10 Questions
What percentage of India's GDP is contributed by the retail industry?
14%
What is the primary focus of retailing?
Putting finished products into the hands of clients for personal use
According to Kotler, what activities are involved in retailing?
Selling goods and services to consumers for personal, non-business uses
What is the role of retailers in the supply chain, according to the text?
Final link in the supply chain
What term does the American Marketing Association use to define retailing?
'Non-selling' business activities
What does the French verb 'retailer' imply?
To cut a piece
What is the significance of retailing in the world?
It is the second-largest industry in the world
What does retail management ensure?
Customers have a pleasant shopping experience
What percentage of the labour force is employed by the retail industry?
One-sixth
What is the anticipated worth of the retail commerce?
$7 trillion US dollars
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.
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.
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