a. â€œUnderstanding the retail principles help a retailer to navigate to the right place to start his/her journey as a retailerâ€. Justify the statement with any five principles of retailing.
b. Explain any five factors influencing retail business in Oman with suitable examples
Q2:Travel plus is a virtual retail format which has become very popular in many developed countries. It is a virtual store in subways, bus waiting shelter and parking areas. Tesco has introduced this format of virtual retailing. The wall of subway, bus stations and parking areas has come into life with virtual displays of over 1000 of the most popular products with bar code where passengers can scan using the travel plus app on smart phones and get it delivered to their homes. The advantage of this innovative idea is that people can do their shopping on the go. People who work for long hours and at different time slots have very less time for themselves and shopping. While waiting for transports, passengers can buy their home furniture, apparels, groceries, vegetables, and other FMCGs by scanning the bar code or GR displayed to each product, if orders were placed before 3 pm they would be delivered on the same day at their homes. This is most exciting virtual retail format which spreads rapidly across the globe.
a. â€œInformation technology plays a major role in the success of a retail firmâ€. Elaborate the statement with reference to the above case. (3 Marks)
b. Discuss the strategies that can match travel plus retail format (3 Marks)
c. You are required to develop a SWOT analysis for travel plus retail format. (4 Marks)
Q3:Studying and classification of the whole business activity is necessary to select a right retail location. You are required to discuss the classification retail market according to:
a. Product strategy
b. Retail format
â€œA retailer can win more customers by setting prices correctly. Therefore, most retailers use certain pricing strategies to make sure prices are optimally setâ€. You are required to discuss any five pricing strategies with examples that you think most important to a retailer
Inventory management enhances business operations with effective flow of goods and services. It controls business stock according to the demandâ€
Discuss the significance and need for inventory management with reference to above statement.
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