Burlington coat factory and Ross stores offer customers the sport of searching the racks for great deals on brand-name products. Both retailers use a (n) “off-price” retailing strategy.
Further Explanation:
Retailing strategy:
Retailing strategy is a type of marketing strategy in which the company opts for this strategy to increase sales in the market. There are various types of retailing strategies. The company can opt for any retailing strategy depending upon the needs.
An off-price retailing strategy is a type of strategy in which the company sells branded products at a lower price. The reason behind selling the branded products at a lower price may be the product is out of fashion, the product manufactured in the excess quantity, the quality of the product is not good.
Different types of retailing strategy are the following:
Branding: In this type of strategy, the company makes a brand image. So that customers attract easily to the item because of the branding image.
Customer experiences: In this type of strategy, the company builds a relationship with its customers by providing good sales services.
Promotion & Advertising: In this type of strategy, the company promotes and advertises the product at a high level that can reach all over the world. This will attract the customer, as it tempts the customer.
Price: In this type of strategy, the company follows different pricing policies to attract the customer by giving discounts, by offering free gift vouchers and by offering branded products at a discount price.
Learn more:
1.Learn more about types of strategy
2.Learn more about problem-solving strategy
3.Learn more about an increase in price
Answer details:
Grade: Middle School
Subject: Marketing
Chapter: Retailing strategy
Keywords:Burlington coat factory, ross stores, offers customers, sport, searching, racks, brand name products, off price, retailing strategy, marketing strategy, branding, customer, experiences, promotion, advertising, price.
