Introduction to Retail Management

According to Philip Kotler, definition of retail is the

• marketing mix (4P's) including price, product, promotion and price.

• concept of selling goods or service in the outlet mall.

• activities involved in selling goods or services to the final consumers for personal, non-business use.

• activities involved in creating brand awareness among new potential customers.

Below factors are environment of retailing, EXCEPT:

• Demographics

• Psychology

• Economics

• Social

Groups of consumers and individuals can be identified in term such demographics as:

• Stakeholder

• Genders

• Competitors

• Supplier

_______________ environment for retailing comprises the overall economy including business cycles, consumer income and spending patterns.

• Economics

• Political

• Demographic

• Technology

Pure competition occur when a market has all below factor, EXCEPT:

• Homogenous products

• Many buyers and sellers, having perfect knowledge of the market

• Ease of entry for both buyers and sellers

• It is frequently situation in retailing

One of the characteristics of oligopolistic competition is

• relatively many sellers.

• many small firms who follow the lead of a few larger firms.

• only one market leader conquer the entire industry.

• any action by two or more seller is expected to be noticed and reacted to by the other sellers.

Market segmentation known as focusing one market to enter. Meanwhile, the concept of target market known as

• competing with market leader to become the stronger business.

• separate market into major specialist carry out by the business.

• group of customers that the supplier is seeking to serve in return of profit.

• group of customers that the retailer is seeking to serve.

For a segment(s) to be considered attractive enough for becoming one’s target market, it must meet all three criteria:

• Measurable, accessible and sustainable

• Measurable, accessible and substantial

• Accessible, substantial and sustainable

• Substantial, acceptable and sustainable

Location of store based retailers must be strategic enough to capture more attention. The type of location below are store based location must be choose by retailers, EXCEPT:

• One Stop Centre

• Shoping centre or mall

• Neighbourhood Business Distric

• Central Business Distric

Centrally owned or managed shopping district that is planned, has balanced tenancy (the stores complement each other in merchandise offerings). This concept is applicable for

• Neighborhood Business District (NBD)

• Freestanding Retailers

• Secondary Business Distric (SBD)

• Shopping Centre or Mall