UNIT 11 IN-STORE PROMOTIONS,

STRATEGIES, BUDGETS AND

EVALUATION
Structure
11.0 Objectives
11.1 Introduction
11.2 Strategy Formulation Basis and Budget Creation
11.3 Creation of a Marketing Budget
11.4 The Product (or Service)
11.5 Overall Price Strategies
11.6 Product Characteristics
11.7 Strategies for In-store Promotions
11.8 Customer Retention Schemes
11.9 Footfall Increase Management & Conversion to Sales Strategies
11.10 Let Us Sum Up
11.11 Terminal Questions
11.11 Some Retail Promotion Advertisement to Ponder

1 1 OBJECTIVES
After studying this unit, you will be able to:
Explain the strategy formulation basis for an in-store promotions;
Describe the marketing budget creation;
List-out pricing strategies;
Identify product characteristics;
Describe strategies for In-store promotions;
List-out customer Retention Schemes;
Explain footfall increase management and converstion strategies.

1 1 INTRODUCTION
This chapter gives an insight on the marketing promotion activities based on
small time budgets and constantly~evaluatedresults, once we prepare a strategy
to address a particular consumer segment and develop an in-store promotion
activity, then we can implement those techniques and make each and every
sales person in shop aware about the sales mechanism, so that they can make
the best effort out of it, hence it is of utmost importance to understand the role
of a sales person in implementing a sales strategy, keeping in mind the allotted

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 budget and promotional strategies. Let's now explore the various strategies on xn-store Promotions,

which we can build a healthy budgetary plan for instant results.

11.2 STRATEGY FORMULATION BASIS AND BUDGET

CFWATION
The strategy for any retail is based upon the consumer or the customer segment
which visits that particular retail. For example, let's look at store retailing of
computers and Peripherals promoting PC's and Laptops. The general trend in
this market segment is promoting products with help of bundled offers, if the
) margin on a particular High end PC sale is Rs. 4000, a Printer with an MRP
of Rs 2500 ( Cost to company is Rs 1250) could be offered to customer at
MRP @ Rs 1000. Then customer will not object for paying that difference and
enhancing the utility value. The net reduction in margin would be only Rs250,
however the result of the bundled offer will enhance sales from 2 PCs a day
to maybe 5 PCs thereby increasing the customer network who will return to the
retailer to buy the Ink cartridges, this type of promotional scheme is called
adjustable costing scheme and budgeting.
On the contrary, lets say a company has a budget of marketing of Rs 5000 per
outlet for a month,now for 50 outlets it becomes Rs 2.5 Lakh and company
gives a half page advertisement in news paper with contact numbers of these
outlets area wise, this advertisement may then be squeezed to quarter page
BRs1.5 Lakh, thereby saving Rs ]Lac or Rs 2000/- Per shop, now the retailer
can offer one pen drive free along with the above offer as a companies retail
seasonal scheme in addition to above scheme or allow retailer to bundle any
exiiting gift along with above scheme to attract customer, this kind of budget
creation and scheme designing is called principal supportive scheme and

Another alternative scheme designing can be done, wherein, the retailer has
some additional margins coming in due to schemes provided by principal
organization, for example if there is a purchase for Rs 25k by retailer from the
manufacturer and is sold at Rs 26k in market, on picking up a large quantity
of stock the retailer gets a volume discount means that if he sells 10 machines
in a month, his purchase price is Rs 25k and if he purchases 11-15 it is
Rs24.5k and if 16 and above Rs 24 k, then the moment retailer is selling 11th
product he knows that he has Rs 0.5k * 10 amount backing him up as per
scheme and then he can use it for a promotional scheme to improve sales to a
number above 15, there by making money on the next slab, this kind of budget
generation and best utilization of money for designing a strategy to sell by
promotional methodologies studied in 9" chapter is called incremental budgeting
and promotion schemes.
There can be another scenario, where in the company supports the retailer, or
retailer has to create some additional effort for the stock clearance, this can
happen where Competitor Company has launched a product with added features
at lesser price now. The retailer will find it difficult to clear his existing stock
therefore be supported by the manufacturer to drop prices and clear existing
model stocks, such a sales promotion is called stock clearance budgeting
and promotional schemes.

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Retail Marketing and Hence like that a retailer can use different ways of generating push sales from
Communication
his counter to get the maximum revenues.

11.3 CREATION OF MARKETING BUDGET

Resource allocation is a critical part of any marketing plan. To simplify budget
preparation, it is recommended that investments in labor, material and services
be broken down into the five Ps of marketing:
Product - The item or service you have to sell.
Price - The amount of money you ask your customer to pay for your product.
Place - Where a product is now and how it is transported to your customer.
Promotion - The advertising and publicity necessary to complete a transaction.
Persuasion - Personal selling of your business.Each of the five Ps represents
an investment in money, materials and services. We can represent this as a
system of pipes connected to a tank of money, which represents the total
marketing budget, a main pipe through which the rupee flows and five valves
that control the flow of money to each of the five Ps. The concepts of market
planning, segmentation and positioning are shown as filters. Budgeting is the
process of setting the valves and filters to meet the needs of each marketing
task for each segment and then monitoring the results over time to make sure
you remain on target.As your market segments change, you will have to reset
the valves. The important thing is to have in place an effective marketing research
system that gives you the confidence to move in the right direction for the right
reason.

11.4 THE PRODUCT (OR SERVICE)

When consumers think about using a product or service, they consider its advantages
and disadvantages. In other words, they ask, What's in it for me? Therefore, it is not .
enough to define your product and its features; other questions must be answered.
Think first of your perception of your product or service and then find out how your .
customers see it. Ask yourself questions such as:

a What is a description of our product or service?

a What image does it have in the market?

a What are its features and benefits?

a In the eyes of the consumer, is there a way for us to provide our product or service
more effectively?

a Where does our product or service fit in a prqduct life cycle?

Introduction (maximum investment in development).

Growth (investment in marketing).

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 Maturity (maximize profits). ~n-storePromotions,

Marketing decision - At some point during this declining stage, you must decide
whether to invest more money in the product (i.e., create a new and improved model
requiring additional investment and generating a new life cycle) or to discontinue it.

11.5 OVERALL PRICE STRATEGIES

There are a number of pricing strategies you can use to achieve growth goal. Each has
the potential of producing a profit,and most are tied to the critical relationship ofprice-
to-sales volume and stock turnover. Some strategies you may want to consider are

(i) Price Skimming

This refers to the practice of charging high prices for the purpose of maximizing profit in
the short run. It works best when:

The product is unique and people are willing to pay extra just to have it. There are
trendsetters in society who always are looking for something new and are willing
to pay the price. A larger number are followers, and they will buy your product if
it is accepted by the leaders. The followers, however, will not pay the higher price.

The cost of development is high and there is a chance of early obsolescence or

" imitation by competitors.

You have a strong patent position, or your product would be difficult to copy.

The real disadvantage of skimming is that it attracts competition. Your competitors will
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soon figure out what you are up to, and the high profit potential will encourage them to
copy you. They may produce cheaper versions of your product or style, referred to as
knockoffs in the market. Once you have meaningfid competitionon price, your skirnrmng
days are over and you run the risk of ending up with a warehouse full of products that
cannot be sold at any price.

(ii) Penetration Pricing

The opposite of skimming is to introduce your product at such a low price that you will
quickly gain a large share of the market. The purpose is to discourage competition.
However, eventually you will have to raise your prices to start making some profit and,
when you do; you will learn much about customer loyalty.

(iii) Buying a Market Position

A variation of penetration pricing is to buy your way into the market with fiee samples
or heavy coupons, for example, 20 Rupees off on a 69 Rupees purchase and above.
This tactic is usually used by big companies because it takes considerable financial
backing and it may be six months or more before it starts to pay off. Small marketers

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Retail Marketing and can use it to the degree they knou what they are doing and can control the process.
Communication
Frequent follow-up is importantto ensure samples are not going to professionalcollectors
but are reaching potentially strong customers. In food products this is widely prevalent
to avoid the product going into expiiy date of consumption. Specificallysoft drink, milk
products, biscuits etc.

(iv) Loss Leader

This refers to promoting a few items at a sizable reduction to attract customers. The
idea is that the increased traffic will result in greater sales of your regular-priced +
merchandise. The reductions have to be on recognized brands and items purchased
frequently enough so customers know the prices and can recognize the savings. You
must keep switching leader items -people are not going to buy catsup four weeks in a
row regardless of its price. The danger is that you may develop a follo. :ing of cherry
pickers who will breeze into your store, scoop up the specials and buy nothing else.

(v) Multiple Unit Pricing

You can increase the size of your individual sales by offering a meaningful discount for
larger purchases.A liquor store usually will offer a discount or throw in a free bottle of
wine when you buy a case. The same idea applies to the "baker's dozen,"a discount
on a "set" of tires or selling beer and soft drinks by the pitcher. This is a good technique
for building customer goodwill, but you will not see your customers as often. The trade-
off, of course, is that you save time and money on containers and packaging, save time
by writing up fewer sales and, perhaps, can make your delivery service more efficient
by selling by the truckload. Variatioils are "two-for's," "six-packs,""cheaper by the
carton" and "bulk price."

(vi) Suggested Retail Pricing

This is the practice of selling at prices set by your suppliers. It is convenient because
many product lines are available pre-packed and pre-priced. However, you lose -
flexibility and must live with a set percentage markup. (To combat this disadvantage,
some suppliers offer "two-for-three"options using the retail price). Because suggested-
retail or retail-price-maintenanceplans are illegal in some states, the practice usually is
a loser. Using a slightly different strategy, Panasonic published a "minimum retail" price
list showing a higher "average retail"; some stores use such gimmicks as "compare at"
or "nationally advertised at" to imply that the "oficial" price is at a certain point.

(vii) Discount Pricing

The discount store usually offers lower prices as a trade-off for Spartan interiors, lack
of sales help and in stores like Wal-Mart they also have self checkouts. These stores
typically work on lower margin but higher turnover as a store. Since discount stores
depend on the efficiency of greater volume to cover operating costs, they must maintain,
or at least promote, good prices to attract continuous customer flow.

(viii)Full-costPricing

This pricing is calculated by adding the costs of the product or service plus a flat fee or
percentage as the margin of profit. During inflation, you must keep track of your costs
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 to make sure that you are charging enough. In many business lines, owners have come rn-store P~.omotions,
Strategies, Budgets and
to realize that when they replace their stock, the wholesale price has often risen above I:valuation
their retail pice. If they do not raise prices rapidly enough, they are faced with dirrrrmshing
inventories at a constant dollar investment or with having to invest more money to
restock their shelves at the constant level.

(ix) Keystone Pricing

I This refers to the practice of setting the retail price at double the cost figure, or a 100
percent markup. It is most common with jewelry items and in specialty shops, high-
ticket fashion stores and up market department stores. Typically, the merchandise is
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subject to drastic clearance markdowns on items that are slow sellers or held past the
season.

(x) Price Lining

This is the technique used by most retail stores of stocking merchandise in several
different price ranges. A hardware store, for example, may carry hammers in good,
better, and best categories at $6.49, $12.49 and $19.98, respectively, and aprofessional
model at $27.95. The theory is that people buy products with different uses in mind and
with different expectations for quality and length of usefil life. If you do not carry a
range of prices, you may lose the customers M ho cannot find the product at the right
price. Price lining simplifies buying and inventory control because you buy only for the
price levels that you know your customers will accept and eliminate those goods that
fall outside the levels you want to carry.

(xi) Competitive Advantage

Here is where you copy or follow the prices set by your competition. Based on your
service image, you can set your prlces equal to, above or below those of your
competition. This strategy requires constant vigilance by reading the ads and shopping
y o u competition. It is a more passive technique because you're always following your
competitors. Chances are your more aggressive competitor can make better purchases
than you. Avariation of this is the we-won't-be-undersold routine, where you offer to
meet or beat the prices of all your competitors.

(xii) Pre-season Pricing

Many manufacturers offer price discounts or dated billing as incentives to buy early.
This is impoi-tantto manufacturers because of production planning and the lead time
:?ecessa~y for ordering raw materials. For the retailer, the same principles apply; also,
off-season spccials may be a way to profit in business on a year-round basis. When
you sell at a lower price to get the early sales, you may be borrowing from later full
price sales. On the other hand, anyone who has tried to buy snow tires during the
year's first snowstorm knows the extent of delivery problems. In this case, early sales
at a lower price would have allowed the merchant to serve the customers better and to
capture sales that may be lost due to limited service facilities.

(xiii)Price Is No Object

This refers to certain marketing situations in which the quality of the product or service
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is far more important than the price. If you need a kidney transplant,for example, you
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 Marketing and are not going to shop around and haggle over price. And even if you do press the
Communication
doctor, he probably will quote you a range with a $5,000 spread rather than giving a
specific number. The same is often true with high ticket fashions and jewelry. Using the
same psychology, expensive automobiles and boats are not sold on price. They may
use a starting at or base price to get people interested, but the prices of the options are
usually in very small print. The extreme ofthis attitude is that ifyou have to ask the price
you probably cannot afford the item anyway.

Perishability - Refrigerationor fkozen storage requirementscan severely restrict place

options and raise operating expenses.

Bulk - A product requiring large display space, or one that is heavy, may restrict
transportation options as well as display opportunities.

Display Ability - Package design that prevents stacking on store shelves can severely
restrict customer exposure. (Log Cabin syrup was originally packaged in slanted-roof
metal containers. As supermarkets placed increased value on shelf space for customer
selection, the inability to stack the log cabins forced a change in package design.)

Buying Requirements - If the item must be tried on to determine fit or if it must be

demonstrated before the sale can be made, the place element is more restrictive than
for a product that requires no package opening at the time of purchase.
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Customer Characteristics
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I Impulse Versus Planned Purchase - Items displayed in a high-traffic area can increase
unplanned purchases.

Frequency of Purchase - Items purchased once a week usually require more outlets
than those purchased once a year. Grocery stores, for example, always outnumber -
retail fimitureoutlets.

Distance -How far is the customerwilling to travel to purchase your goods or services?

Use Characteristics

How the customer uses the product after purchase also can determine place
characteristics.

Do you need to train the customer to use your product, or supply instructions
or a repair parts list?

Can you make more sales for service contracts, accessory items, consumable
supplies, repair parts or companion items?

(i) Location

For most small businesses, especially those involved in retail, finding the best location at
the lowest price becomes an important consideration. You can draw customers to a
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poor location but the cost of advertising is often prohibitive. You should learn how ~ n - s t o r e18romotions,
Strategies, Budgets and
much money you have to pay for the better location and see how that compares to the
cost of drawing the same number of customers to the poorer location. Do not overlook
parking, public transportation, quality of the neighborhood, sign restrictions, lighting,
traffic flow and other factors that determine your store's convenienceand safety.

(ii) Promotion

Perhaps the most versatile of the five marketing Ps is promotion. It covers all
phases of communicationbetween the seller and the potential customer. It is versatile
because a change in budget, media or target audience can be made quickly.
Pro~notionsalso can be effectivelychanged for specific market segment efforts.

(i) Persuasion

Your business's success will depend on your ability to persuade others to take actions
that will help them while also helping you. This is referred to as a win-win situation.
Both parties in the transaction must receive a benefit in value or in satisfaction.There
are many buying motives that may bring a customer to your business:

Gain Utility Conformity

Time saved Productivity Saved effort

Health Convenience Money saved

Comfort IHEappiness Need

Protection Pride (vanity) Want

Pleasure Fear Economy

AmusemeritLove Luxury

Security Profit Safety

The key to successfulselling is to determine which motives brought the customer to you
and then develop a sales presentationthat will convince the customer that you and your
product can meet those needs. This process can be broken down into a series of steps:

Prospecting - This is the activity of identifying potential customers or runningads to

entice people into your store.

Pre-approach- This includes planning what you will say to customers and what evidence
or displays you will need to enhance your presentation.

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Approach This may include a greeting,statement of objective or series of questions
to determine exactly what the customer wants. Learn as much as possible about the
customer and his or her buying motive before you begin your presentation.

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Retail Marketing and Presentation - This is the opportunity to tell customers everything they need to know
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to make an intelligent buying decision.

Dramatization - Show enthusiasm for your product or service.

Proof - Words may not be enough. You may need to show facts and figures,
endorsements, testimonials or other means ofbacking up your claims.

Visualization - Help your customers visualize the satisfaction they will derive from
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buying now.

Demonstration - Ifpossible, let the customer experience the product. Many items are <

difficult to sell without a test drive.

Trial close - This is a statement or question designed to let you know how close the
customer is to making a buying decision.

Uncover objections - Find out why the customer is not ready to buy.

Meet objections - Go back over your presentation to clear up misunderstandings or

doubts the customer may have.

Final close -Ask a question that causes the customer to make a buying decision in
your favor.

Follow-up - This includes all the steps you take to write up the sale, ai-range delivery,
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receive payment and ensure customer satisfaction.

The above process may be inefficient in many selling situations. The genius and creativity ,
of advertising is its flexibility in preconditioning the customer and answering some
objections. Certainly your reputation, attitude and the atmosphere of the selling situation -
can do much to alleviate fears or concerns in the mind of the customer. Your best
prospect often is a satisfied customer or the friend or relative of a satisfied customer.

For many products or services, direct mail and telephone selling can be used to complete
the sale or to qualify prospects for a personal follow-up.
Motivation is an essential ingredientin persuasion.You and your employees must maintain
a positive mental attitude. You must learn to sell yourself, your company a'nd your
product. And your attitude must be one of serving the customer first, with the realization
that your success depends completely on your ability to serve the customer.
Budget Vs ROI.
There needs to be a very thin line of demarcation between budgeting and its
implementation in the fonn of schemes so that it can be tracked that the schemes
which have been designed in the previous incepts are implemented by the sales
people in ail emphatic manner and its timeline is kept in mind. There is also a
close relation to be maintained between, the schemes implemented and the sales
- conversions made. If there is a genuine increase in the overall sales and the
average profitability even after margins shrinking goes up due to volume factor,

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I then it may be clearly defined that the budget Vs ROI is worth implementing the
scheme and hence there has been a successful use of promotional scheme
based on crucial budgeting and effective implementation generating good sales
results.
~ n - s t o r ePromotions,
Strategies, Bud$:ets and
Ev~tluation

I- I
There are lot of different strategies then which are undertaken by retailers to
increase their sales. These all strategies revolve around the kind of consumer or
. customer segment they are catering to and hence using the budgetary ways
discussed above, they design broadly 2 ways of workifigs, one revolves around
, in- store product positioning and general merchandise marketing and visible
attraction to the customer, which can make a customer attracted toward moving
inside the sWop and be able to locate latest schemes and product of his choice
or latest entrant with ease. the same have been covered in urevious chanters.

i of Retention schemes, some of the retention schemes and marketing schemes I

i
I
used widely in industry for boosting retail sales are discussed below for your
knowledge:-
In-store promotional methodologies have already been covered in chapter 9.
Please read tpem for details.

1 11.8 CUSTOMER RETENTION SCHEMES

(ClubMembership: These are loyalty memberships which are given to customers
who are frequent shoppers, these customers will enjoy the benefits of some
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special discounts and also some credit buying limits or easy installment schemes
o r even 0% loan facilities which can enable the customer to make easy buying
and hence earn the loyalty of the customer for lifetime giving him continued
benefits.
Privilege Points: These are again point schemes offered to regular visitors,
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wherein on the basis of making purchase on a value of products they get some
points, on collection of all these points customer can redeem points into money
clr get an equal amount product free from retailer, thereby creating a value chain
between the buyer and retailer and hence facilitating both for an ongoing
relationship, giving repeat business to the retailer.
Service Camps: These are also a type of activity wherein a retailer can offer
free service camp or discounted service camp of his sold products and gets
opportunity to bring customer back to his shop, thereby luring him to buy latet
products or accessories and also gives retailer chance to get some revenues
from servicing. It gives a big boost to customer also and adds value for retailer,
making a room for repeat purchase from same shop.

I Feedback Mechanisms: Taking feedbacks after keeping database of customer

earn appreciation and can win customer back and also his referees.

I R.eferra1Bonus: This is a scheme offering incentive to existing customer to

refer a new customer to earn referral point and again can redeem them for
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Retail Marketing and
Communication 119 FOOTFALL INCREASE MANAGEMENT &
CONVERSION TO SALES STRATEGIES
Product Upselling : This is a very important tool wherein you need to push
one product with another. like for example if you have sold a PC to someone
then also try and sell accessories like pen drives or printer to the same customer, -
at times check for upgrades required to your customer and thus enhance revenue.
Strategic Diversification: A very important and prominent strategy these days
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in retail space, can be explained as a shoe shop having a photocopy machine
and giving that service also thereby ensuring footfall of customers in his shop, -
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or a dress material store with in house tailoring service, or a traditional sweets
shop having a snack corner for chats & savories etc, to increase and sell more
due to increased footfall.
TV in shop during world cup may also attract footfall to a store.
Volume purchase discount and lottery Gifts:
Game Zone: Another way of attracting customer is offering him lottery coupons
on the product value purchased, for example for purchase above value of
Rs 1000/- customer will become eligible to play a game and may win a TV or
a small consolation prize for sure. The seasonal value purchase highest lottery
gift may be a car as well, hence there is increase footfall for buying in the outlet.
Seasonal promotions:
University forms availability at retail counter and Holiday package offer for a
volume purchase can be some of the very interesting schemes that can help a
retailer to increase footfall and sales for the showroom in that season.
Discount King Offers:
Loot Offer: product offerings for a short duration on no margin or dearth
margin pricing to attract footfall or make people aware about your presence in .
market, can be a good introductory strategy.
Buy one get one free/Discounts upto 50%: Is another very important scheme, .
which neutralizes the purchase of a customer and excites him to come to you, I

some time 50% + 20% sale scheme, giving effective 60% value can also be
attractive offers for people to visit your retail outlet.
0% Scheme on Loans: This can turn up as a very important strategy for
facilitating the buyer who is not cash rich thereby giving you edge on fast
counter movement. This offer is very popular among white goods retailers.
Recently an up market car manufacturer offered car under 0% scheme for 36
months.
Niche Producs and Lifestyle Segment Strategy: A little bit different strategy
like creating a separate scheme for this segment may be taken care off and thus
an ambience of the same sort, facilitating home demo's, special welcome
strategies, privilege customer discounting on rich club activities may facilitate
this segment buyer and normal discounting and small offer strategies revolving
around cost benefit may not interest them, hence when it comes to strategy
dc\igning for niche product segment, the strategy does not revolve around
104 pricing benefits, but they revolve around servlce benefits.
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Retail Marketing and * .

Write your observations please.

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 In-store ~Pronlotions.

Is it me, or does Sam Walton look kind of Asian in the Chinese Wal-Mart sign
(second photo from the top)?
OX:23 AM in Advertising From Overseas, Retail Industry Advertising, Retail
Promotions I Permalink 1 Comments (2) 1 TrackBack (0)
\+'riteyour observations please.
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05 December 2007

Source: Bits & Pieces

09:20 PM in Retail Promotions, What Were They ~ h i n k i h ~I Permalink
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Write your observations please.
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r

Write your observations please.

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Write your observations please.

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07: 18 PM in Film Tie-Ins, Outdoor Advertising, Retail Promotions I Permalink ~ n - s t o r ePromotions,

Strategies, Budgets and
I Comments (0) I TrackBack (0) Evaluation

17 April 2007
Sure, it's tax day, but it's also Ben & Jerry's Annual Free Cone
Day!

Write your observations please.

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From noon until midnight today, participating Ben & Jerry's ice cream shops
around the world will be giving away free cones of ice cream.
06:OO AM in Fast Food Industry, Free Trials, Retail Promotions I Permalink 1
Comments (0) I TrackBack (0)
14 March 2007
IKEA will now force its customers to think about whether or not
they REALLY need a bag.
To raise awareness of the environmental impact of plastic bags, beginning
tomorrow IKEA is going to start charging U.S. customers for plastic shopping
bags.
Will this make a difference to o w planet? Heck yes, if Taiwan is any indication.
When retailers in Taiwan began charging for plastic shopping bags, use of the
bags dropped by 80%. 20 1

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Source: Five Blogs Before Lunch
Write your observations please.

11:00 A M in Building Awareness, Consumer Behavior, Facts and Figures Relating

to Advertising and Marketing, Retail Promotions, Social Responsibility in
Advertising I Permalink I Comments (1) / TrackBack (0)

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