TITTLE: Retail Companies Operating in the Global Market
The term retail refers to the sale of services and products from either businesses or individuals to the consumer (end-user). Retailing process involves buying of products directly from manufacturers or from wholesalers in large quantities, and later sells them to the end-user in small quantities for a profit (Adina 2013). Retailing is exercised either in locations that are fixed like markets or stores, also through delivery or by door to door. On the other hand, services retailing is exercised in cases where the provider of the service services the demands of individuals who are in large numbers like for the public. Retailing may be shop retailing, where customers visits the retail shops physically, to buy goods, or non-shop retailing that entails B2C (business-to-consumer) transactions and the consumer shops through e-commerce. This is also referred to as online retailing.
Retail product strategy
In a business environment, any business entity should find a way to distinguish itself from its rivals. A retailer must be unique from the other retailers. This easily done through developing a strategy that ensures that a specific group of consumers have their preferences and needs satisfied. This kind of business strategy is called retail mix (Rachmawati 2013). Under this strategy there are various considerations that determine its success.walmart retail company has to distinguish which product to sell. it should ensures its product choice is appealing to consumers tastes, it should be functional and of good quality. In addition, the product being sold should offer emotional and psychological benefit, such as convenience and prestige. This is covered through giving the products a visible brand name.
In developing the retail mix strategy, walmart considers the quantity...