BUSI520 marketing management helps in the development of a good retail business. Basically, marketing management is the planning, organizing, controlling, and implementation of marketing programs and policies. This, therefore, helps to create and satisfy the demand for the products or services hence generating acceptable profit. A retail business on the other hand is an entity that sells items and services to customers for their consumption, use, or pleasure. Typically, they sell these items in stores. However, some opt to sell them online or over the phone and ship them to the customers. Examples of retail businesses are grocery stores, drug stores, and book stores.
FACTORS TO CONSIDER FOR ESTABLISHING A GOOD RETAIL BUSINESS
To establish a good retail business, entrepreneurs should consider the location of the business. This includes the amount of passing foot traffic, rent cost, and availability of local parking. They should also consider the target market. This makes it easier for the business to produce a product that satisfies the need of the customers. Besides, it helps in the BUSI520 marketing management since the business knows who they target. Additionally, the competitive factor whereby a business ensures that it provides products that a better than those of their competitors. Lastly, financial capital. An ideal business should not be financially strenuous. This will therefore help the business to achieve profits and have fewer debts.
THE IMPORTANCE OF BUSI520 MARKETING MANAGEMENT
BUSI520 marketing management is important in the following ways. Firstly, it helps to analyze marketing opportunities. Hence the business knows the wants, needs, and demands of the people. Secondly, it helps to determine the appropriate target market for the products hence the establishment of a good retail business. Thirdly, it is a tool for planning and decision making whereby it helps in the preparation of future course of action of the business. Fourthly, marketing management helps in the creation of customers where it determines the future of the market, therefore, providing the best products according to the customer preferences. Lastly, it helps to increase profits since it leads to an increase in sales volume.