- Greet everyone with a smize
- Expect to be able to sell to everyone
- Dress to impress shoppers
- Don’t gossip about others
- Find something to like about any stranger
- Serve first to be able to sell
- Know your sales closing ratio
- Sell something you hate
What is the most important in retail management
1. The customer is the most important person in your business. The main retail principle to master is: the customer is king.
They should be at the centre of your business, and everything you do must revolve around customer needs.
What are the 3 most critical issues in retailing?
- #1: Consumers are Choosing Multichannel Buying Experiences
- #2: Customers Expect a Seamless Experience
- #3: To Attract Customer Loyalty, Retailers Need an Experience Which Stands Out
- #4: A Siloed Marketing Infrastructure Makes It Expensive and Unwieldy to get Your Message Across
What are the 4 basic steps of retail process
The purpose of money is to be exchanged for goods or services therefore based on the above definition, Sales run this world.
There are four Steps in the sales process: 1) Greet, 2) Qualify, 3) Present, 4) Close.
What is retail management example
Retail Management is the study of promoting and selling products and services while increasing customer satisfaction and brand loyalty.
It examines the entire customer journey, from window shopping to entering the store, and buying a product.
What are the six strategies to attract customers?
- Offer quality products
- Cultivate good people skills
- Know your customers
- Use attractive packaging
- Let customers try samples
- Be willing to change
What are the five elements of retailing?
- ELEMENT ONE: RESPECTABILITY
- ELEMENT TWO: NOVELTY
- ELEMENT THREE: PERSONALIBITY
- ELEMENT FOUR: COMPATIBILITY
- ELEMENT FIVE: HUMANITY
What are the 3 most important things in retail
Ask anyone who is in retail what the three most important things are and they will invariably trot out the trite words, “position, position, and position”.
What are the challenges faced by retailers?
- Maintaining Customer Loyalty
- Concerns about Security of Data
- Finding the Right Technologies
What are the four basic marketing strategies
The four Ps are product, price, place, and promotion. They are an example of a “marketing mix,” or the combined tools and methodologies used by marketers to achieve their marketing objectives.
The 4 Ps were first formally conceptualized in 1960 by E.
What are good sales techniques?
- Be systematic about generating leads
- Know your sales cycle
- Know your numbers
- Actively seek referrals
- Focus on securing appointments
- Get ready for objections
- Follow up and listen
What makes a successful retailer
Highly successful retailers know their why, and that gives them clarity of purpose and focus.
You can consistently produce, source, and sell the right products when you follow a specific vision.
It also helps you develop a precise company culture that you can stay true to, no matter what’s going on around you.
What are the 5 marketing strategies
The 5 areas you need to make decisions about are: PRODUCT, PRICE, PROMOTION, PLACE AND PEOPLE.
Although the 5 Ps are somewhat controllable, they are always subject to your internal and external marketing environments.
Read on to find out more about each of the Ps.
How do you retain customers in retail?
- Create a customer loyalty and referral program
- Stand up for causes
- Build a community
- Be proactive with your customer service
- Continue building relationships after the sale
- Personalize messaging for each shopper
Which of the following is a key element in retail planning
Financial Merchandise Planning The first element in the merchandise plan is the Strategic Plan.
This is normally high level, with perhaps a five year timescale. It is used to set the critical success factors for merchandising in terms of sales, margins & stocks.
Next we would create a Channel Sales Budget.
How do you convince customers for sales?
- Be natural and do not use scripts
- Ask about the clients’ well-being
- Use names while talking with a client
- Prove that your products are better than those offered by competitors
- Keep initiating further conversation
- Specify the positive characteristics of the customer
- Act on emotions
What are the six main elements of the retail marketing mix
The building blocks of an effective marketing strategy include the 6 P’s of marketing: product, price, place, promotion, people, and presentation.
What are the 4 types of business strategies?
- Organizational (Corporate) Strategy
- Business (Competitive) Strategy
- Functional Strategy
- Operating Strategy
What are the recent trends in the retail industry?
- Selling online is non-negotiable
- Omnichannel tools are creating more meaningful shopping experiences
- Automated technology is helping retailers manage the labor shortage
- Same-day delivery is giving retailers a clear advantage
Why strategic locations are very important for success of retail business
Importance of Location in Retail Business It requires long-term capital investment. Good location is the key element for attracting customers to the outlet.
A well-located store makes supply and distribution easier. Locations can help to change customers’ buying habits.
How do retailers attract new customers?
- Optimize your local listing
- Ask for reviews
- Connect with customers on social media
- Offer virtual consultations and shopping experiences
- Pay for digital advertising
- Start a blog
- Host virtual events
What do you understand by retail development explain the different theories of retail development
The theories developed to explain the process of retail development revolve around the importance of competitive pressures, the investments in organizational capabilities and the creation of a sustainable competitive advantage, which requires the implementation of strategic planning by retail organizations Growth in
What is a retail development
Retail development activities means those economic development activities that involve the acquisition, improvement, leasing or conveyance of improved or unimproved real or personal property or other activity to facilitate the sale of goods at retail, including the sale of automobiles, or to facilitate other activities
What are the 4 business strategies
Four generic business-level strategies emerge from these decisions: (1) cost leadership, (2) differentiation, (3) focused cost leadership, and (4) focused differentiation.
In rare cases, firms are able to offer both low prices and unique features that customers find desirable.
What are 2 primary segments in retail industry?
- Fashion, Fitness, and Personal Care: This segment is divided into salons, health centers, spas, gyms, and yoga centers
- Health and Pharmaceuticals:
- 3
- Food and Grocery:
- Consumer Electronics:
What are the five 5 internal processes involved in retail management?
- Internal planning
- Procurement
- Fulfillment
- Promotions and sales
- Sales, service, and support
What are the 4 selling strategies
The four basic sales strategies salespeople use are script-based selling, needs-satisfaction selling, consultative selling, and strategic-partner selling.
Different strategies can be used with in different types of relationships.
What are 4 ways to attract customers?
- Ask for referrals
- Network
- Offer discounts and incentives for new customers only
- Re-contact old customers
- Improve your website
- Partner with complementary businesses
- Promote your expertise
What is meant by retail format
The retail format (also known as the retail formula) influences the consumer’s store choice and addresses the consumer’s expectations.
At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged.
How do you measure retail performance?
- Sales per square foot
- Gross margins return on investment (GMROI)
- Average transaction value
- Customer retention rate
- Conversion rates
- Foot traffic and digital traffic
- Inventory turnover ratio
References
https://envisio.com/blog/benefits-of-strategic-planning/
https://www.tutorialspoint.com/retail_management/retail_market_segmentation_strategies.htm
https://healthcaresuccess.com/blog/medical-advertising-agency/the-7-ps-of-marketing.html
https://www.thinkparallax.com/insights/what-is-a-strategic-framework-and-why-do-you-need-one
https://www.superoffice.com/blog/five-simple-ways-to-increase-your-customer-base/
