- 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
What are 3 examples of retail markets?
- Peddlar and Street Hawkers:
- Kirana Shops:
- Bazaars:
- Jatras, Urus:
- Organised Retailing:
- Convenience stores:
- Specialty Store:
- Discount Store:
What is difference between targeting and positioning
Targeting involves selecting which customer segment the firm should target, i.e., the most attractive segment.
Positioning influences how customers perceive a product or service. During this stage, the business needs to decide how it wants customers to view its product compared to competitors’ products.
What are the 7 types of targeting?
- Demographic Targeting
- Geographic Targeting
- Placement, Device and Platform Targeting
- Behavior & Interest Targeting
- Keyword & Topic Targeting
- Custom Audience Targeting & Retargeting
- Targeting Using Third Party Data
What’s the difference between segmentation and targeting
Segmentation is the process of classifying the market into several approachable groups. Targeting is the process of concentrating on a particular segment of the market to offer products, of all the segments of the market.
Who is your target audience example
Your target audience might be a board market, or a niche one. For example, if you sell shoes you might focus on a wider market, as everyone wears shoes, regardless of age, gender, and interests.
What are the 4 methods of targeting?
- Mass marketing (undifferentiated marketing)
- Segmented marketing (differentiated marketing)
- Concentrated marketing (niche marketing)
- Micromarketing
How can I improve my retail sales?
- Let customers try before they buy
- Understand customer movement
- Create an engaging environment
- Encourage recommendations
- Stock up on what sells
- Offer your expertise
- Optimize your counter space
- Make sure your business is easy to find online
What are the types of retail channels?
- Retail stores
- Online retailing
- Catalog retailing
- Direct selling
- Television home shopping
- Automated retailing
What is 4th step retailing
The four steps in the retail value chain are creating the product, storing the inventory, distributing the goods and making the product available for consumers.
Small businesses that participate in the retail value chain must be aware of how each of these processes operate.
How did you identify your customers
DEMOGRAPHICS. Customers may be grouped by similar variables, such as age, gender, occupation, education, income levels, geographic location, industry, number of employees, number of years in business, products or services offered or other defined criteria.
Sources
https://www.spectrio.com/retail/setting-up-a-successful-retail-location-strategy/
https://informi.co.uk/marketing-and-sales/how-do-i-target-right-customers
https://courses.lumenlearning.com/wm-retailmanagement/chapter/target-market-techniques/
