This is a checklist for the owner-manager of a small retail business. The questions cover areas of retail marketing, including aspects like customer analysis, buying, pricing, and promotion. You can use it to evaluate your current status and, perhaps, to rethink certain decisions.
If your retail firm is to be successful over the long run, it must satisfy the needs and desires of its present and potential customers. Sound buying means knowing where to buy, what to buy, how much to buy, and how to place an order. This requires familiarity with old and new products, adequate amounts of the right stock on hand, and selecting and working with suppliers in ways that benefit the store. In pricing, you need to understand the market forces affecting your business, plan the price policies that you will follow, and know whether or not your pricing policies meet customer willing to pay and ITD regulations.
Also, you need to be familiar with various types of promotion and when, where, and how to use them.
Under the heading of management goes the establishment both of long and short-range goals. How you set up your organization and how you communicate with your employees are crucial factors in meeting your goals. Of equal importance to good management is the ability to keep and make use of accurate financial records. It also pays to examine your insurance coverage in various areas.
In answering the following questions, you will be reminded of what you may still need to do to round out all marketing aspects of your business.
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These questions are meant to help you analyze your retail operation from the marketing viewpoint. You should know the strengths of your business and products. You must also know the real problems you are up against. Your business depends on your good sense and management foresight. You must adapt to new markets, product changes, and be innovative to keep your business growing.
Source of info:
The Small Business Treasure Inc. , Marketing Checklist for Retailer, http://www.belgotec.com/small-business-marketing/marketing-m2c.htm
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