We use cookies, and similar tools, to improve the way this site functions, to track browsing patterns and enable marketing. What is the Scope and importance of retailing? Let's stay in touch :), Your email address will not be published. What Is the significance of Problem-Based Learning in MBA? Thus, retail sector thrives with lots of lucrative employment opportunities for all the talented job aspirants. He also sells the requisite quantity, however small or big, to the final consumers satisfying their needs. Consider how much in sales Barnes & Noble might have lost over time due to Amazon’s entry to the market. Retailing has a very wide scope. 7) Extends credit facilities to the consumers and assumes credit risk. And i am very glad to include a document on the mentioned topic. pricing and all the things, Last but not least, I shall try Retail is clearly the sector that is poised to show the highest growth in the next five years. Retailers who focus on luxury goods markets are expanding their business internationally. The retailer does so to encourage shopping. Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied. This also facilitates consumption and maximizes consumer satisfaction. Pros, Cons & More, What is Plastic Engineering? Retailing shapes the lifestyle of the people: Retailing is an integral part of the modern society. For more information read our cookie policy and privacy policy. Due to its dominant position in the supply chain, the retail structure has steadily developed over the years. Various parties to the production and distribution of goods play a pivotal role in any economy keeping the robust volume of trade and commerce flowing through the market, leading a nation to prosperity. This inherent risk in trade is assumed by the retailer. Here's All You Need To Know, What is Data Science? The retailer assumes these risks while storing goods. 5. actually market in retail? In this stage competitors can now try to penetrate the market in stage 1. and marketing interact. In the Indian retail market the scope for growth can be seen from the fact that it is expected to rise to US$ 608.9 billion in 2009 from US$ 394 billion in 2005. Login. Profit - the role of world class strategic marketing plan... Profit - the role of world class strategic marketing planning, Hi, I'm Steve Burt from the But there are series of characteristics that make us think about how we apply marketing. Before we look at the scope Who is the longest reigning WWE Champion of all time? in retail marketing. Now, retailers are compared with manufacturers which indicates the growing dominance of retailers within the supply chain. to the Scope and Nature view of the business, if we look at how retailing At this stage competitors also begin to think about how they can enter the market as well. Retailing has mirrored the increasing prominence of the retail industry. the thing that we actually buy. Learn More About UGC's Online Short-Term Courses, Looking For A Career in Photography? It shapes the way of life. Is retailing a product The retailers know the complete demand and supply potential due to their years of experience. What is the conflict of the story sinigang by marby villaceran? What is the difference between the education system in India and USA? Shoppernomics: understanding the structure for marketing ... Shoppernomics: understanding the structure for marketing communications, Market segmentation - a fundamental concept of marketing. In the past, suppliers were dominant. (adsbygoogle = window.adsbygoogle || []).push({}); Advantages and Disadvantages of Online Shopping, Factors responsible for growth of Channel Relationships and Partnership, Need for Consumer awareness against unethical practices of sellers, Retail Marketing | Functions of Retailers, Advantages and Disadvantages of Information Technology in Retailing, Weaknesses of Trade Union Movement in India and Suggestion to Strengthen, Audit Planning & Developing an Active Audit Plan – Considerations, Advantages, Good and evil effects of Inflation on Economy, Vouching of Cash Receipts | General Guidelines to Auditors, Audit of Clubs, Hotels & Cinemas in India | Guidelines to Auditors, Depreciation – Meaning, Characteristics, Causes, Objectives, Factors Affecting Depreciation Calculation, Inequality of Income – Causes, Evils or Consequences, Accountlearning | Contents for Management Studies |. 8) Offers wide variety of customers and enticing price range in a product line. Besides, the annual turnovers achieved by the retailers can be compared with the largest companies in other service industries. The retailing concept suggests new retailers will typically begin with low-cost and low-margin operations. Retail Market of India is the most attractive and emerging market in the world and has demanded more number of trained professionals in this field.