Read the following text, paying particular attention to the highlighted words.
To be successful, a retailer must distinguish itself from other retailers and develop a strategy for satisfying the needs and preferences of a specific consumer group. This strategy, called a retail mix, involves careful consideration of (1) the product to sell, (2) the quantity at which to make the product available, (3) the location at which to sell the product, (4) the time to make the product available, (5) the pricing of the product, and (6) the appeal that can be generated to attract the consumer's interest.
Retailers strive to offer products that appeal to the tastes of the consumer, are of good quality, and function properly. Sometimes the product must also provide psychological and emotional benefits, such as prestige or convenience. For example, an expensive watch with a well-known, visible brand name may give its owner a sense of prestige.
Unlike wholesalers, who sell goods in quantities that often are too large to be useful for individuals or families, retailers sell products in small quantities that are more convenient for consumers. For example, wholesalers may sell jeans to retail stores in lots (units) of a dozen pairs each. Retailers then sell consumers jeans by the individual pair.
A retailer's location must be convenient. In locating retail stores, retailers consider the market or town in which they want to establish themselves, the part of town to be in, and the actual site of their store. In some cases, no store is involved because the right location for shopping for a product is the consumer's home or place of business. These retailers without stores, known as nonstore retailers, act as direct marketers by contacting customers directly through mail, the Internet, television, telephone, or other means.
Retailers must make their products available at times when consumers are willing and able to buy them. Retailers identify consumer buying patterns and adjust such things as store hours, inventory levels, and promotional programs to accommodate consumers. Retailers also identify special times that generate opportunities to sell merchandise, such as holidays, changing seasons, and special occasions, such as weddings and school graduations.
Retailers use different pricing strategies to attract different consumers. For example, some stores use low or discount prices to attract economy-minded consumers, while some stores set higher prices to convey an upscale image.
Retailers work hard at creating an image of their store or product that customers find appealing. Retailers use such promotional techniques as advertising and public relations to create awareness and build interest in their products. These techniques also attract customers to the retailer's store, provide valuable information about the retailer, and persuade customers to buy.
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