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Factors influence the location of Retail Store - ANSHUL JAIN

Factors influence the location of Retail Store - ANSHUL JAIN



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Published by: anshujain on Jan 20, 2009
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Retailing consists of those business activities involved in the sale of goods and services toconsumers for their personal, family or household use. It is the final stage in a channel of distribution, which comprises all of the businesses and people involved in the physicalmovement and transfer of ownership of goods and services from producer to consumer.Retailing involves
Interpreting needs of the consumers
Developing good assortments of merchandise
Presenting them in an effective manner so that consumers find it easy andattractive to buy.Retailing differs from marketing in the sense that it refers to only those activities, whichare related to marketing goods and/or services to final consumers for personal, family or household use. Whereas marketing, according to American Marketing Association, refersto ‘the process of planning and executing the conception, pricing, promotion anddistribution of ideas, goods and services to create exchanges that satisfy individual andorganizational objectives.”Organizational buyers purchase in order to perform a task or sell a product effectively,efficiently and at a profit. They could be industrial buyers or intermediary buyers.Industrial buyers are those who purchase goods and services to be used in or to aidmanufacturing process. Intermediary buyers are those (i.e. wholesalers and retailers) who buy merchandise for resale. Retailers include street vendors, local supermarkets,department stores, restaurants, and hotels. Barbershops, airlines and even bike and car showrooms. Still retailing may or may not involve the use of a physical location. Mailand telephone orders, direct selling to consumers in their homes and offices and vendingmachines - all fall within the purview of retailing. In addition to it, retailing mayor may2
not involve a “retailer.’ Manufacturers, importers, non-profit firms and wholesalers areacting as retailers when they sell goods and/or services to final consumers.Whatever the form of retailing, a retail marketing strategy defines the execution of themarketing process and facilitation of customer satisfaction.This retail marketing strategy involves selecting a retail target market (i.e. thecarefully/exactly identified group of final consumers that a retailer seeks to satisfy) andthen implementing the corresponding retail marketing mix (i.e. a combination of product. price, promotion and distribution strategies that will satisfy the retail target market). Theelements of the marketing mix encompass the facets shown in the table below. The tabledepicts consumer service as the crux of the whole activity.The choice of a store location has a profound effect on the entire business life of a retailoperation. A bad choice may all but guarantee failure, a good choice success. This aidtakes up site selection criteria, such as retail compatibility and zoning, which the smallstoreowner manager must consider after making basic economic, demographic, andtraffic analyses. It offers questions the retailer must ask (and find answers to) beforemaking the all important choice of store location. The first step in choosing a retail business location takes place in your head. Before you do anything else, define your typeof business in the broadest terms and determine your long-term objectives. Write themdown. This exercise will help you later in choosing a retail location. In picking a storesite, many storeowners believe that it's enough to learn about the demographics ("peopleinformation" like age, income, family size, etc.) of the population, about the kind of competition they'll be facing, and about traffic patterns in the area they're considering.Beyond a doubt these factors are basic to all retail location analysis. Once you've spotteda tentative location using these factors, however, you've only done half the job. Beforeyou make a commitment to moving in and setting up, you must carefully check several3

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