Retailing mix

Learning Objectives Covered LO 03.02 – Demonstrate an understanding of retailing basics including the retailing mix Background five people standing with shopping bagsRetailing is the process of distributing goods or services from a business or company to a consumer. Retailing is a complex system that depends on manufacturers, wholesalers, retailers, and consumers. One way to help better understand retailing is by creating a retailing mix document. A retailing mix always revolves around the target market. It addresses six key factors. These are: price, promotion, place, product, presentation and store image. Each factor will be addressed in more detail below. Product Product refers to the products that you sell. Questions to consider include: What is your main product and what separates it from the competition? How much inventory do you need to have on hand at any time? How quickly do you anticipate your products will sell? Presentation Presentation refers to how your product will be displayed and showcased. Questions to consider include: How is the presentation of your product appealing to your target market? If your product will be presented in a physical location, how will the population within the area support you? If your product is presented in an online location, what visual elements are you incorporating to appeal to your target market? Place Place refers to the place where people go to purchase or learn more about the product or service. If place refers to a physical location then you must consider store staffing needs. Questions to consider include: How many employees do you need? How will the store be set up? If place refers to a website or online location, how will it be structured and who will be in charge of responding to inquiries, shipping orders and performing site maintenance? Store Image Store image refers to the physical layout or structure of the store itself. Questions to consider include: What is the layout of the store? What graphics or visuals in particular are designed to appeal to your target audience? What about the appearance of layout of the store sets you apart from the competition? Price Price refers to the retail price of an item. When calculating price it is important to consider markup required as well as desired profitability. Questions to consider are: What is the pricing strategy? What is the markup strategy? How does the markup strategy impact overall retail price? Promotion Promotion refers to the overall promotion strategy. Questions to consider include: What promotional tools will most influence consumer behavior? How much time and money should be allocated for promotional activities? Assignment 3 – Retail Mix Planning Brochure This week Boxstate has asked you to help them create a retailing mix planning brochure for them to use. The founder/owner of the company wrote you a business letter outlining various parts of their company. Your job is to read through the letter and find the correct information to place into a retailing mix strategy document. They are trusting your marketing expertise to help guide them in some key retailing decision making processes so be sure to think critically about each item. Step 1 – Download and Read the Business Letter from Boxstate’s FounderPreview the document Within this letter you will find valuable information you need to create this planning brochure. Step 2 – Download this TemplatePreview the document Customize the document with information about each part of the retailing mix. Each heading should be a different element of the retailing mix. Use the space below each heading to summarize information you’ve learned from the business letter. *Note: Need a refresher on what each part of the retailing mix is? Please see the background above. Step 3 – Add appropriate pictures to the template in each gray square. Find pictures that you feel fit each section. You can add additional pictures or shapes as well as change fonts or colors if you would like. *Note: Need two good websites for free imagery? Check the links provided in Assignment 2. https://www.pexels.com https://unsplash.com