Question

What are five marketing strategies that retailers spend half of their annual budget on?

Answer 1

The five marketing strategies includes strategies on 5P's which includes Price, Product, Promotion, Place and People.

The retailers are basically people who sells goods in smaller quantity to the final consumer in the chain of distribution.

The five marketing strategies they spend half of their annual budget on includes on the following:

• Price: The retailers ensures that prices of their product are reduced below cost price to persuade consumers to buy from them.

• Product: The retailers need to ensure that varieties of product are available in the stores to satisfy the consumers need.

• Promotion: Various advertisement and others strategy to persuade consumers needs funds to make successful.

• Place: The store and outlet need to be where is more favorable and comes with high cost of expenses for the retailers.

• People; The consumers are given discounts and other incentives to persuade them to come and buy more goods from the retailers.

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