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Apart from the consumption part the employment sector is getting a huge boost as many graduates and employable individuals are being recruited in the sector. The salaries are quite impressive and this definitely is improving the economy as a whole. As a matter of fact a few educational institutes have introduced retail management courses which enable the students to get a detailed training in this field. The sector is no longer a matter of buying and selling; it has changed into a thorough research area. Scholars and managers are trying to understand the nuances of this industry and trying to figure out the consumer behavior, the factors affecting the sector, the government regulations, pricing and sales promotions. From the consumers point of view it not only sells their necessities but also provides them a social platform to interact. For some it is the only source of social activity.
If we look at the broader spectrum, we will see that the retail industry has crossed the borders and is now part of the global economy. The major retail players have taken full advantage of cross border trades and opening up of economies. This has not only created economies of scale but the marketers can now realign their supply chain management in a global way. They have the advantage of sourcing goods from the developing countries which offer competitive products at a
lower cost. In the operations part the sheer volume is making the profits soar high, in spite of price cuts. The advantages apart, there are a few shortcomings which makes retailing not an easy job. When the matter of global trade arises one must understand that the economy, society and political environment of each country will differ. Every country or region has its own economy, which is affected by multiple reasons. It could be political, technological, social or any other external factors. The ...Show more


It not only satiates the customers’ needs, but also influences the consumption pattern of the consumer and improves the product trend. The effect is not only limited to these areas but also affects the…
Author : leola04
Service Marketing
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