Retailing

Retailing is very important to marketing because it involves all activities related to selling goods and services to consumers for personal and nonbusiness purposes. According to MKTG 5.0, about 20% of the American population are retail workers. Retail businesses range from small/independent retailers to chain stores, convenience stores, drug stores, franchises, specialty stores and even large department stores, super-centers or supermarkets. Nonstore retailing, defined as the act of shopping without physically visiting a store, has become increasingly popular in recent years with growing technology.

The retailing mix is made up of 6 "P's" commonly known as product, place, promotion, price, presentation and personnel.

The retailing mix is made up of 6 “P’s” commonly known as product, place, promotion, price, presentation and personnel.

The retailing mix is made up of the 6 “P’s”, also known as product, place, promotion, price, presentation and personnel. The offering of products, also known as merchandize mix or product assortment is what initially invites a consumer into a retail location. The retail store’s location is significant because it affects the profitability, store growth and flexibility for consumers. Promotion strategies can include sales deals, public relations and advertising of the offered products or other benefits discovered in the retail store. Consumers use prices to determine whether the product is worth purchasing, therefore retail stores need to consider their pricing so that they can attract the most amount of shoppers to buy a product. The presentation of the retail store relates to the atmosphere and overall impression generated by consumers based on how the interior of the store is designed. Lastly, consumers that experience positive interactions with personnel are more inclined to carry out the purchasing process and return to the retail store for future shopping expenditures.

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