IGNOU BRL 11 2017 2018 - Running a successful retail store is challenging. From hiring and guid

Question

Running a successful retail store is challenging. From hiring and guiding staff to managing inventory, controlling cash and costs and marketing your wares” elucidate with the help of an example

07 Mar 2018

Answer :

Word Count : 469

Running a successful retail store is challenging. From hiring and guiding staff to managing inventory, controlling cash and costs and marketing your wares, this is demanding work.

Retail is a simple concept: buy or make goods, place them on a shelf and sell them at a profit. However, competition for customers and the expenses involved in running a store ultimately pose challenges in the retail industry. Both large and small retailers face obstacles, whether it's maintaining a viable price point or keeping customers interested in what you sell.

Small Retailers: Limited Product Offerings

Small retailers usually specialize in a niche area of product. Although this can be a strength when consumers are looking for product expertise, small retailers are dependent on a

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