In a rapidly changing world, nothing is changing as fast as retailing. Technolog

Question

In a rapidly changing world, nothing is changing as fast as retailing. Technology has almost made stores obsolete. Retailers must understand the complete marketing framework and mix. The old adage “plan your work and work your plan” applies to the development of marketing plans, especially in the pursuit of company-wide understanding, excitement and collaboration. The marketer’s most challenging problem is not being more creative than competitors; rather, the most challenging problem is to get over the internal hurdles within a company’s culture and politics in order to adopt a superior marketing plan.

Please draft a one to two page page (a maximum of two pages of content) that describes the retail process and that discusses how a marketer can overcome internal hurdles that prevent the adoption of a superior marketing plan. Please include a brief introductory paragraph (3 to 4 sentences), two to three paragraphs for the body, and a brief conclusion (3 to 4 sentences). A reference page should be attached with one to two references.

Explanation / Answer

Retail marketing can be defines as a process of promoting higher sales and increasing customer satisfaction by gaining a holistic understanding of the consumers of goods and services manufactured/produced by the company. A typical retail management strategy for a manufacturing business might research the retail process that distributes the finished products created by the business to consumers to determine and satisfy what buyers want and require.

Some of the internal hurdles and the way to overcome them are :-

1. Lack of knowledge - Retail marketing is not an easy task in todays environment and with competitor taking strong competetive actions, it becomes all the more important to make every move in a timely manner. Lack of understanding and knowledge of specified field like digital marketing makes it a hinderance to take appropriate actions at appropriate time.

This need exhaustive learning and knowledgeable resources to manage and take actions in timely manner.

2. Finance - Since marketing is so aggressive these days, there is a competition among brands for spots in newspaper, TVC, outdoor media etc. Scarcity of funds sometimes makes it tough to quote for a particular spot as competitors are ready to eat up the spot. This needs the timely action and support from all functions to get the value for money inversted.

3. Approval process - Sometimes a person at a higher managerial level with an aurthodox style may not approve a new creative proposal. So to overcome, people needs to be more creative and ready to accept new ideas to make a mark in todays dynamic world.

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