Elements of the retail mix, such as price and product assortment can be changed over a relatively short time. However, the location of a retail outlet is the least flexible and has long-term implications for the retailer. Based on this statement list the three reasons that limit the flexibility of a retail store location.
Elements of the retail mix, such as price and product assortment can be changed over a relatively short time. However, the location of a retail outlet is the least flexible and has long-term implications for the retailer. Based on this statement list the three reasons that limit the flexibility of a retail store location.
There are many elements of marketing and retail mix. They are product, price, place, promotion, process, people, and presentation. Whenever any retail organization is launching a new product or extending or diversifying the product or commodity, then it has to keep in mind these seven elements of the retail mix.
Most of the elements cannot be changed. Hence, before taking any decision, a lot of marketing research is being conducted. Also, it takes a lot of time, effort, and cost to plan for all the elements of the retail mix for the products and commodities.
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