Literature Review on Marketing Strategies Essay
Research conducted by Cuthbertson & Bridson (2006) highlights the specific marketing strategies employed by retailers to increase customer loyalty. The research presents the internet as a potential medium of driving loyalty in the consumers. Fiorito & Laforge (1984) on the other hand have conducted a research on smaller retailers and what kind of marketing strategies they have employed to stay competitive in the retail industry. The two types of marketing strategies which are highlighted in the research as being commonly used by small retailers pertain to integrated marketing strategy and differential marketing.
The focus of the companies in the retail industry is to effectively market and differentiate themselves while providing the customers with what they demand. “The mission now is ruthless efficiency, eliminating the losers and refocusing budgets on genuinely profitable activities” (Parsons, 1992). A study conducted by McMaster (1987), highlighted the importance of market strategies pertaining to branding which aid the retail business to initiate growth and positioning for itself in the market.
Another significant research study which contributes to the knowledge available for the retail industry pertains to the different operations of the retailers in terms of the services they provide to niche markets. The limited service offering and marketing strategy for catering to niche markets is analyzed by Campo & Gijsbrechts (2004), who state that supermarkets should adjust their product and service offerings according to the locality in which they are operating. This enables them to customize their service for the customers employ loyalty and community support based marketing strategies. The study concludes that sales growth has been the marketing strategy demonstrating highest affinity to profit performance. Apart from this, increase in market share, capital-to-labor ratios, and the average inventory level are keys to evaluating and selecting retail marketing strategies which promise high profitability. ” (Cronin, 1985) These are excerpts of essays please place order for custom essay paper, term papers, research papers, thesis, dissertation, book reports and case studies.