Understanding the 4 Ps of Retail Marketing
Retail marketing refers to the process of bringing a product directly to consumers in a retail store. It comprises the planning, promotion, and presentation of the commodity. Having a unique product is just the initial step; the additional ingredients of retail marketing involve luxurious packaging, competitive cost, and sales campaigns. The 4 Ps of retail marketing are: Product Price Place Promotion Let’s dive into the details. 1. Product The first ”P” seems clear-cut. Before you plunge into the marketing process, you need to have a product to market in the first place. Now, this product can be both physical or non-physical, but anyway you need to categorize it into a tidy unit. And you can do that with packaging. Your product must have packaging The majority of the new products fail because of three primary reasons – poor quality, deliverance, and lousy packaging. Tiffany and Co.’s iconic packaging has made its color recognized as “Tiffany Blue.” Of course, it d...