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Nkanyiso, South Africa
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Retail (Marketing) Mix Types
I'd like to know types of retail mix... Please advise
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V V Gopal
Professor, India
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Retail Marketing Mix and Est Theory It includes 6 Ps of Retail:
- Product (assortments, quality and type)
- Price
- Place (store location, layout, ambience)
- Promotion (advertising, visual merchandising)
- Personnel (customer service, quality and type of manpower)
- Positioning (ref to the 'Est Theory'*).
*The Est theory states that a winning retailer must be good enough in five market positions and the best at one of them. The five positions are:
- CheapEst: lowest prices
- HottEst: most fashionable
- BiggEst: largest selection
- QuickEst: fastest service
- EasyEst: most convenient service
The Est theory is a prescription for a retailer’s market position, reducing all of the ways a retailer could claim to be superior to competitors to only five ways. However, it is more demanding than just a market position statement; an Est retailer must incorporate the theory into the core of its operations. The retailer can’t simply declare superiority in one of the five positions in its promotional materials - it must consistently deliver on the position and truly be superior in that position.
Source: Willard N. Ander and Neil Z. Stern’s WINNING AT RETAIL: Developing a Sustained Model for Retail Success
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A. Srikanth
Professor, India
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Response to Place @V V Gopal: Dear Sir, I feel Place includes store location and distribution but not store layout and ambience, these could be the parts of physical evidence that customer considers while shopping at the store.
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