Retail Marketing And Finance
BRL 02 Free Solved Assignment
BRL 02 Free Solved Assignment July 2021 & JAN 2022
Q 1 Marketing deals with customer solutions. Explain this concept in the light of retail marketing.
Ans: Retail marketing pertains to the strategies and tactics that retailers use to attract customers and drive sales. Retail marketing has 4 key components, also knows as the “4 Ps”: Product, Price, Place, and Promotion.
• Product. First is the product, which is the physical item that’s being sold.
• Price. The second is Price, which refers to the pricing strategy that the merchant uses to sell the item. (Examples include “everyday low prices,” implementing pricing psychology like using “$9.99” etc.)
• Place. The third is “Place” which refers to the location or platform used to sell products.
• Promotion. Finally, there’s Promotion, which is what the retailer does to get the word out and entice sales.
Successfully executing your retail marketing strategies requires a solid handle on the 4 Ps. Tracking these components and ensuring that they’re all working together is essential to any marketing initiative. BRL 02 Free Solved Assignment
For best results, use a POS and retail management system that allows you to manage the 4 Ps with ease.
With the right platform, you can keep your all your ducks in a row (i.e., your products, prices, places, and promotions) and focus on brining your retail marketing ideas to life.
With that said, here are some tips on how to market your retail business and get in front of the right people.
1 Be where your customers are
2 Use with the store assets you already have
3 Leverage social media
4 Consider SMS marketing
5 Leverage video
6 Market your business through key partnerships
7 Beef up your email marketing
8 Run a win-back marketing campaign
9 Consider influencer marketing
10 Start a referral campaign
Q 2 What do you meant by Personal selling? Explain the importance of Personal selling from the point of view of manufacturers.
Ans: Sales promotion is one of the five aspects of the promotional mix. (The other 4 parts of the promotional mix are advertising, personal selling, direct marketing and publicity/public relations.) Media and non-media marketing communication availability.
Examples include contests, coupons, freebies, loss leaders, point of purchase displays, premiums, prizes, product samples, and rebates.
Sales promotions can be directed at either the customer, sales staff, or distribution channel members (such as retailers). BRL 02 Free Solved Assignment
Sales promotions targeted at the consumer are called consumer sales promotions. Sales promotions targeted at retailers and wholesale are called trade sales promotions.
Some sale promotions, particularly ones with unusual methods, are considered gimmicks by many.
Objectives of Sales Promotion:
Sales promotion is a vital bridge or a connecting link between personal selling and advertising.
Sales promotion activities are undertaken to achieve the following objectives:
1 To increase sales by publicity through the media which are complementary to press and poster advertising.
2 To disseminate information through salesmen, dealers etc., so as to ensure the product getting into satisfactory use by the ultimate consumers.
3 To stimulate customers to make purchases at the point of purchase.
4 To prompt existing customers to buy more.
5 To introduce new products.
6 To attract new customers.
7 To meet competition from others effectively.
8 To check seasonal decline in the volume of sales.
Personal selling is an important marketing tool for small businesses, particularly those that sell complex or high-value products and services to other businesses, rather than consumers. BRL 02 Free Solved Assignment
Companies can undertake personal selling by hiring sales representatives who visit customers or by contacting customers by telephone.
Companies selling to consumers may find it uneconomical to deal with individual customers, unless they are selling face-to-face in a mall marketing high-value products such as cars or selling products that require demonstration, such as smartphones or computers
Sales representatives use their personal selling skills to increase the chances of a successful sale.
They aim to understand a prospect’s needs and offer a solution to those needs in the form of a product or service that provides strong benefits and represents value for money.
If prospects pose objections, sales representatives use their powers of persuasion to overcome the objections and convince prospects that they are making the right choice by buying a product or service.
Selling Complex Products BRL 02 Free Solved Assignment
Companies that sell complex products must be able to demonstrate or explain products to potential customers and answer questions or queries.
Sales representatives can present products in a logical way, focusing on the benefits that are relevant to different decision-makers, such as technical managers, purchasing officers or finance executives.
Representatives use their experience to gauge a prospect’s response to their sales pitch and adjust their presentation to individual prospects’ levels of understanding or interest.
Managing the Sales Cycle
Personal selling is important to companies marketing products that require a long sales cycle.
In business-to-business marketing, prospects move through a buying process that involves a number of stages, including identification of a need, development of a specification, selection of potential suppliers, evaluation of suppliers’ offerings and a final purchasing decision.BRL 02 Free Solved Assignment
Sales representatives can influence each stage of the process by ensuring that prospects are fully aware of a supplier’s capability and product benefits.
They also ensure that prospects receive the product, pricing and technical information they need to make a decision, and they maintain contact with the important decision-makers throughout the sales cycle.
Developing Customer Relationships
To build long-term revenue for the future, representatives use personal selling skills to develop strong relationships with customers.
By contacting customers after they make a purchase, for example, representatives can demonstrate that their company offers high levels of customer care.
They also maintain contact between sales to ensure that customers consider their company when they are planning their next purchase.
Q 3 State the influence of situational variables on shopping behavior in a planned shopping center?
Ans: Important factors That Influence of situational variables on shopping behavior in a planned shopping center ar following: – BRL 02 Free Solved Assignment
Factors That Influence The Buying Decision, Contact Discovery, Influencing Customers Buying Decisions, iSN, SN Global Solutions, Sales Support Services,
- Economic Factor
The most important and first on this list is the Economic Factor. This one is the main foundation of any purchasing decision.
The reason is simple people can’t buy what they can’t afford. The need of a product also doesn’t play a role here, but the most important thing is affordability.
- Functional Factor
The factor is totally about needs, backed by a logic that what makes sense and also fits in the best interest of the customer. This one factor also plays a very important role in the buying decision.
- Marketing Mix Factors
There are 4 components in the marketing mix, i.e. product, pricing, promotion and place of distribution and each of these components have a direct or indirect impact on the buying process of the consumers. BRL 02 Free Solved Assignment
The consumers consider various things like the characteristics of the product, price charged, availability of the product at the required location and much more.
- Personal Factors
The personal factors include age, occupation, lifestyle, social and economic status and the gender of the consumer. These factors can individually or collectively affect the buying decisions of the consumers
Factors That Influence The Buying Decision, Contact Discovery, Influencing Customers Buying Decisions, iSN, SN Global Solutions, Sales Support Services, Account Profilling
- Psychological Factor
When it comes to the psychological factors there are 4 important things affecting the consumer buying behaviour, i.e. perception, motivation, learning, beliefs and attitudes.
- Social Factors
Social factors include reference groups, family, and social status. These factors too affect the buying behaviour of the consumer.
These factors in turn reflect an endless and vigorous inflow through which people learn different values of consumption.
- Cultural Factors BRL 02 Free Solved Assignment
Cultural factors have a subtle influence on a consumer’s purchasing decision process. Since each individual lives in a complex social and cultural environment,
the kinds of products or services they intend to use can be directly or indirectly be influenced by the overall cultural context in which they live and grow.
These Cultural factors include race and religion, tradition, caste and moral values.
Consumer behaviour can indicates different things like how individuals or groups choose to buy, use and dispose goods or services, to satisfy their needs and desires.
Hence it is important to understand that the consumer behaviour is affected by several factors.
To have a good knowledge of the factors affecting the consumer behaviour contact iSN Global Solutions for our Sales Support Services.
We offer excellent Account Profiling services and can provide the factors influencing the buying decision in the market. We assure the data and statistics are taken from verified sources at ISN. BRL 02 Free Solved Assignment
Q 4 Explain Maslow’s Hierarchy of Need.
Ans: Maslow’s hierarchy of needs is a theory in psychology proposed by Abraham Maslow in his 1943 paper “A Theory of Human Motivation” in Psychological Review.
Maslow subsequently extended the idea to include his observations of humans’ innate curiosity.
His theories parallel many other theories of human developmental psychology, some of which focus on describing the stages of growth in humans.
Maslow used the terms “physiological”, “safety”, “belongingness” and “love”, “esteem”, “self-actualization” and “self-transcendence” to describe the pattern that human motivations generally move through.
Maslow studied what he called exemplary people such as Albert Einstein, Jane Addams, Eleanor Roosevelt, and Frederick Douglass rather than mentally ill or neurotic people, writing that “the study of crippled, stunted, immature, and unhealthy specimens can yield only a cripple psychology and a cripple philosophy.”
Maslow studied the healthiest 1% of the college student population. Maslow’s theory was fully expressed in his 1954 book Motivation and Personality.
The hierarchy remains a very popular framework in sociology research, management training and secondary and higher psychology instruction.
Q 5 How can one differentiate between different stores and on what parameters?
Ans: Product parameters are a perfect addition to regular descriptions of products. The parameters are essential in technical and electronic branches.
By adding parameters to products in a shop, you will make searching and comparing items easier for your customers. BRL 02 Free Solved Assignment
Expand on the description of products by adding to it parameters unique for the specific product group.
A well described item is one of the most important aspects of effective sale in the online shop.
Sometimes it is enough to include a short description and few photos however, nowadays it turns to be not enough both for a seller and a potential buyer.
When selling a product it is needed, sometimes even crucial, to add some specific parameters to a description.
If, for example, you sell TVs the parameters that you may want to use are resolution, display type, special features, picture mode, etc.
Highlighting these parameters will make shopping easier as it helps to make a decision which TV to choose from all of the considered options.
Yet another reason for using parameters is launching comparison engines in your shop. Comparing products in a shop will be extremely easy if you decide to add parameters to a description beforehand. BRL 02 Free Solved Assignment
Comparison engines has, by default, the function of showing differences between chosen products. This option will work perfectly if you decide to keep the same order and terminology in the set parameters.
Distinctive parameters are the ones most important in a specific product group. Apart from carrying the informative function they also make the display of the products more attractive at the same time influencing search results.
The way we have introduced the parameters to our platform and the way they are displayed make shopping much easier. Distinctive parameters are displayed on a product list and in search results. BRL 02 Free Solved Assignment
If you decide to use the option of adding graphics to products you will receive the readable and visually attractive list of products.
Another example of the parameters’ perfect usage might be a shoe shop. Each type of shoes can be additionally provided with the details regarding its best usage (i.e.running shoes, hiking shoes), type of leather it is made of, etc.
Subscribing symbols to parameters will make both, a product list and a very product itself much more attractive for a buyer.
Distinctive parameters, the same as the rest of a product’s aspects, can be used while filtering, comparing and advanced searching in your online shop.
Additional features BRL 02 Free Solved Assignment
You can also assign additional features to parameters – it presents information in your shop but also enables an easy transfer to an appropriate external service.
Q 6 Explain Relationship selling with one example.
Ans: Relationship selling refers to the sales technique that focuses on the interaction between the buyer and the sales person, rather than the price or details of the product.
Arguably, all three remain critical for any sales activity, but the status of the relationship can increase consumer loyalty as a result of familiarity and personality of the sales person.
“This sales technique is prominent for companies selling products and services that rely on repeat business from customers, such as insurance policies, or private instructors, such as dance or music.
These individuals are forced to compete on the level of quality and price; however, it they make good relationships, their customers will continue to buy from them as a result, sometimes regardless of price. BRL 02 Free Solved Assignment
“In the traditional sales approach, the goal is to make the sale, and that is the end point of the buyer/seller relationship.
Marketers realized that the sale is not the end point and, in many situations, is not the end goal either. In actuality, the sale is the beginning of what many companies are looking for: a long-term relationship.”
These long-term relationships turn to profitability for companies and are referred to as ‘ongoing relationships.
For example, real estate agents or lawn care services are not seeking one point of interaction with you.
They strive for a longer relationship that produces future interactions (not to mention recommendations) and profitability for their business.)
Relationship sales are often used for high-ticket items where customers might want to spend more time thinking about the product or service.
The seller would wait until they’ve built up a trusting relationship before attempting to close the sale. BRL 02 Free Solved Assignment
Importantly, relationship-based sales can also help sellers stand out from others, especially where perhaps their price is more than competitors, or their pricing is very similar.
Let’s say you’re a company that relies on repeat business; the best way to get it tends to be to form a strong relationship.
It’s a point of difference (and hopefully a competitive advantage!) that you now have.
This works for products or services that aren’t necessarily high-ticket but might have a number of competitors, too.
Why do you choose to stick with the same gym year after year? Or the same music or dance teacher? If you’re not under any sort of contractual obligation, you’re making a choice to stay and that often comes down to the relationships you have built.
Q 7 Explain few strategies to be used for budget sourcing.
Ans:Budgeting is the tactical implementation of a business plan. To achieve the goals in a business’s strategic plan, we need a detailed descriptive roadmap of the business plan that sets measures and indicators of performance. BRL 02 Free Solved Assignment
We can then make changes along the way to ensure that we arrive at the desired goals.
Translating Strategy into Targets and Budgets
There are four dimensions to consider when translating high-level strategy, such as mission, vision, and goals, into budgets.
• Objectives are basically your goals, e.g., increasing the amount each customer spends at your retail store.
• Then, you develop one or more strategies to achieve your goals. The company can increase customer spending by expanding product offerings, sourcing new suppliers, promotion, etc.
• You need to track and evaluate the effectiveness of the strategies, using relevant measures. For example, you can measure the average weekly spending per customer and average price changes as inputs. BRL 02 Free Solved Assignment
• Finally, you should set targets that you would like to reach by the end of a certain period.
The targets should be quantifiable and time-based, such as an increase in the volume of sales or an increase in the number of products sold by a certain time.
There are many different budget methods, but the top five recommended budgeting strategies are:
• Zero-based budget
• 50/30/20 budget
• Envelope budget
• Priority-based budget
• “Pay yourself first” budget
With a zero-based budget, every dollar is assigned to a budget category, such as transportation or retirement savings.
If you don’t use all the dollars assigned to a specific category, then the funds can be rolled over to a different category. BRL 02 Free Solved Assignment
This method forces you to spend time each month creating a detailed plan for your spending and savings in the coming month, which naturally prepares your budget for increases in spending that occur around events such as holidays, wedding season, and back to school.
Financial Snapshot Spreadsheet – even looks like a snapshot.
The 50/30/20 budget is based on personal finance “rules of thumb.” The idea is that if you allocate 50% of your income to essentials (like housing, bills, food),
30% to personal expenses (like eating out, travel, personal care items), and 20% to savings, you will automatically limit major expenses while still saving enough to be financially secure
If you use this method, you may find that a slightly different ratio works best for your financial situation. However, keep in mind that the combined percentage for essentials and personal expenses should not exceed 80% BRL 02 Free Solved Assignment
The envelope budget is a tried-and-true cash-based budgeting system that has helped many people smash debt and curb bad spending habits.
With this system, your budget categories are represented by envelopes. Each envelope is filled with the exact amount of money you can spend on that category, and when the money runs out, you can’t spend any more.
While confining yourself to using only cash and carrying around physical envelopes may seem old-school, studies show that doing so may actually reduce your spending.
Vote With Your Dollars
The values-based budget prioritizes you over the numbers in your budget. It recognizes that regardless of your income, you are still a person who works hard and deserves to have some fun with your money.
With this method, you make a list of your values from most important – such as food and shelter – to least important. BRL 02 Free Solved Assignment
Next, you calculate the monthly cost of each value and then figure out how far down the list your can stretch your income.
If you can’t afford all your values, then you either need to re-prioritize or reduce the expenses associated with each value.
“Pay Yourself First” Budget
The “pay yourself first” budget is the simplest of all the budgeting methods on the list. With this method, you decide how much to allocate to your savings goals and all of your remaining money is free to be spent however you choose.
Q 8 How does advertising help in product promotion? Explain various categories of advertising with specific examples.
Ans: Advertising helps to develop brand loyalty. Brand loyalty results in repeat purchases and favourable recommendations to others by existing customers.
Sales promotion, effective personal selling, timely and efficient direct marketing, and other techniques help to develop brand loyalty.
Categories of advertising in promotion of the product are as follows:
4Attitudes BRL 02 Free Solved Assignment
6 Brand Loyalty
7 Brand Image
8 Counter Competitors’ Claims
9 Expansion of Markets
10 Educating the Customers.
1 Awareness: One of the important roles of advertising is to create awareness of the product or services such as brand name and price.
The awareness of the product or services can be created through highlighting the unique features of the brand.
Nowadays, due to intense competition it is not just enough to create awareness, but top of mind awareness is needed.
2 Information: Advertising helps to inform the target audience about the product. Providing information is closely related to creating awareness of the product. Potential customers must know about a product, such as product features and uses.
Product information is very much required, especially when the product is introduced in the market, or when product modification is undertaken. Proper product information can help the consumers in their purchase decision BRL 02 Free Solved Assignment
3 Persuasion: When business firms offer similar products, the firm must not only inform the customers about the product’s availability, but also persuade them to buy it.
Through persuasive messages, the marketers try to provide reasons regarding the superiority of their products as compared to others available in the market.
Persuasion can be undertaken through creative advertising messages, product demonstration at trade fairs, offering free gifts, premium offers and organizing contests.
4 Attitudes: Promotion is required to build or reinforce attitudes in the minds of target audience.
The marketers expect the target audience to develop a favourable attitude towards their brands. Positive attitude towards the brand helps to increase its sales.
Through promotional techniques like advertising, the marketer can correct negative attitude towards the product, if any. Negative attitude can also be corrected through public relations and advertising. BRL 02 Free Solved Assignment
5 Reminder: If target customers already have a positive attitude towards a firm’s product or service, then a reminder objective may be necessary.
The reminder objective is necessary because the satisfied customers can be targets for competitors’ appeals.
Well-established brands need to remind the customers about their presence in the market. For instance, ‘Raymond – the complete man’ campaign is designed to remind the customers.
6 Brand Loyalty: Advertising helps to develop brand loyalty. Brand loyalty results in repeat purchases and favourable recommendations to others by existing customers.
Sales promotion, effective personal selling, timely and efficient direct marketing, and other techniques help to develop brand loyalty.
7 Brand Image: An advertiser helps to develop a good image of the brand in the minds of target audience. There are several factors that can be of help to audience.
There are several factors, such as the character of the personality that endorses the brand, the content of the advertising message, the nature and type of packaging and the type of programmes or events sponsored, that can help to develop brand image in the minds of target audience. BRL 02 Free Solved Assignment
8 Counter Competitors’ Claims: The marketer may counter the claims made by the major competitors. For instance, competitive advertising is undertaken to counter the claims made by competitors either directly or indirectly.
With the help of creative advertising, the marketers can claim the superiority of their brand. The marketer may also undertake aggressive sales promotion to counter the competition in the market.
9 Expansion of Markets: Successful ads results in expansion of the markets. A marketer may intend to expand markets from the local level to the regional level, from the regional level to the national level, and from the national level to the international level.
For this purpose, the marketer may undertake various techniques of promotion.
10 Educating the Customers: Promotion may be undertaken to educate the customers. For instance, some of the advertising is undertaken to educate the audience regarding the use of the product, handling operations, and so on.
Public awareness campaigns also educate the public regarding the negative effects of noise, air and dirt pollution, social evils, and so on. BRL 02 Free Solved Assignment
Q 9 What is In-Store promotion? Explain with examples. Trace the growth of In-Store Promotion in Today’s retail environment.
Ans: In-store Promotion is type of in-store marketing to increase the footfall in the store & make people aware of particular product at the point of sale.
The store provides you with various touch points of making people aware & communicating value of the product.
The strategies come from manufacturers most of the times in terms of discounts & offers but sometimes store owners also do it. BRL 02 Free Solved Assignment
The main behind all kinds of store promotion is to increase the revenue through impulse buying. The in-store promotion plays a crucial role in switching of brands by the consumers.
The elements that are generally used are Coupons, signs, banners, TV videos, announcements etc. Product display & location is another type of in-store promotion tactic that is being followed.
The products are placed in such a manner that they catch the eye of the shopper & attract them to give it a try.
The products which are being promoted are placed at end of the aisles or at different secondary locations in the store where they are more visible to the shopper.
Demonstration or sampling of the product is also one type of store promotion that is being widely used by top FMCG companies to make neople try their nroduct & influence their hulving decision BRL 02 Free Solved Assignment
For example: Kellogg’s have appointed one breakfast ambassador in many of the modern trade stores.
The breakfast ambassador’s work is to make the people taste Kellogg’s cornflakes & its different flavors in the store.
Overall objectives of in-store environment
• Entertainmnent and inspiration plays an important mie in in-store promotion thus creating added value in using the store.
• The in-store promotion environment should make a positive statement about what products can do to make the shopper a more interesting individual..
• Design and environment of the in-store protfiotioat should differentiate the image and nature of the store. BRL 02 Free Solved Assignment
• In-store promotion can also influence impulse and mood related purchasing.
• Stop and shop: Customers who are just passing by, with no intention of purchasing, would be encouraged to enter the store.
The promotional activity my ta: such thnt it does not directly hint at a purchase, but just a free trial. For exampk, flee hairstyling dune using hair gel sold by the store.
• Shop and buy: Once the customers have been persuaded to enter the store, they have to be convinced to purchase by presenting the merchandise in such a manner tbat the customer feels a desire to buy.
For example the stm could offer a money -off voucher with the hair gel bottle or the customer would be entitled to get a shampoo if they purchase the hair gel.
• Buy Bigger: The promotional activity aims to persuade the customers to buy ia it greater quantity or buy other products in addition thus increasing the average bill size during promotions. BRL 02 Free Solved Assignment
For example, customers who buy a bigger pack may be entitled to enter into a contest or they can get a free gift or customers who purchase merchandise more than a specified amount wd get similar benefits.
• Traffic building is achieved by specid event promotions like Diwali, Raksha bandhan, Valentine’s Day promotions, a Inventory reduction through end of season sale.
• Creation and building store image through feature advertising and displays and joint promotions and price image by highlighting the discounts.
• It helps consumer reduce not only financial risk but also psychological and social risk by making consumer confident of hisher purchase, conformation to group norms by shopping at famous stores /brands and possibility of acquiring well known branded apparel during promotions.
• Exciting in-store promotions also have tendency to generate positive word of mouth and help consumer feel a smart BRL 02 Free Solved Assignment
BRL 01 FREE SOLVED ASSIGNMENT 2021-22
BRL 03 FREE SOLVED ASSIGNMENT
BRL 04 FREE SOLVED ASSIGNMENNT