Free Marketing Management Books

Free Book: How to Market Your Retail Business

 

How to Market Your Retail Business

A Step by Step Guide to Retail Marketing Techniques

How to Market Your Retail BusinessThis guide will walk you step by step through all the essential phases of marketing in a retail business.

This Guide is a checklist for the owner-manager of a retail business. The questions cover areas that undergird retail marketing as well as deal with obvious aspects like customer analysis, buying, pricing, and promotion. You can use it to evaluate your current status and, perhaps, to rethink certain decisions.

Table of Contents

1. Introduction
2. Customer Analysis
3. Buying
4. Pricing
5. Promotion
6. Management
7. Financial Analysis and Control
8. Insurance

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Sample Content

This Guide is a checklist for the owner-manager of a retail business. The questions cover areas that undergird retail marketing as well as deal with obvious aspects like customer analysis, buying, pricing, and promotion. You can use it to evaluate your current status and, perhaps, to rethink certain decisions.

If your retail firm is to be successful over the long run, it must satisfy the needs and desires of its present and potential Customers. Sound Buying means knowing where to buy, what to buy, how much to buy, and how to place an order. This requires familiarity with old and new products, adequate and working with suppliers in ways that benefit the store. In Pricing, you need to understand the market forces affecting your business, plan the price policies that you will follow, and know whether or not your pricing policies meet State and Federal regulations.
You need to be familiar with various types of Promotion and when, where, and how to use them. In addition, a credit program or other special customer services can be attractions.
Under the heading of Management goes the establishment of both long- and short-range goals. How you set up your organization and how you communicate with your employees are crucial factors in the accomplishment of your goals. Of equal importance to good management is the ability to keep and make use of accurate Financial Records. It also pays to examine your Insurance coverage in various areas.
In answering the following questions, you will be reminded of what you may still need to do to round out all marketing aspects of your business.

Customer Analysis
Who are your target customers and what are they seeking from you?
Have you estimated the total market you share with competition?
Should you try to appeal to this entire market rather than a segment(s)?
If you concentrate on a segment, is it large enough to be profitable?
Have you looked into possible changes taking place among your target customers which could significantly affect your business?
Can you forsee changes in the makeup of your store's neighborhood?
Are incomes in the community apt to be stable?
Is the community's population subject to fluctuation?
Do you stress a special area of appeal, such as lower prices, better quality, wider selection, convenient hours?

Do you ask your customers for suggestions on ways to improve your operation?
Do you use "want slips"?
Do you belong to a trade association?
Do you subscribe to important trade publications?
Have you considered using a consumer questionnaire to aid you in determining customer needs?
Do you visit market shows and conventions to help anticipate customer wants?
Do most of your customers buy on weekends?
Do sales increase in the evening?
Do the majority of your customers prefer buying on credit?

Buying
Have you a merchandise budget (planned purchases) for each season?
Does it take into consideration planned sales for the season?
Does it achieve a planned stock turnover?
Have you broken it down by departments or merchandise classifications?
Have you a formal plan for deciding what to buy and from whom?
Have you a system for reviewing new items coming onto the market?
Have you considered using a basic stock list or a model stock plan in your buying?
Are you using some sort of unit control system?
Do you keep track of the success of your buying decisions in previous years to aid you in next year's buying?
Do you attempt to consolidate your purchases with two or three principal suppliers?
Have you a useful supplier evaluation system for determining their performance?
Have you established a planned gross margin for your firm's operation and are you buying so as to achieve it?

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