Common questions

What is a merchandise mix?

What is a merchandise mix?

merchandise mix. noun [ S ] COMMERCE, MARKETING. the combination of goods that a business decides to sell in order to increase its profits: The company has been shaping its merchandise mix to maximize profits.

What are the retailing mix?

A retail mix, defined, is the marketing plan put in place to address key factors such as location, price, personnel, services, and goods. The retail mix is also referred to as the “6 Ps.” The retail mix will differ based on the store and the type of product offered to the customer.

What are the 6 P’s of retailing mix?

The building blocks of an effective marketing strategy include the 6 P’s of marketing: product, price, place, promotion, people, and presentation.

What is retail communication mix?

Retail Communication Mix  Communication is an integral part of the retailer’s marketing strategy. Primarily, communication is used to inform the customers about the retailer, the merchandise and the services.  It also serves as a tool for building the store image.

What are the different types of merchandise mix?

Merchandise types:

  • Convenience goods. There are products in our lives which we simply cannot do without.
  • Impulse goods. “Two-thirds of the entire economy is impulse buying.” – Paco Underhill, author of the book, Why We Buy: The Science of Shopping.
  • 3 Shopping products.
  • Speciality goods.

What are the 4 P’s in retail?

They are the product, price, place, and promotion of a good or service. Often referred to as the marketing mix, the four Ps are constrained by internal and external factors in the overall business environment, and they interact significantly with one another.

What are the 5 promotion mix elements?

There are five (sometimes six) main aspects of a promotional mix: Advertising, Personal selling, Sales promotion, Public relations, and Direct marketing.

What are the elements of a communication mix?

Within the communications mix there are usually said to be five elements: (1) advertising; (2) direct marketing; (3) personal selling; (4) public relations; and (5) sales promotion.