What Is the Definition of “retail Mix?”
Retail mix is a marketing plan that responds to a set of varying factors, such as location, pricing, personnel needs and offered services and goods. A retail mix plan targets strategies to attract customers and influence their purchasing ability. Retail mix also includes signage, placement of goods within the location and price discounts.
According to The Open University, four basic concepts are at the core of retail marketing. They are identified as the four P’s: product, pricing, place and promotion.
Product choice is driven by the target customer base. Choosing what to sell, how to organize the inventory and display details are central to product decisions. Basic pricing strategy includes anticipated cost of goods, advertising, employee salaries and freight costs. A carefully constructed mark-up policy lets the customer find value and satisfaction in the final retail price. A retail business and its outlets should be placed in locations that attract the intended target customer, such as malls, a brick-and-mortar free-standing building or in a grouped downtown shopping atmosphere. Customer awareness is easily achieved through advertising because it quickly reaches its intended recipient. Simple websites on the Internet reach global markets and establish another dimension of consumers. Promotion is also accomplished when employees are engaged and knowledgeable regarding the product line.