Page 89 - DMGT554_RETAIL_BUYING

Retail Buying

Notes Geographic Analysis: It includes any of the formal techniques which study entities using their
topological, geometric, or geographic properties
Holistic Marketing: A marketing strategy that is developed by thinking about the business as a
whole, its place in the broader economy and society, and in the lives of its customers. It attempts
to develop and maintain multiple perspectives on the company’s commercial activities.

Marketing: The action or business of promoting and selling products or services.
Merchandise: It is any practice which contributes to the sale of products to a retail consumer.
Periodic Reviews: It is the evaluation of a firm and its progress on a regular cycle.
Retail: The sale of goods or commodities in small quantities directly to consumers.

6.7 Review Questions

1. What do you mean by retail specialists?
2. Explain the concept of “Marketing”.
3. What are the five concepts under which organizations choose to operate their business?
4. Any organization’s growth and survival in the highly competitive market depends on
how well it understands its customers and responds to their current and potential needs.
Justify.
5. Why is formulating a retail strategy important for retailers?
6. What are the essential skills and knowledge required for a retail sales and marketing
specialist?
7. Elaborate on main duties and areas of responsibility for a retail specialist.
8. What are the challenges in retail marketing?
9. How do high-ticket items affect retail marketing?
10. How do latest trends make a store successful?

Answers: Self Assessment

1. True 2. True
3. False 4. True
5. Marketing 6. Customers
7. Demographic 8. Population

9. Sales 10. Optimally
11. Retailers 12. Strategy
13. True 14. False
15. True

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