ESSAY: Merchandising

Write a paper in which you:

– Synthesize your learning in this class through integration of the topics covered into a scholarly work on one retail management topic. Your topic must be the one approved in the first written assignment in week two.

ANSWER

Merchandising is a concept, process, and activities involving the techniques of displaying, free sampling, on-the-spot demonstration, pricing, shelf talking, providing special offers and other point-of-sale related approaches. According to Singh and Yaeghoobi (2018), merchandising involves developing a plan to market the right products and services at the right place, time, price, and quantity. When digital or in the stores, retailers use merchandising as the main method of influencing the decision of their customers to reach their sales targets. There are various tactics that are applied to determine the right merchandising strategy and they are highly dependent on actors such as the merchandise sector, product quality, availability of space and the suitability of displaying the product in-store or through the internet.

Merchandising is a broader concept that refers to different scopes of business and marketing strategies that revolves around the use of ambient promotional tactics to present merchandise to consumers in a more attractive and appealing way for the purpose of increasing sales and revenues. Merchandising is an essential sales promotion concept that emphasizes on comprehensive functions of business such as market survey, adverting, selling, new product development, marketing, and eventual sales.  Since it is a promotional activity to boost the sales of goods and services, it can employ the concepts of price adjustments, special offers, effective displays and other techniques that can influence the decision of the consumers to buy the product. Hence, successful merchandising should focus on presenting the product at the right time, price, quantity, and quality to maximize sales…