MGT 3300 Chapter Notes - Chapter 12: Formal Wear, Tums, Costco
Document Summary
R"s and w"s plan their own strategies. R"s must create marketing mix that provides value for target market: understand how r and w are evolving. Help you know what to expect in the future. Whole strategy that is ultimately success or failure, not just one aspect of it: retailing covers all activities involved in sale of products to final consumers. Selling goods that someone else produces vs. service retailing/retailer is also producer: b/c r"s serve indiv consumers, even largest retailers face challenge of handling small transactions. Interact directly with final consumers, so strategy planning critical: consumers have reasons for buying from particular r. R should carefully identify possible tms and try to understand why these people buy where they do. Fine tune marketing mix to needs of specific tm: r"s make decisions about whole marketing mix. Letting customers know about business and goods/serv offered. How frequently to offer products at discounted sale prices: strategy requires carefully setting policies.