Once the strategic plan is in place, retail managers turn to the more managerial aspects of planning. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence). The retail mix is loosely based on the marketing mix, but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for an expanded marketing, mix with the inclusion of two new Ps, namely, Personnel and Presentation since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that the Retail Format (i.e. retail formula) should be included.[1] The modified retail marketing mix that is most commonly cited in textbooks is often called the 6 Ps of retailing (see diagram at right).[2][3]
- ^ Constantinides, E., "The Marketing Mix Revisited: Towards the 21st Century Marketing", Journal of Marketing Management, Vo. 22, 2006, pp. 422-423
- ^ Berens, J.S., "The Marketing Mix, the Retailing Mix and the Use of Retail Strategy Continua", Proceedings of the 1983 Academy of Marketing Science (AMS), [Part of the series Developments in Marketing Science], pp. 323–27
- ^ Lamb, C.W., Hair, J.F. and McDaniel, C., MKTG 2010, Mason, OH, Cengage, pp. 193–94