BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -A retail format is the retailer’s mix including merchandise and services, pricing, advertising, store design and location. A retail market is a group of consumers with similar needs that a group of retailers can service using a similar retail format to satisfy them.

Detailed explanation-2: -The retail format (also known as the retail formula) influences the consumer’s store choice and addresses the consumer’s expectations. At its most basic level, a retail format is a simple marketplace, that is; a location where goods and services are exchanged.

Detailed explanation-3: -the mix of variables, including location, merchandise, communications, price, services, physical attributes and personnel, which form the overall strategic marketing components of retailing.

Detailed explanation-4: -Retail marketing involves all of the ways a business acquires customers and gets those customers to buy their goods and services. The basics of retail marketing campaigns revolve around four main factors, which are often called the four Ps: product, price, place, and promotion.

Detailed explanation-5: -Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel, and presentation.