Add an answer. PLAY. is a business that sells products and/or services to consumers for personal or family use. Consumer spending on retail goods drives much of the global economy, and the retail industry employs a large number of people. The India retail industry contributes 10% of the countries GDP and its current growth rate is 8.5%. Economic Significance of Retailing in India & Worldwide (1) prev. Retailing is the transaction of goods between the seller and the end user as a single unit or in small quantities to satisfy the needs of the individual and for his/her direct consumption. next. Retailer. retailing. STUDY. The marketing department of retail companies is engaged in identifying the opportunities and threats to the business of the company by analyzing the socio-cultural trends Corporate retail business is perhaps the best news for India's retail revolution. Reliance Retail is a subsidiary of Reliance Industries Limited. The service given by a merchant also helps to improve the image of a product. What is retailing? A retailer role in distribution channel; Functions performed by retailers; Social and Economic Significance of retailing. Retailing Based on Income. Meaning and Scope of Retail The term retailing applies not only to the selling of tangible products like loaves of bread or pairs of shoes, but also to the selling of service 2017-06-14 00:54:24. The more income consumers have, the better they feel about the economy, the more money they spend. Improvement of Infrastructure and enhances the availability of retail space. How Retailers add value. Retail aids local economies and provide business that sells product and/or services to consumers for personal or family use. Affected individuals fall into Retail development and redevelopment bring significant impacts. 2 Social and economic significance of Retailing a Developing countries when. Retailing has become an intrinsic part of our daily lives. It necessitates a large annual revenue and personnel. Sign Up Today. Electronic commerce, the use of the internet for purposes of buying and selling services and goods (Bidgoli 18), has been gaining importance, in recent years. a set of business activities that adds value to the products and services sold to consumers for their personal or family use. A retailer is a business that sells products and/or According to the U.S. Bureau of Labor Statistics, as of May 2015, over 15 million people were employed in the retail industry. Formation of FDI. def. Structure of Retailing and Distribution Channels around the World Corporate social responsibility describes the Retail Sales. In the Indian retail market the scope for growth can be seen from the fact social and economic significance of retailing retailing view: Consumer spending rose 0.5 percent in the retail sector in 2011, according to a statement from the U.S. Commerce Secretary Gary Locke. The products It is the largest Private sector conglomerate What Is The Definition Of Corporate Retailing? Retail Management module 1 module introduction to the world of retailing what is retailing? Selection of retailing and distribution; channels around the world; Retail Management decision proves Multi-channel Retailing Economic Significance of Retailing in India & Worldwide (1) prev. Social and Economic Importance of Retailing Social Responsibility. What Is The History Of Reliance Retail? 9) Retailing is an important subject area of study Because of the importance of retailing more and more emphasis is being paid to the area of retailing. Retailing is a separate subject of studies like management and marketing. researches have been conducted and professionals being hired to make this sector flourish. Explain the distribution channel: Many Firms that are retailers and wholesalers. Helps in economic growth. Be notified when an answer is posted. a set of business activities that adds value to the products and services sold to consumers for their personal or family use. Therefore, a retailer can make a decision for which brand to stock in their stores and consumers buys products stock provided by the retailers. Therefore, retailers play an important role in shaping the demands of consumers. Social and Economic Significance of Retailing-social responsibility-retail sales-employment. In many countries, the retail business is one of the biggest contributors to the Gross Domestic Product (GDP) and its contribution has increased as compared to past and is also increasing by leap and bounds. Retailing is a driving force of the economy and its ambition is to encourage sustained growth. 6) Retail dominates the supply chain Wiki User. Consumer income drives the retail business considerably, as well as the U.S. economy. The word retail has come from the French expression retailer which means to cut again. def. References & Definitions. Social and Economic Significance of Retailing - Retail Sales: Over $4.7 trillion in annual U.S sales in 2011 - Employment: -Employs over 29 million people in 2007, one of the largest sectors for job growth in US -Social Responsibility -Global player . The Importance of Retailing 1) Sales to Ultimate consumers of the products. In a retail transaction, the goods and services are sold to ultimate or final consumers. retail business in India holds profound importance. Social and Economic Significance of Retailing The retailer acts as a link between the customer and the marketer, who is responsible for selling the ultimate products and services to the Create. Learn vocabulary, terms, and more with flashcards, games, and other study tools. 2 social and economic significance of retailing a. Retailers are socially responsible businesses. Retailing includes all the activities involved in selling goods or services directly to final consumes for their personal non-business use. 1-Provide Assortment-----Buy other products at the same time 2-Break Bulk-----Buy it in quantities customers want 3-Hold Inventory-----Buy it at a convenient place when you want it 4-Offer Services School California State University, Sacramento; Course Search. Economic Significance of Retailing Retail sales are an excellent economic indicator because consumer spending drives much of the economy. Social and Economic Significance of Retailing The retailer acts as a link between the customer and the marketer, who is responsible for selling the ultimate products and services to the Economic and Social Significance of Retailing Role in Developed Countries o Retail Sales Over $5.3 trillion in annual U.S. sales in 2015 More than 8% of the U.S GDP comes from retailing o Hence. A retail store is viewed as one that cuts off small portions from big lump of goods. Start studying Retail Management Chapter 1 Outline. Retailing Chapter 1. Hire highly skilled candidates and increase your company's worth absolutely free! Social economics is a social science and branch of economics that focuses on the interrelationship between economic activity and social behavior. Provides various opportunities. What re the social and economic significance of retailing? Food production, processing, and availability also can affect community-level measures, such as economic growth and social infrastructure. Economic Development: Retailing has great impact on economic development of a nation. 1. Transformation of the retail sector in India. retailer. Improvement in standard of living. Retailing a set of business activities that adds value to the products and services sold to consumers for their personal or family use. next. Sales. Social and Economic Significance of Retailing 8 Social Responsibility 8 Retail Sales 9 Retailing View 1.1: Socially Responsible Retailers 9 Employment 10 Structure of Retailing and Distribution Channels around the World 10 Global Retailers 10 Differences in Distribution Channels I I Opportunities in Retailing 12 Management Opportunities 12 Social and Economic Significance of Retailing The retailer acts as a link between the customer and the marketer, who is responsible for selling the ultimate products and services to the Retailing has a large economic impact. Retail Economics provides with the methods to handle those impacts, magnifying the benefits and justifying the Want this question answered? Provides employment opportunities. Retailing also plays a role in the formation of a sense of place, time, and ownership. 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