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Retail Marketing: Definition, Scope, Characteristics, Nature, Types, Factors Affecting And Security
Everything you need to know about retail marketing. Retailing has become such an intrinsic part of our everyday lives that it is often taken for granted.
The nations that have enjoyed the greatest economic and social progress have been those with a strong retail sector. Why has retailing become such a popular method of conducting business?
The answer lies in the benefits that a vibrant retailing sector offers—an easy access to a variety of products, freedom of choice, and high levels of customer service.
Retailing encompasses selling through the mail, the Internet, door- to-door visits—any channel that could be used to approach the consumer.
When manufacturers like Dell Computers sell directly to the consumer, they too become retailers.
Learn about:- 1. Definition of Retail Marketing 2. Scope 3. Characteristics 4. Nature 5. Types 6. Factors Affecting 7. Infrastructure Constraints 8. Changing Structure 9. Security Issues.
Retail Marketing: Definition, Scope, Characteristics, Nature, Types, Factors Affecting and Security Issues
Definition of Retail Marketing
... of Retailing
Characteristics of Retailing
Nature of Retailing
Types of Retailing
Factors Affecting Retailing
Infrastructure Constraints in Retailing
Changing Structure of Retailing
Security Issues in Retailing
Retail Marketing – Definition: According to the American Definition Committee and William J. Stanton
Retail marketing involves managing marketing activity in the retail sector. Retailing is where the purchase is intended to be consumed by customers through personal, family or household use, and involves – 1) retail stores or 2) non-store retailing. Retail stores include the large mixed retailing department and variety stores – hypermarkets, superstores and supermarkets, discount sheds, traditional speciality shops, etc.
Non-store retailing is the selling of goods or services outside the confines of a retail facility through mail order, in-home retailing or increasingly via e-commerce. The growth of the Internet and dot(dot)com businesses has increased the use of direct marketing by retailers, many of which do not require retail stores.
According to the report of the Definition Committee, America, “Retailing includes all activities incidental to selling to the ultimate consumer”.
In the words of William J. Stanton, “A retailer or a retail store is a business enterprise which sells primarily to the ultimate consumers for non-business use”.
Retailers purchase products for the purposes of reselling them to consumers in order to make a profit. Mail order and automatic vending are also classified as a part of retailing. Retailers provide – 1) place utility, by having products where consumers want to buy them; 2) time utility, by trading at times when consumers want to buy; 3) possession utility, by facilitating transfer of ownership or use of products to consumers; and 4) form utility, retail services such as hairdressers, dry cleaners or restaurants, etc.
Retail stores tend to cluster together in order to attract sufficient customer traffic, in traditional town centres (central business district) locations, suburban shopping centre, edge- of-town, on retail parks or in retail villages.
Retailing includes all the activities involved in selling goods or services directly to final consumes for their personal non-business use.
The word ‘retail’ has come from the French expression retailer which means to cut again. A retail store is viewed as one that cuts off small portions from big lump of goods. In this sense, ‘retailing’ is just the opposite of ‘wholesaling’ which comprises sale in bulk. But retailing is also the last link in the chain of distribution of products from the manufacturers to the consumers.
The words ‘retailer’ and ‘retailing’ have been aptly described by Stanton as follows:
Retailing includes all activities directly related to the sale of goods or services to the ultimate consumers for personal and non-business uses. While most retailing is done through retail stores, it may be done by any institutions. A manufacturer selling cosmetics door-to-door is engaged in retailing as much as a farmer selling vegetables at a roadside stand.
Any firm —manufacturer, wholesale or retail store —which sells something to ultimate consumers for non-business use, regardless of how it is sold (by person, telephone, mail or vending machine) or where it is sold (in a store or at the consumer’s home) is making a retail sale.
Retail Marketing – Scope
Retailing has a very wide scope. It is one of the fastest growing industries in India and is providing employment opportunities to many people. Retailing provides employment in two ways. Firstly, it provides entrepreneurship opportunities to the people and secondly, it provides employment to so many people who cannot own the retail stores.
With the increase in the purchasing power of the people and the rural reach of the retailers, the scope of retailing has increased manifold. The scope of retailing can be viewed from the two viewpoints. One from the retailer’s, i.e., the entrepreneur’s perspective and the other from the employee’s perspective.
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