BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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High standard of living
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Availability of low-cost customer credit
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Increase in per capita income
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All of the above
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Detailed explanation-1: -Reasons for rapid growth in Retail : a) Rising incomes and purchasing power : The average household income is increasing and leads to more purchasing power and ultimately consumption. The GDP is growing (and will continue) at a conservative rate 0f 6-7%. Rising affluence is the biggest driver of increasing consumption.
Detailed explanation-2: -There are a host of factors that are propelling the expansion of modern retail in India, including the improving infrastructure, a move away from the socialistic pattern of economy, better educational opportunities, and rising consumerism.
Detailed explanation-3: -Major factors responsible are the economic development, changing demographics, expanding disposable income, development of e-commerce and organized retailers helping the segment to change and advance quickly.
Detailed explanation-4: -Change in income structure, consumer tastes & preference, demographic & geographic profile are some of the key factors that are driving towards growth in Retail Business.