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.
What are the rules of merchandiser?
- Keep your store clean
- Face and front daily, hourly and continually
- Spread to fill
- Follow the two-finger rule
- Create color blocks and breaks
- Lean to the right
What is the KPI in retail
What is a Retail KPI? A retail Key Performance Indicator (KPI) or metric is a clearly defined and quantifiable measure that can be used to assess the performance of a retail business.
These performance metrics can be used in a variety of ways.
How do you manage a merchandiser?
- Think About The Customer Journey
- Support Your Product’s Narrative
- Understand Why Customers DON’T Buy
- Advocate For Premium Shelf Space
- Research Retail Merchandising Trends
- Avoid Out-of-Stocks
- Maintain Retailer Relationships
How do you entertain a customer while waiting
Give customers something to do in line – to keep them entertained and distracted.
Install televisions, provide access to magazines or have a staff member do a demonstration.
Doctors surgeries do this well. Invest in quality on-hold telecommunications – with interesting and entertaining call waiting features.
How do you attract dealers?
- #1 Relationships
- #2 Education
- #3 “Easy, secure money”
What to say to sell a product?
- Now
- Amazing
- Fix
- Save
- Simple
- Exclusive
- Money-back
- State-of-the-art
How do I sell a good product?
- Sell to Your Buyer’s Situation (Not Their Disposition)
- Disrupt Your Prospect’s Status Quo
- Introduce Unconsidered Needs
- Tell Customer Stories with Contrast
- Avoid the Parity Trap in Sales Conversations
- Make Your Customer the Hero
What are the 5 selling techniques?
- Active Listening
- Warm Calls
- Features & Benefits
- Needs & Solutions
- Social Selling
What are the 4 selling strategies
There are essentially four selling strategies: script-based selling, needs-satisfaction selling, consultative selling, and strategic partnering.
How can I increase my sales quickly?
- Be Present With Clients And Prospects
- Look At Product-To-Market Fit
- Have A Unique Value Proposition
- Have Consistent Marketing Strategies
- Increase Cart Value And Purchase Frequency
- Focus On Existing Customers
- Focus On Why Customers Buy
- Upsell An Additional Service
What are the 4 principles of branding?
- Brand Identity
- Brand Meaning
- Brand Response
- Brand Relationship
What does B2B stand for in marketing
B2B stands for business-to-business, referring to a type of transaction that takes place between one business and another.
B2C stands for business-to-consumer, as in a transaction that takes place between a business and an individual as the end customer.
What is the most important aspect of merchandising
Inventory management One of the most important aspects of Retail Merchandising is to offer its customers the products that their customers expect to buy.
To do this, we will have to work on the planning, supply, purchase and storage and display of products.
How do I sell a pen?
- Ask the interviewer about their job
- Establish a link between the interviewer’s job and the product
- Highlight the emotional value of the product
- Convince them that they need the product
- Close the deal by selling them the product
- Focus on how the pen can benefit the interviewer
What is the STP model
STP model is a scientific, tried-and-tested marketing approach that helps businesses identify segments where they can indeed provide value, personalise their marketing communications, and reap sizeable profits.
What is 4p framework
The 4 Ps is one of the most popular marketing frameworks that businesses use.
Also known as the marketing mix, the framework identifies the four main elements that are most crucial to customer acquisition: Product, Price, Promotion, and Place (see Figure 1).
References
https://www.vendhq.com/blog/retail-marketing-strategies-help-get-new-customers/
https://www.papirfly.com/blog/retail-marketing/an-effective-strategy-for-your-retail-marketing-plan/
https://study.com/academy/lesson/retail-channels-definition-types-examples.html
https://smallbiztrends.com/2022/06/low-cost-retail-business-ideas.html
