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Assortment strategies are used by retailers in brick-and-mortar and ecommerce to decide on a daily basis how to allocate inventory to their stores as part of their merchandise planning processes. Such strategies are integral for retailers because they directly affect how their customers interact with their merchandise, and therefore, their brand.
Once the strategic plan is in place, retail managers turn to the more managerial aspects of planning. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and ...
In-store displays are promotional fixtures in retail stores. Variations of in-store displays include Point-of-Sale Displays, which are located near cash registers to encourage impulse buying; Floor Stickers, or advertisements for products on the aisle of a store; Feature Displays, which can be located at the end of an aisle to draw attention to a product; and Special Racks, or manipulation of ...
Obtaining finance against stocks of a wide range of products held in a bonded warehouse is common in much of the world. It is, for example, used with Parmesan cheese in Italy. [ 27 ] Inventory credit on the basis of stored agricultural produce is widely used in Latin American countries and in some Asian countries. [ 28 ]
[12] [13] Virtual idols can be considered an idol good themselves as they can be bought and sold. [10] An idol can have a tremendous effect on sales of merchandise, an example being David Beckham upon his arrival at Real Madrid in 2003, with an Adidas spokesman stating, "Put Beckham's name on any product and Real Madrid didn't stop selling". [14]
The initial step to achieve a marketing strategy is to identify the market target and build up a business plan. [6] Marketing Research does not involve a proven order of steps resulting in an ultimate inference. It is a repeated process that requires a broader outlook. At times, projects may require going in-depth and changing the entire process.
Fashion merchandising can be defined as the planning and promotion of sales by presenting a product to the right market at the proper time, by carrying out organized, skillful advertising, using attractive displays, etc. Merchandising, within fashion retail, refers specifically to the stock planning, management, and control process.
A floor map helps visual merchandisers to find the best place for garments, according to the color stories of clothes and footwear in the shop. [27] It is a kind of floor plan with merchandise marked. Another valuable tool is a planogram, to determine the visual look of the store's flow.