Marketing Practices of a Retail Business
Introduction
Marketing in a nutshell, is defined as the art of selling products. However, marketing does not only aim to sell products. It involves a deep understanding of the customer and identification of products or services that will satisfy their needs and wants. Marketing according to Bradley (2003) is a philosophy that leads to the process by which organizations, groups, and individuals obtain what they need and want by identifying value, providing it, communicating it and delivering it to others. Marketing is strategically concerned with the direction and scope of the long-term activities performed by the organization to obtain a competitive advantage. Marketing according to Proctor (2000) is about satisfying wants and needs and in the course of doing so facilitating the achievement of an organization’s objectives. By paying attention to customer wants and needs, organizations are more likely to achieve their objectives in the marketplace.
Research Question
The research aims to answer the question how does a retail business create and implement a marketing strategy? More specifically, it aims to answer the following questions:
1. What are the steps in marketing research?
2. What are the processes of marketing in a retail business?
3. What are the processes in brand management in a retail business?
4. What are the steps in creating a marketing mix?
5. How does a retail business create a communication strategy?
Research Objectives
The main objective of the research is to investigate on the marketing practices of a retail business. The research also aims to accomplish the following:
1. Identify the steps in marketing research.
2. Determine the processes of marketing in a retail business.
3. Identify the processes in brand management in a retail business.
4. Determine the steps in creating a marketing mix.
5. Identify the ways by which a retail business create a communication strategy.
Hypothesis
Marketing is a very important activity in every business. Through marketing, a company can increase the demands for their products or services. It is also through marketing that consumers gain information about products and services. The main hypothesis for this research is that retail business employ different marketing strategies in order to fulfill different objectives.
Research Method
A multi-method approach will be adopted, drawing on primary and secondary research. The reason for this is to be able to provide adequate discussion for the readers that will help them understand more about the issue under investigation as well as the different variables involve with it, the primary data for the study will be represented by the survey results that will be acquired from the respondents. The primary research will involve both qualitative and quantitative methods. This study will also employ qualitative research method because it will try to find and build theories that will explain the relationship of one variable with another variable through qualitative elements in research. Through this method, qualitative elements that do not have standard measures such as behaviour, attitudes, opinions, and beliefs within the organizational domain will be analyzed. The explored literature extrapolated many key issues regarding the topic. Further, an instrumental case study approach would be used. The researcher will make use of published materials such as books, magazines and newspapers to collect data and information regarding the topic. The researcher will also make use of the internet to obtain information about the company such as its background and other related information.
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