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Retail Marketing Strategy Management - Essay Example

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Brand positioning is an important factor in order to market the products and increase sales revenues. Positioning of a retail store is also very important and also it is important to know how to position a retail store in order to gain competitive advantage…
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Retail Marketing Strategy Management
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Download file to see previous pages The products are completely associated with the retail stores at which they are available. Through positioning your retail store builds a certain image of your products in the minds of the people which ultimately generates the volume of customers for your retail store.
Retail stores in Singapore are extremely cosmopolitan, complex and sophisticated with nearly every international retailer present there. These retail stores usually depend on high volume of customers for generating their sales. Therefore in order to position the retail store in Singapore in order to gain competitive advantage, there is a need to focus on the market niches and increase sales through regionalization. Strategic allies can also be formed with the international retailers in order to gain competitive advantage.
The type of image that a retail store would project for its customers in the target segment harbor should be such that their products and not just the brand it carries should be positioned. The image of a retail store should be that of a brand that adds value to the purchase of the shoppers.
Brand positioning is highly important for retail stores at Singapore because the competition is increasing and new competitors are arriving in the market with more efficient strategies. Therefore, in order to gain competitive advantage, brand positioning can be done by:
The retail marketplace at Singapore is highly saturated with ...
A brand adding value to the purchase of the shoppers so that they are willing to spend more
A retail store selling products and not just the brand
The retail marketplace at Singapore is highly saturated with a number of international players. The population of Singapore also consists of a number of tourists and foreigners as Singapore is one of the best tourism spot. Therefore the retail market for international consumers in Singapore is full of opportunities.
Since the international consumers have high spending patterns, therefore, targeting this market niche can result in a number of prospective sales.
Discussion and Analysis
Singapore is a tourism spot for a number of international visitors. At every time in the year, you will find a considerable amount of international consumers in the country. Therefore, the market of the international consumers, if properly targeted and positioned, can generate great retail business and attract a high volume of consumers.
The international consumers are usually unaware of the prices and therefore make purchases through the retail stores which they know of and which are mostly international retail stores. The Singaporean retail stores should also target the international consumers due to the increased competition and also because a large population in Singapore comprises of international consumers.
The attractiveness of the market for international consumers is evident from the fact that the retail marketplace in Singapore is highly competitive with each retailer targeting specific market niches. Therefore, the market for international consumers is another market ...Download file to see next pagesRead More
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