1. What is Retail Marketing? Answer:
Retailing is an activity of selling the goods to the final consumers while retail marketing is done by the retailers to promote awareness and interest in their goods and services. These promotional activities generate sales. Retail marketing includes the planning, promotion, and presentation of the product.
2. What is retail marketing mix?Answer:
A retail marketing mix is a mix of various variables to attract the customers and increase the sales.
A good retail mix meets the expectations of target customers while being competitive to the offerings from the competitors.
3. What are the important P's of retail marketing mix?Answer:
The retail marketing mix consists of following 7 P's:
vii. Physical Evidence
4. What do you know about ATL, BTL and TTL activities in retail marketing?Answer:
In marketing, various types of promotional activities are carried out and the purpose of each activity is different.
stands for Above the Line
promotion. The purpose of these activities is to increase the reach of your brand and product so that more and more people are aware of it. It doesn't aim much at conversions. The TV ads you see, the ads you listen to on radio, the ads you see in the print media are the examples of ATL promotion.
stands for Below the Line
promotion. The purpose of Below the Line promotion is to increase the conversion. These activities are more targeted at your potential customers and many a times after they have walked into your store. The direct emails you get, offers you are extended in the stores are examples of BTL activities. The BTL activities provide you with a better ROI and are easy to control. They are tailor made as per the requirements of your customer.
Between ATL and BTL lie TTL
activities, also called as Through the Line
5. What are the different price strategies used by the retailers?Answer:
The different price strategies used by retailers are:
i. High/low pricing -
The price of the product will be high at the start and as it loses its popularity the price of the product will fall.
ii. Low pricing for the day -
The retailer will keep his margin low and offer the product at the lowest price to attract customers.
iii. Competitive pricing -
This is usually done when the retailer has used the high/ low strategy. The price of the product would now be based on what their competition is charging.
iv. Psychological Pricing -
With this kind of pricing the retailer is playing with the minds of the customer by putting odd numbers which are perceived lower than they actually are. He will put the price of the product as Rs 999 where the customer thinks he is paying Rs 900 instead of Rs 1000. This type of pricing is also known as Price ending.
6. What are the major responsibilities of a Retail Sales Associate?Answer:
Retail sales associates are the front line people who meet your customers and are responsible for sales. Some of important activities they take care of are:
i. Greet customers, understand their requirements and recommend products
ii. Demonstrate the product and answer customer queries
iii. Explain schemes and policies related to the purchase and use of product like warranty, finance schemes etc.
iv. Motivate customers to purchase that and other products
v. Navigate them through the store and help them locate the products
vi. Assist with billing and delivery
vii. Maintain inventory records
viii. Build customer loyalty by motivating them to be a part of patron programs etc.
7. What are the most important qualities for a sales associate to succeed at a retail store?Answer:
Sales associates are the people who help in making or breaking the customer's experience at your store. The sales associates at any retail store must possess following qualities:
i. A professional behavior coupled with good product knowledge
ii. Customer centric, proactive at offering services and respectful
iii. Ability to quickly understand the customer's needs and ask right questions
iv. Highly patient with an ability to multitask
v. Physically fit with high energy levels
vi. Pleasant personality and good number skills
8. How will you deal with difficult customers?Answer:
If you are dealing with an angry or difficult customer you need to control your actions and emotions. When a customer is angry, you need to be calm. Follow what you were taught during the training to deal with the angry customers.
i. Control yourself:
Do not argue with the customer, show irritation or signs of boredom.
ii. Listen to the customer:
Listen to the customer carefully. Be attentive while the customer is talking. The customer needs his problem to be listened, acknowledged and solved.
iii. Show the customer that you care:
While talking to the customer show concern for the customer's feelings. Your body language and your expression show your attitude towards the customer.
vii. Don't play the blame game:
While explaining to the customer, explain what went wrong. Don't blame the customer or the company.
viii. Try to solve the problem:
Get all the facts from the customer and give the possible solution.
ix. Ask for help:
If you cannot solve the problem ask help from your seniors or someone who has more authority. Do not make promises that you cannot fulfill.