Sample Essay
The concept of retail marketing strategy and global retail strategy is of significant importance in the case of the UTC Nigeria Company. A marketing strategy defines the long term marketing goals and objectives of a company while providing the actionable ways in which they can be achieved. The retail marketing strategy provides how a retail company can market itself in the market to attain a favourable and competitive position. The retail operations of the company and the process flow for the distribution of goods and services are taken into account in the retail marketing strategy. The global retail strategy is similar to the retail marketing strategy. However it has a wider scope and is employed by large retailers having multinational operations in different countries.
The study makes use of the above highlighted concepts of marketing to determine the successful strategies employed by the leading companies in the international retail market. The theoretical framework for the study is based on the highlighted marketing principles, the branding principles and the concepts pertaining to competitive advantage, customer satisfaction and customer loyalty. UTC Plc can benefit from having competitive advantage in the Nigerian retail market as it can provide UTC Plc with strategic business propositions. By using a marketing strategy which emphasizes feedback from customers and promoting customer satisfaction, the company can attain a loyal customer base that can significantly increase the sales revenue of the company and its customer base. The initiative to brand the UTC Plc and its products using the principles of branding as provided by Al Ries can benefit the company in increasing its brand awareness and its brand worth in the Nigerian retail industry. The concepts of branding, customer satisfaction, customer loyalty, competitive advantage and marketing strategy are further explored in the literature review for the study.
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