Podcast
Questions and Answers
What percentage of India's GDP is contributed by the retail industry?
What percentage of India's GDP is contributed by the retail industry?
- 16%
- 12%
- 10%
- 14% (correct)
What is the primary focus of retailing?
What is the primary focus of retailing?
- Providing goods and services for business purposes
- Selling goods in large quantities to consumers
- Facilitating the delivery of products to manufacturers
- Putting finished products into the hands of clients for personal use (correct)
According to Kotler, what activities are involved in retailing?
According to Kotler, what activities are involved in retailing?
- Purchasing goods directly from wholesalers for resale
- Selling goods and services to consumers for personal, non-business uses (correct)
- Selling goods and services to businesses for personal use
- Distribution of goods and services to manufacturers
What is the role of retailers in the supply chain, according to the text?
What is the role of retailers in the supply chain, according to the text?
What term does the American Marketing Association use to define retailing?
What term does the American Marketing Association use to define retailing?
What does the French verb 'retailer' imply?
What does the French verb 'retailer' imply?
What is the significance of retailing in the world?
What is the significance of retailing in the world?
What does retail management ensure?
What does retail management ensure?
What percentage of the labour force is employed by the retail industry?
What percentage of the labour force is employed by the retail industry?
What is the anticipated worth of the retail commerce?
What is the anticipated worth of the retail commerce?
Study Notes
Retail Industry Overview
- The retail industry contributes around 10% to India's GDP.
Definition and Focus of Retailing
- The primary focus of retailing is to provide goods and services to end-users.
- According to Kotler, retailing involves buying, holding, and selling goods and services.
- The American Marketing Association defines retailing as all activities involved in selling goods and services to ultimate consumers.
Role of Retailers in the Supply Chain
- Retailers play a crucial role in the supply chain by acting as a link between manufacturers and consumers.
Etymology and Significance
- The French verb 'retailer' implies to cut or break into smaller pieces, indicating the retail industry's function of breaking bulk into smaller quantities for sale.
- Retailing is significant in the world as it provides goods and services to consumers, driving economic growth.
Retail Management and Employment
- Retail management ensures that the right products are made available to the right customers at the right time and place.
- The retail industry employs around 8% of the labour force.
Market Size and Growth
- The retail commerce is anticipated to be worth around 3.5 trillion USD in the near future.
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Description
Test your knowledge about the final step in the marketing distribution chain - retailing. Explore the significance, history, and impact of retailing as a crucial industry with intense competition.
