Strategy mix is essential for developing a company. Without accurate retail strategy no organization can work. Location, operating procedures, goods and services offered, pricing tactics and various promotional methods are very essential factors for development of a company. This is the age of survival of the fittest. In a strategy mix the goal of an organization must be to increase sales by minimizing cost. To be specific, this is a retail strategy mix for the shoe store. Nowadays, market is very competitive. Customer satisfaction must be considered when selling a product.
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For starting a company, location is very important. The location must be selected in a place where we can expect more customers who will buy shoes. Locating the shop in a place where there are not many customers will be of no use. While selecting a location, customer convenience must be taken into consideration. Selection of location must also be on the basis of the areas where we can have more sales. There must be proper distribution channel.
It is extremely important to understand about the operational procedure of a company. A comprehensive operational procedure must be followed by the shoe store in order to attain high standard for their footwear. The products must be bought from wholesale distributors, so that they can be bought at low rate and sold to the customers at a profit. Quality must be assured when buying a product. Cheating a customer by giving low quality products will affect the business. Disposable shoes have more sales as they protect from the contamination. This creates a healthy environment in the world. Workers are also necessary for the smooth working of an organization. Pleasant behavior towards the customers helps them to attract towards the shop. It must serve both adults as well as the kids. There must be a good supporting team for efficient running of the shop.
Goods and services offered
The amount of goods and services offered by a shoe store varies. Sales in a shop is based on the services rendered to the customers. The stock must always exist in abundance in a shop. The shop must stock not only footwear but also other related items like leather bags, umbrellas etc. The boots must be of recognized brands. It must change the design of the shoes according to the new trends and fashions. The shop must stock products according to the taste of its customers. If a customer has any doubt regarding the quality of the product, he should be assured of replacement/repair during the guarantee period. A good businessman must always try to clear the doubts of his customers. He should also present the comparative features of his product and of the competitors.
A variety of pricing tactics are followed to increase profit and to attract more customers. Skimming price, penetration pricing etc are adopted to sustain in the market. Odd value pricing is the best way to attract the customers. For example, a shoe that is priced at $199.95 is more attractive to the customer than one which is priced at $200. The price must be fixed also by also considering the customer’s ability to pay. If Shoe store sells its product at the lowest price by not taking the competitors into consideration, then the strategy adopted by the company will lead to failure. In case of certain types of boots, if the price fixed is more, the people will buy it if they are attracted towards that boot by not looking at their price. If the shop is new, it is advisable to fix a lower price for a specified time period in order to attract customers. Subsequently, the price can be raised once the business is well established. Discounts can also be offered by the company in order to maximize their sales.
It is one important element in strategy mix and one of the elements among 4’ps. Target market is also adopted while doing promotion. Advertisements through television, internets, etc are the best adopted promotional strategy. “Advertising is a major “phase” of overall product or service development and management. Advertising is specifically part of the “outbound” marketing activities, or activities geared to communicate to the market, e.g. advertising, promotions, public relations, etc.”
(McNamara, para.2). Distributing catalogs about the shoes is also a good promotion method to increase the sales and to attract the customers. Distribution channel is also a form of promotion.
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An optimum and efficient retail strategy mix is essential for development and functioning of an organization. Customer satisfaction is accompanied by adopting suitable retail mix leading a company to success.
McNamara, Carter. Advertising and Promotions. Free Management Library. 2008. Web.