Retail Strategy Assignment Example | Topics and Well Written Essays - 250 words

Retail Strategy - Assignment Example There is clearly no point designing a product which no one demands of. Therefore it is essential that that it should have the features which are valued by and attract the consumers, for example, it must be of good quality, work perfectly and look good. Price is the second most essential part of a retail strategy. The price must be set in such a manner that it not only depicts the value of the good produced but takes care of the market conditions and see how much customers are willing to pay for such goods. The third P of retail strategy is place. There is clearly no point in making a product if we cant get to a place from where we can get it across to the customer. Therefore making sure that the goods are present on the right time and at the right place is a very essential. The fourth and final P of a successful retail strategy is promotion (Tellis, 1997). Promotion refers to letting our prospective buyers know about the availability, existence and feature of our product. Successful promotional or marketing strategies play a very essential role in the success of a product and this is the reason why companies spend huge sums on money on promotional