How does having a clear understanding of the different components of retail assist in the buying decision making process?
The different components of retail which include, market, retailer, visuals (display) and marketing strategy, come together to assist the procurement manager (buyer) in the buying decision making process. This is possible because all of these components are elements within the retail environment that allows the buyer to gauge the viability of a product. Specific products are geared towards certain segments of the consumer market and this is measured by the look and presentation of the product. Knowing all these elements allows the buyer to ascertain or estimate the viability of a product within a particular retail environment.