A retail marketing mix has four parts, each directed toward the target audience. The way you design your marketing mix affects your value proposition and the way customers perceive your store. It will vary based on the type of consumers you serve and the market in which you operate. Finding the correct marketing mix is an important part of positioning your retail outlet to stand out from competitors.
Your product marketing decisions will vary based on the type of retail outlet you run and your target audience. The factors that affect the perception of quality include packaging design, service plan options, warranty, colors and materials. If you are marketing your retail store and products to a high-end crowd, for example, you might choose an elegant, simple design and cool colors; for a family-friendly store, you might lean more toward bright, bold colors and large fonts.
Price is an important part of a retail marketing mix; if your customers cannot afford your products, they are unlikely to frequent your store. Most of the products in your store should be in a comfortable range for your target audience base; to get this information, you will need to perform an audience analysis to get an idea of median income and spending power. To create a sense of desire and to give an option for a splurge, you can also sell some items that are priced just out of your target customer’s normal price range.