Local store marketing (LSM), also known as "neighborhood marketing", is a marketing term that refers to the application of different variables in a business' marketing mix dependent on localized specifications including the consumer, competition, and store characteristics. Word for word, "local store marketing" can generally refer to any marketing techniques a localized business, in any industry, uses to market itself to the area it operates in. For the most part, within marketing and advertising circles, the term "local store marketing" is instead taken as a whole to define the tactics used by a localized business to supplement a broader marketing initiative being implemented by its corporate owner, its franchisor, or some other conglomerated parent entity. In many businesses, this "parent entity" is responsible for national or regional marketing initiatives with which it has total control. For the localized business operating under this "parent entity", it specifically will control only marketing initiatives that affect the location itself, paying special attention in selecting those that meet efficiency requirements based on its local customer base, its capabilities, its resources, and the general business environment it operates in.
Local store marketing includes a vast array of techniques utilized by businesses everywhere. Some of these include promotion of business in a local chamber of commerce, personalized direct mail or correspondence to local customers, issuing local press releases, hosting events, sponsoring promotions, purchasing ad space in print, outdoor, or local television, etc.Local marketing can be studied from both the retailer and manufacturer perspective . For the retailer local marketing implies optimization of the store's marketing mixes. For the manufacturer local marketing applies optimizing the product's marketing mix at the store level. In fact we can position local marketing on a scale ranging from mass marketing to individual marketing. Local marketing lies between these two levels and implies segmentation on a local level. Some varied ranging definitions of local marketing are "Local marketing is adapting the merchandise offered in an individual store, based on local factors". "Local marketing is the translation of marketing from the national level to local consumer needs." In fact, local marketing has given rise to the term "grassroots marketing", in which marketing activities concentrate on getting close and personally relevant to individual customers' possible level. The original local marketing being the store sign and outdoor signs directing customers to the store. Such marketing is called "directional media" and is one of the most effective in diverting rival customers to a competitor 'surfing' on their marketing spend.
Video Local store marketing
References
Source of article : Wikipedia
0 Comments