BUSINESS ADMINISTRATION
RETAIL MARKETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The mixed-market format is the market segment toward which the retailer plans to focus its resources and retail mix.
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True
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False
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Explanation:
Detailed explanation-1: -Definition of Retail Market Strategy When a retailer refers to a target market, it refers to the market segment(s) toward which the retailer intends to direct its resources and retail mix.
Detailed explanation-2: -A retail marketing mix is similar to the traditional marketing mix, also known as the “4 Ps” of marketing. These include product, pricing, place, and promotion. The retail marketing mix adds two more “Ps” to the mix: people and presentation.
Detailed explanation-3: -Once the strategic retail plan is in place, retailers devise the retail mix which includes product, price, place, promotion, personnel, and presentation.
Detailed explanation-4: -The four Ps are: Product, Price, Place and Promotion.
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