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Essay / Apply different sales strategies to meet market needs
Apply different sales strategies to meet market needs Demographics, economic conditions, competition and technology are some of the many factors that a retailer must take into account before developing a sales strategy. A well-thought-out strategy examines the company's current position, both controllable and uncontrollable conditions, and develops a strategy to meet market needs. Strengths, weaknesses, opportunities and threats (SWOT) analysis allows a retailer to take an objective view of a business and develop a sales strategy to reach a given target market. Different retail locations require retail strategies to meet the unique needs of their target market, but all locations require analysis of the consumer base through the use of marketing tools.Sales StrategyA strategy of Retail must develop a comprehensive and well-integrated plan, in order to gain a competitive advantage in the market. A retail company develops a strategy to reach its target market and communicate its message in a meaningful way that consumers can also understand. (Gluck, S., 2014). Before communicating with consumers, retailers must assess market conditions and determine whether their product or service will meet market needs. A strengths, weaknesses, opportunities and threats (SWOT) analysis gives retailers perspective on the market and their own business, allowing them to take advantage of conditions. Once the (SWOT) is assessed, the retailer's sales strategy will take into account both controllable and uncontrollable variables. Examples of controllable variables are: location, retail price of products and advertising. Examples of uncontrollable variables are: technological advancements, competition and economic conditions. Success......middle of paper......omotion. Sales strategy and sales promotion gives the retailer the tools to evaluate their business and provides a well-thought-out plan to follow. Consumer needs are met and the retailer's financial goals are also achieved by implementing different strategic plans in place to meet the individual needs of a given market. Works Cited Anderson, H., (nd). Marketing strategy for Westgate shopping center. Retrieved from http://www.heathanderson.com/MBA/mkt6340/Test1/Group3Test1Q1.pdf Berman, B., and Evans, J. R. (2013). Retail Management: A Strategic Approach (12th ed.). Upper Saddle River, NJ: Pearson Prentice Hall. Gluck, S., (2014). What is a sales strategy? Retrieved from http://smallbusiness.chron.com/sales-strategy-629.htmlSchenck, B., (2010). Three steps to effective sales promotion. Retrieved from http://www.entrepreneur.com/article/204860