Adaptation of marketing tools in retail companies

Abstract

In today's highly competitive environment under the conditions of internationalisation and globalisation of trade, retail companies have to know the overall characteristics and culture of different countries, consumer preferences, behaviour and many other facts. This knowledge allows the retailer to carry out proper and effective decisions on adaptation and standardisation of the application of strategies, thus ensuring the successful expansion and activity abroad. This paper deals with the explanation of the need and importance of adaptation of marketing tools in retail companies. The quantitative survey was realised in 2015 among 25 retail companies operating in at least two countries of the European single market. The participants in the survey were the marketing managers or CEOs of these companies in each respective country. 364 questionnaires were distributed. Based on the results of the survey, we define attitudes of retail companies and stakeholders on this matter, the factors leading to the adaptation and standardisation of various marketing strategies and the impact of the adaptation of these strategies on retail sales. The achieved average values of the responses show that the price of the required margins, sales promotions and applied discounts are the most adapted marketing factors in the studied companies.