What Is The Best Marketing Mix Element That Deals Specifically With Retailing and Marketing Channel Management?
Ask most retailers which marketing mix element deals specifically with retailing and how many would say they have an answer to that question. But ask them who exactly those elements are, and you will get a long list of entities that they wouldn’t say include any one particular aspect of their business. So why do they say it, then?
Many store owners and marketing professionals say the answer is their sales and marketing partners. They would be right about that. But they are not the ones to whom the sales and marketing links must be directed. The sales people are there to close the sale, and they are the ones who know what items are the best sellers in their stores. Retailers must be able to identify which items in their stores are bringing in the most customers, and which are not doing so well because of un-targeted marketing efforts.
The question as to which marketing mix element deals specifically with retailing and marketing channel management becomes especially important when a store owner is faced with deciding where to put their advertising dollars. If the store sells mostly basic products, then they could choose to advertise on basic cable channels or radio stations. If they have a more exclusive product line, such as Gucci, Armani, or Versace, then it might be time to go to one of the higher profile magazines or specialty shops for their marketing dollars. But how does the actual cost of such a marketing campaign factor into the equation?
When a manager analyzes how much each type of marketing can actually save a retailing department, they often find that increased revenue can be had by investing more in one form of advertisement, but only if the store has a comparative market share to justify it. This is the beauty of brand name retailing and the ability to differentiate one product from another. Each product is in its own stand-alone, self-explanatory entity, and thus the company can charge an increased price for that one product. But if the company can create a comparative stand-alone marketing campaign that saves them both revenue and time in running their business, then they can potentially save a lot more than the cost of one television spot.
Which marketing mix element deals specifically with retailing and marketing channel management? In retailing, there is one form of advertising: direct mail. And yet, this form of advertisement, while it does indeed save money on paper and on ink, doesn’t necessarily give a store’s sales a great boost. Direct mail, which targets the individuals who will receive the mail, will often fail to drive any sales. While some people will receive the mail at work or at home, many others will receive the mail after they’ve left work or after they’ve returned from vacation. This means that for the most part, the mail will simply bounce off the walls of recipients.
The other form of marketing and retailing is through promotions. However, promotions are generally not well received by recipients. Many recipients will either find the promotions to be annoying or they won’t take advantage of them. Thus, the best way to make a marketing and retailing campaign succeed is to use a combination of both direct mail and promotions.