Final answer:
Option D, preparing a business plan with high mark-ups, is not a step to successful retailing, as high mark-ups can alienate customers. Providing product education, follow-up, and clear instructions are essential strategies in retailing to ensure customer satisfaction.
Step-by-step explanation:
The question asks which of the listed options is not a step to successful retailing. Option D) prepare a business plan with high mark-ups is not a step to successful retailing because excessive mark-ups could drive customers away. Successful retail strategies typically include providing product education, practicing professional follow-up, and presenting precise instructions to customers as these actions help build trust, repeat business, and a positive reputation.
To reassure a possible buyer who is faced with imperfect information, a seller of goods can employ several strategies. First, providing extensive product information and transparent communication can help. This could include sharing product specifications, customer reviews, and third-party ratings. Additionally, offering warranties or return policies provides buyers with a sense of security knowing that they can return the product if it doesn't meet their expectations.