UNIT 1.1 - Conduct Research on Retail Marketing

Question 1

What is Retail Marketing?

Answer 1

It is a range of activities engaged by retailers to sell its goods and services to their consumers through different marketing strategies.

Question 2

3 Importance of Retail Marketing

Answer 2

1. Awareness
2. Boosts Profits
3. Creates a Competitive Environment

Question 3

Explain the importance of “Awareness” in Retail Marketing.

Answer 3

To bring awareness to the consumer that the products exists and to fill a need and want that the consumer has.

Question 4

Explain the importance of “Boosts Profits” in Retail Marketing.

Answer 4

Retail marketing can attract large crowds to retail locations. The more potential customers that walks through the door provides a potential for higher sales. Therefore, with larger sales volume, it boosts business profits.

Question 5

Explain the importance of “Creates a Competitive Environment” in Retail Marketing.

Answer 5

Retail marketing creates a healthy competitive environment between retailers. It benefits consumers as it helps to keep their costs down when buying products.