A Study of Cultural Influence on Marketing Management of Retail Sector

Abstract

Culture is not static. This is because of the evolving global environments. In this situation, culture is ever changing to adapt and to reflect the dynamism of the society as well as to maintain harmony within the society. Culture has immense influence on the values and lifestyles of individuals. Due to this dynamism people’s psychological construct changes and, therefore, their consumption patterns and thus their decision making. The retail market is a result of high complexities of a wide geographic spread and differences in consumer preferences across its varied cultural backgrounds. Therefore, proper selection of marketing strategy is the major problem for the retailer in the growing market and thus competition. This study investigates the influence of cultural factors on retail marketing. Schwartz Value Scale or the Values Model of Schwartz is used to study cultural values. Retail marketing strategies on four strategic retail factors are used. The factors are: product price, product assortment, physical location of store, and promotion. Regression test was used as statistical tool to analyses the data at 5% level of significance. This study will contribute to a better knowledge of cultural values and the elaboration of differentiated marketing plans and thus strategies according to cultural values of consumer.