Retailers are a busy lot too. They are constantly creating strategies to sell their products -- always toiling to excel.
What makes retail business rock? What plans set the cash boxes ringing? Does Indian retail business still have a long way to go? What do Indian retailers need to do to compete with their foreign counterparts?
What are the keys to achieve success in retail management?
What is the state of retail management in India? What measures need to be taken to help India attain success in this field?
In an online chat on rediff.com on Thursday, professor of marketing, London Business School, Nirmalya Kumar answered many such readers' queries.
Nirmalya Kumar says, Hi this is Nirmalya. Welcome. Let's chat.
monu asked, Hi Mr. Kumar , I would like to know about is the price is the only winning factor among reatiler ware
Nirmalya Kumar answers, at 2007-12-13 17:13:43No. There are always 4 winners in retail-cheapest, biggest, best and nearest. So at least 4 propositions.
rohit asked, hello sir,Can you tell something about branding in B2B marketing in areas like IT. How should it be able to show itself as a premium brand?
Nirmalya Kumar answers, Branding in B2B can get some price premium but usually it is associated with peace of mind and ease of doing business. It is built over years demonstrating this to the customer.
NCS asked, I am always confused with the terms used like MARKETING AND SALES. What is the real big difference?
Nirmalya Kumar answers, Sales is about taking the products that you have and finding customers for them. Marketing is much broader and incorporates selling. It is about understanding customer needs then developing the appropriate products and services and promoting them to the end user. Promotion includes advertising and selling.
rajeev asked, why wallmart so keen to enter India
Nirmalya Kumar answers, India and China are the only 2 countries besides the USA where a retail chain can dream of having 5000 stores. Retailing is about multiplication and large countries have the most potential.
vickey asked, There is this stigma of "Indians not good at Marketing" on International level, may be they do good in India. What is your take on that ?
Nirmalya Kumar answers, There is not stigma against Indians and marketing at international level. In fact several top companies marketers are Indians. However it is hard to move marketing people from one country to another because they need to know the local context.
Sudhir asked, Would it not be prudent for the retailers in India to form co-operatives and defend themselves against the might of established retail chains. Any source for them to take the necessary guidance to do so?
Nirmalya Kumar answers, Forming retailer cooperatives or wholesale sponsored cooperatives is a way for small retailers to gain some leverage against large retail chains especially in terms of buying, credit cards, advertsing and promotion.
dipalrc asked, Dr Kumar Do you think that Cash and Carry retail formats will suceed in india for fresh products/grocery items or what could be the ideal model?
Nirmalya Kumar answers, C & C serves small restaurants and shop keepers so groceries needed but not as important as in the supermarket format. In the latter a great grocery proposition is crucial for success.
gopichandms asked, HI Nirmalaya, Good Evening! What are the qualities smart marketing person should have to succeed in his career?
Nirmalya Kumar answers, A good marketing person has empathy for his customer and understands the techniques of marketing. As you get to more senior positions marketers have to understand the financial implications of marketing and become more strategic in their thinking.
Prashant asked, Where do see india five years from now, in retail marketing
Nirmalya Kumar answers, There will be many different formats but the kirana store will still be around because they have
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