Henry recently set up a retail store in his hometown. He studied the pattern that other storeowners followed in obtaining new customers. All their current customers had referred the store to their friends and family. Their awareness basically spread through word-of-mouth. Henry knew that his store offered the same quality as the other stores did. His store was also on the same street as the other retail stores. Given the setting, the other storeowners were already charging their customers the bare minimum in order to remain competitive. Which P of marketing should Henry concentrate on to distinguish his retail store? Henry should concentrate on to distinguish his retail store.

There are majorly seven (7) P's in marketing which is called the marketing mix. The most importance P's in the marketing mix are the following four (4) P'sP-productP-priceP-placeP-promotion From the passage, the first P which represents product can not be used by Hanry because he is aware that his store offered the same quality as the other stores.The second P which is Price can not also be used as a marketing tool for Henry because he is aware that the other store owners were already charging their customers the bare minimum in order to remain competitive.The third P which stands for Place can not also be used by Henry because his store is on the same street as the other retail stores and he cannot improve on this.The fourth P which stands for Promotion is the only marketing tool that can be used by Henry to beat the competition. This is so because the form of awareness created by the other store owners is by word of mouth can not be sufficient to create wide awareness, word of mouth can only go within friends and family.Therefore the P of marketing Henry can utilize is the Promotion. He can do this by making worldwide awareness like advertisement on tv, radio, social media, printing handbills, Sales promotion e.g. raffle draw, festive sale, clearance sales, giving bonus to customers like buy 3 & get 1 free promo.

asarwar asarwar · Answer 2 · 2020-01-31T19:00:28+01:00

Answer:

There are seven P’s of Marketing i.e. Product, Price, Place, Packaging, People, and Positioning. Henry should concentrate on positioning (P) to distinguish his retail store.

Explanation:

Henry should concentrate on positioning P because this P forces Henry to think continually about that he can develop a position in the minds and hearts of customers to retain and attract more customers. This P tells him how do people talk and think about you in your absence. Other P’s do not distinguish Henry’s Store because all other stores have barely competition with each other; they are selling the same quality product on the same street.

As in the given scenario, all their current customers referring his store to their families and friends and awareness about his store is spreading through word-of-mouth. Therefore, Henry’s store can be distinguished by words-of-mouth and the position he has developed in the market.

Henry should concentrate on how he could improve positioning among customers. He should concentrate on how to create an ideal impression in the heart and minds of his customers. How it would be? What would he have to do in every customer’s interaction to attract customers to his retail store? He should change the interaction with today's customers in a way that would be beneficial to him as the very best choices for tomorrow's customers. Therefore, only Positioning P distinguishes Henry’s store from other retail stores. Thus, Henry should concentrate on Positioning P to attract and retain more customers.

Other P’s are not important for Henry’s store because:

1. Product

All the retail stores selling the same products with the same quality. Customers can only interact or go to buy something from the store if the store's items quality is different.

2. Price

All the retail stores providing the same quality product in the same line. Therefore, the item's price is almost the same. Customers can only be attracted if prices are different.

3. Promotion

If any retail store starts doing promotion irrespective of price and quality. Then the customer can be attracted to that particular store.

4. Place

All retail stores are in the same market, so in the given scenario, Place P is barely advantaged to a retail store to attract customers placing at the corner of the market and easily accessible to the customer.

5. Packaging

All the retail stores are having and selling the same quality items. They are not manufacturing and packaging the product. The packaging is not affordable to the retail storeowner. However, it is useless, if someone wants to start packaging in a different way of the same quality product. Because the customer is more attractive to price and quality than packaging.

6. People

In the above-given scenario, thinking about people habit is not as important as positioning P. However, how hired people in retail stores behaving with customers is important.