Essay: Retail Business Strategies

Sample Essay

The various strategies that are used by a retail business to support an effective marketing strategy pertain to the attraction of new customers while keeping track of the current customers and retaining them through loyalty programs. The first initiative that may be taken by a retailer is to attract the customers through advertisement, word of mouth marketing and references. The retailer will have to become visible in the market by advertising in the mass media, and registering in the yellow pages.

The retailer then has to develop a mailing list for the customers and send them reminders on promotions and offers available at the retail store. (Abrams, 2001) The concept behind this is management of the customers and the implementation of a CRM plan. Amongst the successful retail marketing strategies, it is also highlighted that the retailers have to modify their operations and retail stores to allow them to be attractive and appealing for the customers. This takes the form of strategizing the store image as mentioned above.

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