Final answer:
Retailing involves various business activities such as merchandise assortment, packaging, and customer service. These components work together to add value to products and services for the consumer, influencing the retail experience and positioning within the product market.
Step-by-step explanation:
Retailing encompasses all of the business activities that add value to the products and services customers purchase. This definition not only spans the obvious tasks such as creating an appealing merchandise assortment but also extends to packaging and customer service. It is an intricate component of the product market, where businesses earn revenue by selling their goods and services. In modern times, technology and globalization have transformed markets, increasing competition and changing consumer behavior. Aspects like bundling offer consumers the advantage of acquiring multiple goods or services at a better price, as seen with cable companies providing bundled cable, internet, and phone services.