DMKT303 RETAIL MARKETING

Description

SESSION	FEBRUARY – MARCH 2024
PROGRAM	MASTER OF BUSINESS ADMINISTRATION (MBA)
SEMESTER	III
COURSE CODE & NAME	DMKT303 – RETAIL MARKETING

 

 

Assignment Set – 1

 

1. Discuss in detail various dimensions of segmentation. Give suitable examples of each category.

Ans 1.

Dimensions of Segmentation in Retail Marketing

Segmentation is a critical aspect of retail marketing that involves dividing a broad consumer or business market into sub-groups of consumers based on some type of shared characteristics. This process allows retailers to tailor their marketing strategies to meet the specific needs of each segment effectively. Various dimensions of segmentation include demographic, geographic, psychographic, and behavioral segmentation. Each of these dimensions has unique characteristics and applications, which are discussed below with suitable example

 

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2. Explain in detail the steps followed in strategic retail planning process.

Ans 2.

Steps in the Strategic Retail Planning Process

Strategic retail planning is a comprehensive process that helps retailers develop strategies to meet their long-term objectives and achieve competitive advantage. It involves analyzing the current market conditions, setting goals, and outlining the actions required to reach these goals. The steps in the strategic retail plan

 

 

 

3. Define retail merchandising. Explain the steps followed in merchandise management process.

Ans 3.

Retail Merchandising

Retail merchandising refers to the strategic approach to promoting and selling products in a retail setting. It involves a variety of practices aimed at increasing sales and enhancing customer experience by effectively displaying and managing inventory. Retail merchandising covers everything from the selection and presentation of products to pricing and promotional activities. The goal is to attract customers and encourage them to purchase by making products appealing, accessible, and

 

 

Assignment Set – 2

 

 

4. Describe in detail various pricing strategies followed by the retailers to meet their short- and long-term objectives.

Ans 4.

Various Pricing Strategies in Retail

Pricing strategies in retail are critical for achieving both short-term and long-term business objectives. These strategies not only influence sales and revenue but also affect market positioning, brand perception, and competitive dynamics. Retailers can choose from various pricing strategies based on their goals, market conditions, product lifecycle, and customer expectations. Below

 

 

5. There are various modes available with retailers for entering into international market. Explain in detail each mode with suitable instances.

Ans 5.

Modes of International Market Entry for Retailers

Expanding into international markets offers retailers opportunities for growth beyond their domestic boundaries. However, selecting the right mode of entry is crucial as it impacts the level of investment required, control over operations, and potential returns. Retailers can choose from various strategies based on their resources, business goals, and the nature of the target market. Below are

 

6. Online retail is emerging, and it is predicted to scale new heights. Interpret the statement with suitable explanation. Also, list the advantages and disadvantages of e-tailing in retail sector.

Ans 6.

The Emergence and Growth of Online Retail

Online retail, often referred to as e-tailing, has been experiencing exponential growth and is predicted to continue scaling new heights. This trend is driven by advancements in technology, changing consumer behaviors, and the increasing penetration of internet and mobile devices. E-tailing