. Customer contact number will be key to success in retail industry through which they will be attracted.
5) Process: The retail business must be included some process like if a product will have to return then how customer will be attended.
6) People: The importance of staff of the retail company will be very important. They will only create good service environment for the customers.
7) Physical evidence:
The facilities should be best for the store decor. Air conditioning , secured store environment, drinking water facility , luggage counter etc. must be included. It will give company a better image.