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CHP 5:- Retail Institutions by Store-Based Strategy Mix - Coggle Diagram
CHP 5:- Retail Institutions by Store-Based Strategy Mix
List of Strategy Mix :-
Store location
Operating procedures
Goods/services offered
Pricing tactics
Store atmosphere
Customer services
Promotional methods
Wheel of Retailing:-
1) Low-end strategy
Low prices
Limited facilities and services
Price-sensitive consumers
2) Medium strategy
Moderate prices
Improved facilities
Broader base of value-and services conscious consumer
3) High-end strategy
High prices
Excellent facilities and services
Upscale consumers
Retail / Product Life Cycle:-
Sales
Introduction
Growth
Maturity
Decline
Evolution of Retail:-
Diversification:- Retailers become active in businesses outside their normal operation.
Downsizing:- Unprofittable stores are closed or divisions are sold off.
Mergers:- Combination of separately owned firms.
Store-based Retail Strategy Mixes:-
Convenience store
Warehouse store
Conventional supermarket
Cost-Containment:-
Standardizing procedures, store layouts, store size, and product offerings.
Placing stores in smaller communities.
Using inexpensive construction materials.
Joining cooperative buying and advertising.
Creatively financing inventories.