Simulation Reflection Paper
My simulation is based on retail marketing and, in particular visual merchandising. I had to research any topic in retail merchandising for research. I selected visual marketing as the topic of interest in the area of retail merchandising. There is no doubt that the majority of retail firms are struggling to make high returns due to low-profit margins and cut-throat competition. The problem cannot be solved using any strategies such as discounts to increase sales as this will amount to losses. Or even by increasing price on products and services as this is likely to turn away price-sensitive customers. The change in profit margin on products or changes in sales could generate a considerable difference in change in profit and competitiveness of retail firms. It is prudent to employ retail marketing strategies that can lead to charging higher profit or increase sales volume for financial performance and competitiveness. Given these challenges, I noticed that visual merchandising is critical for many retailers struggling to gain competitive advantage and increase sales in the contemporary retail sector.
Before explaining the research on the topic of interest, I want to bring your attention to some marketing principles and concepts I encountered during the simulation. I believe I was prepared for the retail merchandising simulation research because I keenly read the instruction and all background information. As a consequence, I understood what w required of me and the prospective problems I would face in the process of research. Based on the general retailing marketing, I decided to examine common marketing strategies applied by successful retail firms. I noticed that 4Ps, digital marketing, and visual merchandising are the most used strategies by leading firms in the market. While my option was limited to one topic, I selected the visual merchandising strategy for the simulation research.
Retail marketing is a broad field with several topics. However, my research focused on visual merchandising strategy and how it impacts of buying behavior of consumers in the retail industry. The research on visual marketing provided me with a great chance to interact and engage essential models and concepts of the marketing management process. Further to that, research in the area enabled to apply research tools such including literature search strategy online, review of relevant literature, and identified gaps in the existing literature. While it looks complicated and confusing from the onset, as I am still new in market research and also the concepts of marketing management, my peers and instructor helped to ease through to come up with a concrete paper. Eventually, the research process was smooth, and i managed to gain necessary materials on retail marketing and, in particular, the visual merchandising strategy. In the end, I learned that gaining knowledge of marketing concepts and proper leveraging of visual marketing can increase the sales performance of retail firms.
Specifically, I noticed that increased competition in the retail sector is a headache for players, including major companies such as Wal-Mart. As a consequence of this competition, retailers are making effective use of marketing strategies to attract and retain customers. The research revealed that visual merchandising is one such strategy. Therefore, succeeding in this sector, the management must be well versed in marketing concepts, models, and strategy. As a young marketing student yearning to work in the retail industry, understanding these concepts is key to career success. Besides, I noted that market research is also fundamental in becoming a successful marketer. To understand the role of visual merchandising in retail stores, I have to research to get to know its impact on consumer behavior and sales.
Critical areas of research focus included examining the purpose and benefits of using visual merchandising to retail firms. The research further examined the influence of visual merchandising on the buying behavior of consumers through leverage the VM elements, appropriate use of fixtures, and presentation techniques. Various authors indeed confirmed it these factors have a positive impact on the buying behavior of customers. In conclusion, I can affirm that simulation research enhanced my knowledge of the underlying factors behind the success of retail firms from the perspective of marketing and consumers. However, the most significant aspect to keep in mind for any marketer is that retail merchandising is dynamic and keeps evolving. These changes must be understood and considered by marketers before deciding on an appropriate strategy for their firm.