Question

my product is swimwear

Create a list of products that you sell, who your target market is, how you differentiate, and discuss optimal strategies for the 4Ps of marketing for your retail business.

Discuss how these strategies would differ if you added a physical retail location.

Answer 1

Lets simplify things and start with simple definitions---

There are five common terms used in the question--

1)Product

2)Target market

3)Optimal Strategies

4)4P of marketing

5)Retail business

1)Product-A product may be defined as a set of tangible or intangible attributes capable of being exchanged for values with the ability to satisfy consumer and business needs.

Product may be --

Physical goods

Services

Experience s

Events

Person

Place

Property

Information

Ideas.

2) Target market -A concept in marketing which involves segmentation of market into smaller units comprising of like minded people who inclined towards similar product and respond to similar marketing techniques and promotional schemes

3)Optimal strategy- strategy or best marketing tactics for any business situation which involves optimal usage of money and other resources inclusive of energy.

4)4Ps of marketing----

A) Product items tangible or intangible being sold

B)Promotion refers tactics to intice sales

C)Price refers to pricing strategies

D)Place refers location or platform used for sales.

Retail business -Eg sales shop, shopping mall , Outlet .

List of products along with target market

Items. --- Target Market

Woman clothing -- women

Shaving cream - gents

Burmudas. ---- men

Sugar free products --- diabetic

Wheel chair _---Disabled

For retail business optimal strategies involving 4p of marketing

Price refers to the pricing strategies merchant uses to sell product.by looking at their competition

For example telecom,retail insurance, shopping mall

Product- refers to enhancement of products quality so that it can entice customer .product are positioned via swot analysis

Place it can be web platform or physical place like retail shop which is more inticing for customer

Promotion strategies are different for positioning of brand .

These 4p strategies would be different when we have a physical retail location--

1)Your merchandise and fixtures optimisation - We need to work on creative displays and proper arrangements to make them looking more enticing .

2)Usage of social media as customer do quality research before purchasing products from the retail shop.

3)Email marketing Still a best and time tested method of marketing.it helps getting new customer by segmentation of subscriber

4)Endorsement marketng ---This helps in capitalising on endorsement if old customers to new customer.

5) Referrals helps in providing some sort of incentive for your happy customer to share the word about you to their friends and money attached with it.