Marketing mix strategic planning in retail firms
Introduction
Marketing management is one of the main tactics in the recent years for all the corporate firms to gain effective competitive advantage in the market and place the brand successfully. In the recent era of globalisation, there is high competition in the market due to increasing numbers of firms operating in the market and it is therefore difficult for the corporate firms to gain highly competitive advantage are other retail firms across the globe. In order to gain highly competitive advantage, the retail firms such as Tesco, Sainsbury’s, Asda, Lidl and Walmart try to develop effective marketing mi strategic planning through which it is possible for the fi9rms to manage their competitive advantage and gain high market share in the global retail market. Through marketing mix strategic planning, it is also possible for the retail firms to achieve their aims and objectives and maximise their profit volume in long run. it is therefore beneficial for all the retail firms in the market to develop effective marketing mix planning to establish the brand in the global retail market and run their business operational activities efficiently. As per the marketing mix strategic planning, there are 7Ps which are product, price, physical evidence, people, promotion, place and process which provide a scope to the retail firms to develop proper planning to establish their brand in the global retail market so that it is easy to retain the customers for long run and maximise their profitability and sales volume in near future. the marketing mix planning of the retail firms can be evaluated further,
the retail firms try to manage their marketing mix strategic planning that further provides an opportunity to establish their company at international level. for example, Tesco, Sainsbury’s and Walmart try to develop effective planning to promote their grocery, clothing and other daily use products in the global retail market so that it is possible to retain the customers for long run. The 7Ps strategy for the retail firms can be discussed further,
Product:
as per the product, it is necessary for the organistaions to ensure prioduct diversiofication in order tp serve the custoers with variety of products and services that meet the cutomers demand and perfernecs as well as satisfy the custmers properly. this further helsp the orgaistaions to strengthen their customers base and ensure future sustainable development. in hti scontext, the retail firms raose ter varity to serve the customers in a better way with a he product protfilio. in this regard, the retail firms focuses on product doiversification by selling different products such as helath and beauty, retail food items, fresh fruit and beverages, grocery items, c;lithing and other necessities through which the organistaionsfocus ion satisfying the customers. the custopmers in the recent years prefer product diversoification so that they can access different varietiues of products and services in the organistaion fo fulfilling their necessities and utilities. hereby, rpdcyt diversification and market penetration are the major strategic plnning for all the retail firms in the recent years to attract more customers towards the firm as well as strengthen their customer base for sustaining their positive in the market. hereby, it would be benefrciia fo the orgnaistaions to focus on product diversification and represent more alternative products and maintain product portfolio on order to retain he loing run and trustworthy cistomers for the firm to deliver quloty rpoducts to them so that they can fulfil their needs and rpferneces sucecsfsully. in addition to these, product diversification and vaialbiloity o the product are also beneficial for the retail fiorms tiimprove their position and promote their brand with proper availbailioty of the quality products and services so that they can satiusfy the customers and retain them for logn run.
Product:
pricing is one of the efectiev strategic planning for promoting the brand in the market. in the recent years, all the retail fimr are facing high threats of competition and sbsurtitute products and in this rgard, it would b beneficial for the firms to focus on procicing policies for attracting a huge rang of customers. it is the main startgeic planning fof all the firms in order to satisfy the cusomers xo that the customers can purchase higher quantity and quality prioducts at lower price. in this rgerad, recently, the firms are focusing on cost minimisation strategy so that they can serve the customers in a affrodbale price. hereby, setting low price for the quality pridycts and services further attracts a huge range of custonmers ib the retail market where the customers are trying to purchase the quality products at affordbal eprice which can fulfil their needs and prferneces sucecsfsully. hereby, ut would be benefciail for the retail firms to maintain product availability in their stores as well as provide quality prioducts at competitive price so that it would be the best price for sellogn. the customers can make effective purchase deceison for the best selling pice of the products. int his ergard, the best pricing policy of the orgnaistaion would be setting the affo0rbe and comeotiev price that rpresnet the quality and quantity of the products as well as the oprgnaistaions also needs to fous on ciost minimistaiona nd managing economies of scale in order to produce ffciintly to serve the customers at affordbale priuce.
Place:
placing is another important strategy through whcui ti si psosibelf or the organisaiosn to enhance their sales channel, trade actvitiies and improve the supply chgian and distribution network for placing the orgnaistaional products and services sucecsfsuklly. in this regard, the orgnaistaions are trying to strengthen their supply chain in ordert o amange the placement of the products in the market so that the customers can access the organisational products at the market through the store. in addition to these, strong channel to sale and expansion of the ophysical store of the organisations are also effective for placing the products in the market and gain highly competitive advantage successfully. expansion of the distribution network, partnership working with the third-party vendor are effective to expand the business operational activities across the international borders and place the organisation at different retail market across the globe.
Promotion:
promotional activities are also effective factors under the marketing mix through which the retail firms can establish the brand and increase brand isbislity in the market. for promotional acvities, in the recent years, the social media advertisisng is one of the best roactice to promto ethe organistaional products and services internationally. in such an era of globalsiatiobna nd di8gitalistaion, all the people are trying to be updated with latest news and information throughs ocial edia where they can access the latest updates sucecfsully. in this regard, it would be ebcfiaol for the orgnaistaiosn to promote their products and services throguh social media such as Facebook post, Youube vedios, clipart, Instagram oictures ad Google+, Twitter and Blopgs, so that the custoemrs can acknolwdge the latest updats about the products and services o the company and thbey can make effective ruchyase decision. in addition to these, the orgnaistaions also can communicate ith the customers through social as it is considered to be an effective platform for two way communication throygh which the cutomers can intercat with the orgnaistaional reproiesentative properly to retain them for long urn and enhance the orgnaistaionaln sales olue and profitabilioty. in addition to these, the televisiosn advaertosmenet is another effectuev way to promntoe the organistaional products where relevant content and concise information are equired to b explored so that the customers can access the latest priducts updates and service available int he market. additionally, it would be beneficial for the organistaion to develop content fr advertsoemnet with aprporpoayte information about the proce variety, product portfol;io and other servoces provided to the customers as well as the information about he warranty, reliability and validity of the products and services fo the oprgnaistaion and it would be ebnefciail to minfliece ™he purchase decision amkgn behaviour of the customers in the market. moreover, the orgnaistaion focuses on socia amapaging in order to promnto etehir products and in this regard, th retail firm sdevelop and rarange social campaginign in a crowd place such as shopoig mall and any cpmplex which is effective to attract the audineces int he market where the orgnaistaional represettaives conduct promotional actvtisa nd prvuide cfree gfts to take active part int he camkpaging. this further helsp to improve trusta n loyalty amogn the customers here the conusmr scan develop prip[er purchase deceison for the orgnaistaional products and services sucecsfsully. branding and personal promotion are also effective where the oprgnaistaion p[rovdies p[ersonalise email and provide discounts aws per the customer ;oyaty program where the companies are effective to build strong relationship with customers int he market. additionally, the discount in different occasions, ad sesonal offers are considered to be an effectuev rpiccng rpomotin through which the companies are also effcicitn to retain the long run customers and strengthen their customer base in near future. moreover, local outreach program is another form of promolting the brand where the orgnaistaiosnprovgide leaflets to the socia communities and pedestrians so that they can identify suitable products and services in thir loca;tuy and develop proper deceison to make puirchase for the orgnaistaionb. these are effective orgnaistaional practice to develop effective strategic planngin for promoting the company’s products and services as well s retin the customers for logn ruhn.
Physical evidence:
product packaging, online experience, branding, staff contact, and efficiency and expertise of the employees are the contributing factors that promotes the organisation in the market successfully. the reatail firms are also aimimg at developing physica evidence in order to establish the brand in the narket so that brand visisbility can be improved. through utilising the branding and staff contact as well as the xpertise and ffciiency of the staff emmbers are effective to establish the companies in the market and retain the customers for the orgnaistaional prioducts and services at the affordable price. hereby, the physical evidenacd is considered to be an efefctiev factors for the benefits of the firms in the market and stregthnign their customer’s base by serving the customrs and satisfying them through delivering quality rpoducts nd services as per their needs and prferneces. in addition to these, product p;ackaging is also another important factor that satisfy the customers and improe trust and loyalty tabout he product relaibaility and validity where the retaik fis in the recent years are trying to manage safety and validity if the product by improving thir pakagin styl;e so that they can deliver quality products within prper time safely.
Process:
process innovcation and development of infrastructure and technological advancement are the maor contrivbuting factrpos that help the organistaions to boost their development and develop strategic palnnign to promote their orgnaistaional products and services at the international retail industry. in this ergard, the Information and communication Technology (ICT) is effective that enhance communication amogn the employees, front line managers, sta emmebsr and the customers which in turn helsp tio improve custom,er servce and it prioviddes an scoep to serve the custom,ers with turts and loyalty by developing one to one communication wth the customers. this further helsp to the custoemsr to resolve their ueries as well as make effective purchase deceison for the orgnaistaional retail products and services with proper communicateion and understandingwith the sales managers so that th ustomers can understajd the reliagbiloity and utilisties of the products.ob th other ahnd, technological development and ionfrastrtcure of the store are also providing a scoep to the employees to impore their p[erformnace and ensure future sustainbl development where they cam seve the customesr with innovation and craeteivity, hereby, process is importajt factor under the marketing mix strategic planign fo the retaol firms to imprpve innovcationa nd creativity and serve the custyomers in a better way and unique manner. in addition to these, the process innovation is also ebefcuial to improve proficien of the staff emmebrs and build string relationship with all the stakheolders fo the orgnaistaion to perform better and secure future sustainbel development strategically. in addition to these, the managers and te eladers of the retail firm enhance the process innovation by investing more in the rsearcha d development program so that they can provide quality rpodcutd ad analuyse themarket demand and customer’s prefrneces for proper understanding which in turn helsp to serve the custok,esr with quality products and services at afrdbale proce accrding to their actual needs and rpefrncves.
People:
The retail firms try to manage their people so that it is possible to enhance their creativity and retain the experienced staff members of the organisations for long run. This is an effective strategy for managing the human resource of the company and where the management team develops effective planning to manage the staff members so that they can perform well and maximise the organisational pre-specified objectives. Tesco and Walmart focus on payment of the employees and introduce performance related pay, bonus and incentives for the employees to motivate them where their interest to perform better can be improved further. people is one of the important factor for achieving sucecs where the employees are the main stakeholders of the firms to expad the bsueinss and serve the customes ceffcicintly. in this ergard, all the people are important for running the business sucecsfsulyl where the stakheolders are suppliers, managers, shareholders, distrubuors, employees, government, social communities and the custoemrs who are enganged with the business actvitiies strategically. in this eragrd, the organistaions are focusing ion satisfyi8ng the employees by fulfilling thir needs and prefrneces in the workplace. developing suitable organistaional culture are also effective for the employees so that they can work properly wthb freedon a nd harmoiny. this is also another motivatyional factor to stsfy the staff in the retail firms an retain thm for logn run by proviidngt hem freedom and flexibility to work as well as encouargign their creativity and innovation sucecsfsully. hereby, satisfying the employees is necessary and it is beneficial or he firms to ertaint hen for logn run and enhance the performance of the orgnaistaiosn as they are the major stakeholders to acgiev thr orgnaistaional sucecss.
on the other ahnd, the shareholders and the suppliers are also important people int he workplace in the retail firms as they manage the buysienss operayions and ensure proper funding in the business. in addition to these, the custopmers are also major people of the retail firms and it is the responsibilioty fof the firms to manage the custoesr effcicintly. in this ergard, the organisations try to satiscy the custoemrs by delivering quality products ad effciocint service so that it is possible to build strognr elationship with the custoemsr and retain them for long run. in addtiiont o these, the organistaional managers are also taking care of the customer’s prefrenmces sop that it is posisbelt o serve them with better products at affordable price which in turn helsp the organistaiosn to serve the customers in an unique way and enhance rtiusta dn loyalty amogn the customers. this further helsp to promote the organistaion in the retail market and retain trustworthy customers for logn run development of the firms and gain highly comeitiiev advanteg pover other comeotoie firms in the market.
it can be seen that, the aboe mentioned tartegioc marketing are usefulf ro the retain firm to develop effective planning to grab the market opopottunities and retaint he custopmers for the qualiy priducts and services. the organistaiojns recently are aiming at delivering quality products in order to serve the customers in a better way that the customers also can enjo9y the high quality rpidcts at affrdbale price. this further helsp to improv rtusta dn l;oaylty amogn the custo9mers and ot would als be benefcizil for the firs to retaiont he logn run and trustworthy customers in near future which is one of the major contributing factrps to gaon highly cometitie advantage in such an era of high competitive retain market acro sthe international borders. all the retain firmsrae trying to enhance tehr market share and performance in the market for gainin highly competitive advanteg and in this rgard, the aboe mentioned startegoic planning and marketing mxi strategies are effecteivf or vthe retaio; companioes to expand their services and delverign their quality rpoducts across the globe hrough online actitiies and dvelopeing supply chian os that they can establish their companies startegicaolly. hereby, it would be ebenfiail for the organistaions to deveklp appropriate planning for developing physical evidenac ean dmnageng people ibnteh workplace which are aloso contribtijng factors for achieving the organistaional sucecss. in addition to these, the organistaios are also focusing on developing rpomtoionjal starteges through socla media advertsoementa n television advertsene as well as personal sales and local outreach program so that they can improve the brand visisbiloty in the market and establish the companies strategically. hereby, through the marketing mix strategic planning, the organostaiosn can perform better and raise sales vo;luem and profitability of the organistaiosn sueccsfsulyl. in this regard, the marketing mix strategic plan ign is open fo the effectuev way to enhance the p[erformnace p0f the retail firms in the global retail industry as well as satuisfy the customers through [roper eloivery of the quality prdycts and services at the affrodbale prices. hereby, through the marketing mix strategic planning, it is possible for the orgnaistaions to develop proper planning to promote the products and attract more audinecs int he market where it is also easy for the organistaiosn to influenmc ethe purchase deceison making behaviour fo the customers and ertain them for logn run so that the companies can startegthen their customers base and run the orgnaistaional actvitiies strategically in the market. hence, marketing mix strategic planning neds to be developed properly for market researcher, establishment of the bbrand and enhancein performance for sales and pifit maixmisation.