Retailpedia

In last discussion about "Retail Mix", we introduced to 6P's or elements of it. Now, here we will learn about all of these 6P's or elements of "Retail Mix". The detail discussion about elements of retail mix is as follows::- 1- Product::- Product is one of the most important element of retail mix. Retailer needs to identifying and full fill customer's needs. Retailers must be focused about the quality of product as per the customer's expectations and requirements. 2- Place::- Place means right location where customer can access the product. The availability of product must be at the place of customer's need. 3- Promotion::- Promotion tool is used by retailers in order to advertise their products in market to customers. The promotion can be done by various method i.e. direct marketing, newspaper advertisement, leaflets and etc. 4- Price::- Price is also plays an important role in retail mix. Price decided by the retailer must be affordable by

The term " Retail Mix" is refers to the different types of strategy followed by the retailer in order to provide the right product to right customer at the right place at right time. As per different researcher told in their research " Retail Mix" is consist of 6P's. These 6P's also a part of marketing mix. The 6P's of retail mix are as follows:- Product , Place , Promotion, Personnel, Presentation and Price. All the 6P's have their individual importance in retail mix. These 6P's product, place, promotion, personnel, presentation and Price plays an important role during planning of business strategy by retailer. The " Retail Mix" provides help to retailer, manufacturer and other business partners to full fill the needs and requirements of the customer.

Barter System is one of the oldest method used to do business. In Barter system, there are are two parties which undergoes through a deal of exchange of goods. These two parties agreed for exchange of goods to each other.  In ancient times , there was no currency for purchasing of goods. So, one person would give his/her good to second person and second person give his/her good to first person. But one more important thing is that the exchange of goods in Barter system was on the basis of needs or requirements of two parties.

"world of retail" is a page on which all of you can access all the knowledge about retail industry and many of terminology related to our retail industry. Here , I am providing a link through which all of you reach to this " world of retail" page. The link is given as "https://www.facebook.com/WorldOfRetail/ So, you can click on this link and take knowledge from here.