Just Answer the Number 2!
Here is the answer for the number 1.
Retailing is the process of part of the supply chain management in which a retailer deals or interacts directly with the customers. In retailing there can be a brick and mortar store or an online store through which the products and services can be offered to the customers.
Retailing business has some major benefits which are as follows -
- Convenience for customers in terms of time, place, stocks, etc.
- Encourages impulsive purchases
- More secure than online shopping
- Greater sales potential
- Promotes competitive environment
Deciding retail prices
A retailer such as a grocer feels entitled to decide on the retail price of the products he sells rather than obey a supplier's SRPS as a retailer bears expenses and efforts in the form of capital, manpower, time and energy which sometimes is not justified in the margin given by the company or in the SRPS. A retailer is the last chain in supply management and he has a great idea about the worth of the product in the market and to the customers and keeping all the factors in the mind he is best able to decide and judge the price of the products he or she is dealing in.
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