Factors to be considered before setting up retail shop. - SS1 Commerce Past Questions and Answers - page 1
What is an important factor to consider when choosing a location for a retail shop?
Proximity to competitors
Accessibility to the target market
Limited parking facilities
What should be considered when determining the product selection for a retail shop?
Personal preferences of the shop owner
Least popular products in the market
Market demand and customer preferences
What is an essential aspect of store layout and visual merchandising?
Complicated and confusing navigation
Dim lighting and cluttered displays
Product visibility and easy navigation
What should be considered when determining the pricing strategy for a retail shop?
Arbitrary pricing without considering production costs
Ignoring competition and setting high prices
Striking a balance between affordability and profitability
Striking a balance between affordability and profitability
Why is it important to conduct thorough financial planning before setting up a retail shop?
To underestimate the initial investment costs
To ignore ongoing expenses and cash flow projections
To assess the financial viability and sustainability
What is the role of market research in setting up a retail shop?
Market research helps understand customer preferences, market demand, and competition, which aids in making informed decisions regarding product selection, pricing, and marketing strategies.
Why is store location an important factor in retail shop setup?
Store location affects the accessibility to the target market, foot traffic, and visibility, which can significantly impact the potential customer base and overall success of the retail shop