Final answer:
Retail outlets can be classified based on marketing strategy, merchandise assortment, form of ownership, merchandise pricing, number of employees, and level of service, which helps in understanding their market strategy and business operations.
Step-by-step explanation:
Retail outlets can be classified based on several factors including: marketing strategy, merchandise assortment, form of ownership, merchandise pricing, number of employees, and level of service. These categories are used to understand the market position and business model of a retail outlet.Marketing strategy involves how a retail store promotes and sells its products to its target market, merchandise assortment refers to the range and types of products the retailer offers. Form of ownership indicates whether a store is independently owned, part of a chain, or a franchise. Merchandise pricing is about the pricing levels and strategies the store uses.
Number of employees can dictate the scale of operations, while level of service determines the degree of personal attention provided to customers. Marketing strategy: This refers to the approach taken by the retail outlet to attract customers and promote their products. Merchandise assortment: This refers to the range of products and brands offered by the retail outlet. Form of ownership: Retail outlets can be classified as sole proprietorships, partnerships, franchises, or corporations based on the legal structure of the business. Merchandise pricing: This refers to the pricing strategy adopted by the retail outlet, such as low-cost or luxury pricing. Level of service: This refers to the quality and extent of customer service provided by the retail outlet.