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Retail Marketing - Essay Example

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Marketing as such is defined as a set of human activities directed at facilitating and accomplishing exchange of goods and materials. Market in general can be defined in two ways as Consumer market or industrial market. Consumer market is the market where goods or services are sought by individuals for their own or family use…
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Retail Marketing Essay
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Download file to see previous pages This is place which deals directly with the consumer.
Of all the changes in distribution during the last century, those taking place in retailing have been the most dramatic. Totally new institutions have appeared in an industry that a hundred years ago consisted mostly of small general and specialty stores. The principle retailing innovation in the 1930's was the supermarket, which introduced a number of principles of mass merchandising that cut costs and increased volume at a time when family incomes were strained. The original supermarkets, in fact were not very attractive, but times have now changed. With innovative techniques of attracting the customers, supermarket chains have established themselves in a big way. Supermarkets introduced the principle of self-service, wherein the customer is supposed to do the leg work, which resulted in reduction of the personnel cost of the supermarket. Self service also resulted in encouraging impulse purchases, as the consumer could physically touch and feel all the attractively packaged stuff kept on display.
In this study I'll study the nuances of retail marketing through my superstore 'Woolworth' a major superstore chain having branches in many countries and offering range of products from consumer durables, electronic items, toys, sports and leisure items to fresh food. We take pride in customer assistance, and a range of extra services and facilities. Woolworths Group plc is principally a UK retailer focused on the home, family and entertainment.

Woolworths offers its customers value-for-money on an extended range of products. It is built around the well known Woolworths brand which is represented in towns and cities throughout the UK

The Journey
Frank Woolworth started his retail career as a sales assistant like me in the Augsbury and Moore Dry Goods Store in Watertown, New York in 1873. This young boy was desperately in need of a job and the co-owner William Moore took pity on the young farm boy and accepted his offer to work 'free of charge' on a three month trial in the store. If we see this episode in retrospective we'll find a trace of the retail marketing principles even in this offer of this young boy. The boy not only proved his worth but went on to create history in the retailing industry.

Woolworths started displaying the 'fixed price' tags on goods as far back as in 1877, when it was considered quite unusual. Frank used to man the counter himself with a fantastic display at the counter, using red material and gold lettering. This attractive display of goods stimulated lots of interest amongst the customers and resulted in increased sales as well. In 1879 Frank persuaded William Moore to back him in opening a store of his own. He made his first attempt in Utica, New York, but failed after some initial success. The store became very popular for the first few weeks before sales started going down but not before Frank had made enough money to pay his debts and had learnt a valuable lesson - that the store must be located at the heart of town, and not in a side street. Experienced enough he tried again at Lancaster, Pennsylvania. The store opened on June 21st, 1879. It was a 'huge success' from the start, taking $127.65 on the very first day itself! Thereafter it was no looking back. With the help of his younger brother ...Download file to see next pagesRead More
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