Lecture 6 MKT305

Marketing: An Introduction
Instructor: Dr. Ravineet Kaur

Retail Marketing Strategies
• Retail Branding
Setting up a good brand name, logo, and positioning of the retail
store is among the topmost priorities of a retail marketer.
• Price Drops
A great way to attract customers is to provide the same quality (and
quantity) of goods at a lesser price than the competition.
• Limited Period Discounts & Offers
Limited period discounts and offers increase the sales temporarily
and can help in word of mouth marketing and getting more customers
(and returning customers).
• Strategic Store Design
The store designed for the people it serves tends to performs better
than the one which aren’t. A colorful and kids-friendly products
placement suits a toyshop while classy look and colors suit a store
selling men’s suits.
• Visual Merchandising
The better it looks in the store, the more chances are that the
customer will buy it. Smart visual merchandising strategies help
increase sales substantially.
• Strategic Placements
Strategically placing items to where the customers are most likely to
buy them is a great strategy to increase the sales. A perfect example
is the placement of small inexpensive products at the billing counter.
• Loyalty Programs
Loyalty programs are designed for better company-customer
relationships. These programs involve exclusive discounts and offers
for regular customers.
• Training Employees To Be Smarter
Retail store employees play a very important role in the decision-
making process of customers. They can make or break a product
decision of the customer with the help of their relationship and
selling skills.
• Sample products
They’re particularly effective for items like makeups, colognes, and
lotions that consumers will feel more comfortable purchasing after
they’ve had a chance to try them out.
Digital Retail Marketing
• Website: Even if you don’t sell any products online, it’s important to have a
professional website that illustrates your brand image while giving visitors
information about what you offer.
• Social media marketing: With billions of active social media users on Earth, you
can’t afford to miss out on the large and diverse audience that social media offers.
• SMS marketing: SMS marketing is expected to grow by an average of over 20
percent per year between 2019 and 2025. When possible, you should give
customers the option to receive your communications through email, SMS, or even
other channels.
• Email newsletters: $1 spent on email marketing leads to roughly $42 in return,
making it one of the most lucrative channels out there. A weekly or monthly
newsletter will help you stay connected to your core audience and maximize the
lifetime value of each lead.
Holistic Marketing
• According to holistic marketing concept, even if a
business is made of various departments, the
departments have to come together to project a
positive and united business image in the minds of the
customer.
• Holistic marketing concept involves interconnected
marketing activities to ensure that the customer is
likely to purchase their product rather than
competition.
Holistic Marketing
There are three main features of holistic marketing philosophy:
1. Common Goal - All parts of the business focus on a single
goal to provide a great customer experience.
2. Aligned Activities - All activities, processes, and
communication that occur within the business should be
aligned towards the achievement of the common goal.
3. Integrated Activities - All activities done within the business
should be designed and integrated such that they work in a
cohort to provide a seamless and consistent customer
experience.
Holistic Marketing
Holistic marketing has five different components that come
together to unify a company’s brand image.
1. Relationship Marketing
2. Internal Marketing
3. Integrated Marketing
4. Societal Marketing
5. Performance Marketing
Holistic Marketing
Relationship Marketing
Customers
Employees
Marketing Partners
Financial Community
Relationship Marketing
• Relationship marketing aims to build mutually satisfying long-term
relationships with key constituents in order to earn and retain their
business.
• Four key constituents for relationship marketing are customers,
employees, marketing partners (channels, suppliers, distributors, dealers,
agencies), and members of the financial community (shareholders,
investors, analysts).
• The ultimate outcome of relationship marketing is a unique company asset
called a marketing network, consisting of the company and its supporting
stakeholders—customers, employees, suppliers, distributors, retailers, and
others—with whom it has built mutually profitable business relationships.
• The operating principle is simple: build an effective network of
relationships with key stakeholders, and profits will follow. Ex. Nike
• CRM helps establish relationships with customers.
Integrated Marketing
• Marketers devise marketing activities and assemble marketing programs to
create, communicate, and deliver value for customer
• All activities and programs in integrated manner to provide better value
• The whole is greater than the sum of the parts
Key themes:
(1) many different marketing activities can create, communicate, and deliver
value, and
(2) marketers should design and implement any one marketing activity with
all other activities in mind.
Ex. GE: MRI medical systems – customers expects good installation,
maintenance, and training services along with the product purchased.
Integrated Marketing
• Integrated communication to reinforce and
complement each other (IMC)
• Integrated channel strategy to avoid conflict
and enhance product sales and brand equity
Internal Marketing
Internal marketing refers to the promotion of a company’s
objectives, processes, culture, brands, products, and services to
employees and staff members within the organization.
The most important objectives of internal marketing can be
summarized as:
•Increase employee engagement with the organization and its
goals
•Empower staff to deliver the best information to prospective
customers
Internal Marketing
• Internal marketing is the task of hiring, training, and motivating able
employees who want to serve customers well.
• Marketing is no longer the responsibility of a single department—it is a
company-wide undertaking that drives the company’s vision, mission, and
strategic planning.
• Marketing succeeds only when all departments work together
• When engineering designs the right products, finance furnishes the right
amount of funding, purchasing buys the right materials, production makes
the right products in the right time horizon, and accounting measures
profitability in the right ways.
• Interdepartmental harmony
• Vertical alignment and horizontal alignment
Performance Marketing
Affiliate marketing is gaining
popularity. Affiliate marketing is
a process where publishers earn a
commission by promoting a
product or service made by
another retailer or advertiser
using an affiliate link. The
affiliate partner is rewarded a
payout for providing a specific
result to the retailer or
advertiser. Typically, the result is
a sale.
Nonfinancial
Financial Returns
Accountability (Social Responsibility
Marketing)
• Performance marketing requires understanding the financial and
nonfinancial returns to business and society from marketing activities and
programs.
• Top marketers are increasingly going beyond sales revenue to examine the
marketing scorecard and interpret what is happening to market share,
customer loss rate, customer satisfaction, product quality, and other
measures.
• Companies are also considering the legal, ethical, social, and environmental
effects of marketing activities and programs.
Botla/Sem I/MM/Session 1-2

Updates
Updates
Updates
References
 https://www.trade.gov/country-commercial-guides/india-market-challenges
 https://ignitevisibility.com/10-marketing-challenges/
 https://www.bloomads.com/blog/what-is-convergence-marketing/
 https://www.toppr.com/guides/business-studies/marketing/marketing-management-
philosophies/
 https://traqq.com/blog/the-five-key-categories-of-marketing-orientation-approaches/
 https://corporatefinanceinstitute.com/resources/management/market-orientation/
 https://www.feedough.com/retail-marketing/
 https://www.omnisend.com/blog/retail-marketing/
25
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Marketing: An Introduction

Instructor: Dr. Ravineet Kaur

Botla/Sem I/MM/Session 1-2

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