Retail Marketing Mix: The 6 Ps
As noted earlier, the four Ps of marketing are product, pricing, place, and promotion. The retail marketing mix adds two more: people and presentation.
Product: The product is the item purchased by a customer. An effective product must capably solve a customer need or perform a desired function. A product may be combined with related products and purchased in a set or bundle.
Price: The price of a product is set by the retailer and designates how much money the consumer pays to receive it. Price can play a role in the popularity of a product, especially if consumers perceive that a product’s price is low relative to the value it provides.
Placement: Placement refers to where the product is sold. For example, does a retailer sell a product in its store, on its website or in both places? In addition, some products might be sold in some stores (like supermarkets) but not other stores (like department stores).
Promotion: Promotion refers to the assorted marketing activities to generate interest in the product and drive sales. Promotional tactics include advertising, public relations and special sales (for example, discounts or special offers).
People: People refers to company representatives (for example, employees, contractors, or partners) who interact with customers in a retail setting. These representatives might answer questions about products or verify product details, such as availability and sale price. In some retail settings (for example, the sale of large, flat-screen televisions), people can be directly responsible for converting “just looking” visitors into purchasing customers.
Presentation: Presentation refers to the experiential design of a retail setting. Presentation elements include furniture, signage, wallpaper and retail space layout. The Apple Store is known for its sleek aesthetic and design—an all-glass front side, with long rows of tables featuring Apple products.
