The rapid pace of globalization, increased competition, and excessive brand clutter are changing the market landscape in retail and posing new challenges for marketers and customers alike.

Coupled with the economic slowdown, environmental crises, and more discerning consumers, marketers are employing innovative strategies to address the changing consumer profiles.

Marketers are building brands based on inputs, and aim to create experiences that shall be cherished forever. In today's global marketplace, it is all about feel, relate and act. This is driving the consumption and choice of brands.

The human interface is becoming a critical component and is providing the necessary touchpoints for generating memorable experiences.

In order to respond to these factors, Marketing experts are introducing the new concept of Experiential Marketing. Experiential is about bringing a brand to life. It can be used to bridge the gap between a brand and a consumer, and make a lasting relationship. It does this by appealing to all senses of the consumer, i.e. taste, smell, touch, sound and sight.

Research and discuss the concept of Experiential Marketing. Discuss how can Experiential Marketing help retailers? What type of retailers can apply this new exercise and why? And finally suggest an experiential marketing plan for a retailer of your choice.

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