CONSIDERATIONS IN PLANNING A RETAIL STRATEGY MIX
A retailer may be categorized by its strategy mix, the firm’s particular combination
of store location, operating procedures, goods/services offered, pricing tactics,
store atmosphere and customer services, and promotional methods.
To flourish today, a retailer should strive to be dominant in some way. The
firm may then reach destination retailer status—whereby consumers view the
company as distinctive enough to become loyal to it and go out of their way to
shop there. We tend to link “dominant” with “large.” Yet, both small and large
retailers can dominate in their own way. As follows, there are many ways to be a
destination retailer, and combining two or more approaches can yield even greater
appeal for a given retailer:
● Be price-oriented and cost-efficient to attract price-sensitive shoppers.
● Be upscale to attract full-service, status-conscious consumers.
● Be convenient to attract those wanting shopping ease, nearby locations, or
long hours.
● Offer a dominant assortment in the product lines carried to appeal to consumers
interested in variety and in-store shopping comparisons.
● Offer superior customer service to attract those frustrated by the decline in
retail service.
● Be innovative or exclusive and provide a unique way of operating (such as
kiosks at airports) or carry products/brands not stocked by others to reach
people who are innovators or bored.