Pricing Strategy for Small Retailers
Contributed by Richa Kapoor
One of the most crucial areas of decision making for retailers is pricing. Yet, we have found that small firms often do not have well-conceived pricing plans. A retailer's prices influence the quantities of various items that consumers will buy, which in turn affect total revenue and profit.
Hence, correct pricing decisions are a key to successful retail management. Key to small retailers prosperity in today's discount-oriented environment is guaranteed only if they have a good understanding of their niche in the marketplace.
With this in mind, the retailer should first prepare a checklist of questions that will assist him in making systematic, informed decisions regarding pricing strategies:
What is the overall pricing philosophy of the company: It's critical for the retailer to define the overall price positioning of the store… A choice has to be made between high-end…. Low-end
Online marketing a buzzword today!!!!
Contributed by Charu Gupta
I was just checking my mails and found a forwarded link from my friend.
http://india.makemytrip.com/chidyaud/cidiyaudi.html
It was an animated video where a girl was playing game of ‘Chidiya ud” with her brother which we all used to play in childhood. It was great fun watching the video but at the end it turned out to be an ad from ‘Make my trip.com”. Watching the video was fun while the company was able to send its message of “now anyone can fly with their lowest airfares” very clearly to its target market.
Experiential Retailing
Contributed by Richa Kapoor
"Be everywhere, do everything, and never fail to astonish the customer"
Retail in India is at the crossroads. It has emerged as one of the most dynamic and fast paced industries with several players entering the market. Today the customer experience is fragmented. Prices, inventory, promotions and policies often differ between channels. Yet, customers want a seamless shopping experience across all channels. They want to order products online but return them to the store. They want to browse products in the store, yet order online, from a kiosk or a catalog. They want prices, return policies and promotions to be consistent across all channels.
To meet the demands of today's consumers, a solid understanding of "the customer experience" is necessary. Consumers today expect their favorite retailers to offer "experience" along with good service and a good product.
