Retail Marketing Strategy for Dual Channel - myassignmenthelp

Question: Discuss about theRetail Marketing Strategy for Dual Channel System. Answer: Introduction Having a worthwhile retail market strategy bolsters not only the demand for the products but also to promote long-term existence of the product in the market. The impetus of any business-oriented market is to know who their customers are. The retailers should at all instances understand the needs of their potential customers. In the ever-changing world of business, the retailers should be proactive and aggressive to tap into the large pool of urban settlement and ward off competition from other similar business enterprises. Good strategies are the backbone of a successful business. The reject shop is based in Australia and is a chain store founded in 1981. It has undergone managerial changes since then and has had its own share of difficulties. The shiploads are discount stores found in Australia (Teece 2010, p. 180). Recommendations and their justifications The first recommendation deals with technology. To attractmore new customers in the current world, proper technology needs to be put in place. Develop a great website and a huge blog in the social media platform. This is important because with majority of the people having access to the media there is a high probability that the target market will be reached. The target group will also have the chance of exploring the various products and doing online purchase at the comfort of their homes (Shankar 2010, p. 116). Secondly, ensure that the employees are well trained according to the current trends in marketing. The employees are the face of the organization. They are involved in peformingthose duties that are aimed at profiting the organization. When the employees receive the prerequisite training and capacity building, they will perform their activities with a lot of precision. Train employees on ways of attracting and maintaining customers. This is necessary in ensuring that a skilled workforce is employed to carry out those activities that are aimed at improving the profitability of the organization. Thirdly, make a wise choice on the most appropriate stock for your organization. Ensure that the employees you employ are in apposition to carry out feasibility studies in an area to establish the common products being used in an area. Also, ensure that the trends of the market are well interpreted to ensure that the correct goods are availed. A good trader is one who understands the trends in the market. This is important in ensuring that the customers always have access to the goods they require and that the time for stock turnoveris reduced. Fourthly, the sales men should engage the customers. This is providing sufficient information to the customers about the chain store and the products being sold. The information can be through sales agents, social media, print media or electronic advertisement. Ensure that at every instant the customers know the type and price of goods you are dealing with. The justification is to ensure that goods get to the right customers at the right time and to ensure that the chain store remains relevant in ensuring the sales they make (Jayasankara Prasad 2011, p. 79). Fifth, give good sale incentives. Just like the shiploads, which give discount always, ensure that customers who make huge purchase are given a discount. Chain stores, which give discount, promote customers to buy in wholesale with which they will be sure of discount. The chain stores will make huge profits within a short while because the time for stock turnover will reduce Yousefi, 2011, 5725). Lastly, the atmosphere surrounding the store is important. Both the exterior and interior designs of a store are important in attracting customers. The atmosphere not only attracts but also stimulates customers to make more purchase once in the store. The designwill include the space for moving around, lighting, and fittings.The colour and the sounds and smell affect the willingness of customers to visit the store and make purchases (Chun, 2011, 820). Conclusion Strategizing for a retail store will go a long way in promoting their sales. This is when the right and time bound strategies are adopted. The managers and directors should ensure that they employ a qualifiedworkforce that understands the needs and aspirations of the customers. Apart from the workforce, the right marketing strategies such as averting should be put in place. The right goods in their right quality and quantityshould be sold under clear curt ways such as discounts to promote the customer satisfaction. To conclude, ensure that the store has the right design to attract clients of all ages and socioeconomic status. Customer satisfaction is the aim of any chain or retail store, which should be the one thing the management should endeavour to make it happen. References Amit, R. and Zott, C., 2012. Creating value through business model innovation.MIT Sloan Management Review,53(3), p.41. Chun, S.H., Rhee, B.D., Park, S.Y. and Kim, J.C., 2011. Emerging dual channel system and manufacturer's direct retail channel strategy.International Review of Economics Finance,20(4), pp.812-825. Jayasankara Prasad, C. and Ramachandra Aryasri, A., 2011. Effect of shopper attributes on retail format choice behaviour for food and grocery retailing in India.International Journal of Retail Distribution Management,39(1), pp.68-86. Shankar, V., Venkatesh, A., Hofacker, C. and Naik, P., 2010.Mobile marketing in the retailing environment: current insights and future research avenues.Journal of interactive marketing,24(2), pp.111-120. Teece, D.J., 2010. Business models, business strategy and innovation.Long range planning,43(2), pp.172-194. Yousefi, S., Moghaddam, M.P. and Majd, V.J., 2011.Optimal real time pricing in an agent-based retail market using a comprehensive demand response model.Energy,36(9), pp.5716-5727.