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| Retail Marketing |
A retail is an intermediary in the marketing
channel who connects producer to consumer, retailing is the last stage in the
distribution channel. It is not necessary to have intermediaries like
wholesaler, distributor and retailer, a producer can directly the product to
the customer, however this method of distributing products and services to end
consumers is inconvenient, expensive and time consuming as it involves plenty
of activities such as warehousing, storing, etc. And therefore, to this job a
retailer is required.
Retail comes from the old French
word ‘tailer’, which means to cut off a piece or to break bulk.
According to Philip Kotler:
Retailing includes all the activities involved in selling goods or services
directly to final consumers for personal and non-business use.
A retailer or retail store is any
business enterprise whose sales volume comes primarily from retailing. Therefore,
retail marketing simply refers to the business of selling products and services
to consumers and it includes all the activities such as promotion,
advertisement and customer service that assist in selling products or services
directly to consumers a medium such as stores, internet, malls, kiosks, vending
machines or other fixed locations.
CHARACTERISTICS
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A retailer mainly focuses on building customer
relation and not just selling products.
·
Retailer is last stage in the distribution
channel and therefore direct interaction with customers is possible.
·
Purchases goods in large quantities from the wholesalers
and distributors and sell in small quantity to the consumer.
·
Retailer develops personal contact with the
customer and customer centric.
·
Sales promotions are offered at this point only.
·
Location and layout play a vital role in retailing.
·
Retailer deals in general products or a variety
of merchandise.
FUNCTIONS & ROLE
·
Procurement and assembling
·
Warehousing and storing
·
Grading and packing
·
Selling
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Assumption of risk
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Financing
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Supply of market information
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Advertisement and communication
