Explain the terms retailing and wheel of retailing. Discuss the key decision areas that a retailer has to consider for its success.

1. Retailing:
Retailing refers to the process of selling goods and services directly to end consumers for personal use. Retailers act as intermediaries between manufacturers or wholesalers and consumers, creating a vital link in the supply chain. Retailers offer a wide range of products and services, providing convenience and accessibility to customers. Retailing plays a crucial role in the economy by driving consumer demand and contributing significantly to GDP.

2. Wheel of Retailing:
The wheel of retailing is a theory proposed by Malcolm P. McNair in 1958. It suggests that retail institutions go through a cyclical process of evolution as they enter the market and gradually change their strategies and formats over time. The process resembles a wheel, where retailers start as low-cost, low-service establishments and gradually evolve into higher-cost, higher-service establishments. The key stages of the wheel of retailing are as follows:

Stage 1: Entry Level - Low-End Retailers:
At the entry level, retailers are characterized by low initial investments, limited product assortments, and low prices. ________ ________ ____ ___ _________ _______ ____ ________ __________.
_____ _____ _____ _______ ___ ____.
____ _____ ________ ______ ___ _______ ______.
_________ ___ ___ ___ _________ _________ _______ _____ ___ ______ __________ _________.
___ _________ ____ ___ _________ ________ ______ ________ _____ ___ _________.
_________ _____ __________ __________ _________ __________ ______ ___ __________ ____.
_____ ______ ________ _____ ___ ___ __________ ______ _____ _________.
________ ___ __________ __________ ____ _________ _________ _____ __________.
____ ___ ___ __________ ______.
_____ _______ __________ ___ __________ ______ ___ ______.
_______ ___ ___ ____ _________ _________ ___ ________ __________ _____ _______.
_____ ___ __________ __________ ____ _________.
_____ _____ ________ _____ __________ ______ __________.
___ ________ ___ _________ ______ _______ _______ _____ ___ ______ _________ _______.
______ ___ _________ _____ _________ ______ ____ ________ __________ ______ __________.
_________ ____ ________ _______ ____ __________ ______.
___ _____ _______ __________ ________ __________ __________ ______ ________ _________.
_________ ____ __________ _________ ___ ___.
____ _________ _________ _____ ________ _______ _____.
_____ _____ __________ ____ _____ __________ _____ ______ _____.
_________ ____ __________ ______ ____ _______ __________ __________ ______ _____.
____ ________ ______ ______ _______ _________.
__________ ________ __________ ____ _______ ________ ____.
__________ ___ ____ __________ _______.
_____ _______ ________ ___ ____ _____ _______ _____ ______ ________ _________.
____ __________ _____ __________ ___ ____ ______ _________.
_________ _________ __________ _______ ______ ________ ___.
______ __________ ________ ___ _____ ____ ____.
______ __________ __________ _______ _________ _____ _________ ____ ______ ______.
__________ __________ _________ _____ _________ _____ ________ _____ _______ _______.
_____ ________ ________ ____ _________ _________ ___ ______.
________ _______ _______ __________ __________ ___ ______ ________ __________.
____ ______ _______ ______ _______ _______ ________.
___ _________ _________ __________ ___ __________ _________ ________ ______ ________ __________.
______ _____ _______ _____ _____ _____ _____ __________ _________ ___.
________ ________ ______ ___ __________ _________ ________ ____ ______ __________ _____ _____.
__________ _____ _______ _____ _________ ______ ______ __________ _____ ______ ________ ________.
__________ _______ _____ _______ _______ ___ _________ __________ _______ ___.
________ ____ _________ _______ ____ __________ _____ ____ __________ ___ ____.
_______ ___ _______ ___ ________.
_______ __________ ___ __________ __________ _________ __________ ___.
____ ______ _____ ________ ___ ______ ___ ________ _______ ____ _____.
_____ _________ _________ _________ _________ ___ _________ ________.
___ __________ _________ ____ ___ _____ ________ ________ _______.
______ ________ ____ _____ ___ _____ _____ ________ ____ ___ _____.
_______ ____ ___ ___ ______ _______ _____ _______ _____ ________.
________ _______ _______ ___ ___.
_______ _______ ________ _________ _____ ____ ___ _________ _______ ___ ___.
__________ ____ __________ _____ ___ ______ ______ ______ ____.
____ _______ ______ _____ _________ ____ __________ _________.
____ __________ ______ _________ __________ _____ _______ __________.
____ ________ __________ ________ ____ _________ ________ ___ _____.
_________ _______ ________ _______ __________ ____ ________ ___ ___.
__________ __________ ____ _____ __________ ___ __________ ___ ____ __________.
______ ________ _________ __________ _____ ______ ________ ___ _______ _______ _________ ___.
______ ______ ______ _______ _____ _____ ______ _____ ______ _____.
___ ____ _________ ____ _________ ____ ________.
_______ _________ _______ ____ _________.
______.
Get Full Answer on WhatsApp