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The music you play in your shop will not only encourage your customers to behave in certain ways, it also reflects your brand image. For some information about how music affects customers. Tempo The tempo of music in your store w…
When a consumer walks down a street lined with shops, each business on the block is competing for the consumer's attention. Appealing storefront displays and in-store product displays are examples of visual merchandising that…
What are Mannequins? The artificial dolls used by the retailers to display their merchandise (can be anything) are called as mannequins. The mannequins help the customers to know about the latest trend the store offers without so…
A window is defined as an opening, usually covered clear glass, in an shop which allows people to view the shop and its product from outside (Wiktionary). The first recorded use of plate-glass store windows is in 1909 by Gordon S…
Running a successful retail store isn’t an easy task. While the exact number remains unknown, some industry experts have estimated there to be more than one million retail stores operating in the United States. With such steep co…
1. Exterior Signs: A sign is a silent salesperson, and part of a shopper first impression of a store. In less than 10sec the sign must attract attention, tell what the business is and what it intends to sell. Simple, brief, well…
There are seven elements to visual merchandising that apply regardless of where the display is or what’s being marketed. Proper merchandising can turn a passive looker into an active buyer. Creating the best display requires an u…
Visual merchandising is something that retailers can find to be a challenging task. What should you display where to attract customers? This is the main question retailers must ask if they want to make their brands consistently u…
Visual merchandising is a retail strategy that maximizes the aesthetics of a product with the intent to increase sales. Visual merchandising can also play a role in the look, feel and culture of a brand. Done well, it can create …
A contestable market occurs when there is freedom of entry and exit into the market. Thus in a contestable market, there will be low sunk costs.(Costs which can’t be recovered when leaving the market) Barrier to Entry When consid…
In oligopolistic industry, there are only a few big firms which control the supply of a commodity and each firm produces a significant portion of the market. They are, therefore, mutually interdependent. In other words, we say th…
Oligopoly is the market organization in which there are a few or small number of firms in an industry and they produce the major share of the market. The word ‘a few’ or small number is vague. The economists therefore refer to ol…
Perfect Competition: In a perfect competition, there are a large number of producers as well as buyers. Nobody controls the price of the products and most companies will sell their products at the same price and try to offer the…
Advantages of Perfect Competition 1. They allocate resources in the most efficient way- both productively (P=MC) and allocatively efficient (P> MC) in the long run. 2. There is no information failure as all knowledge is s…
A perfectly competitive firm will choose to produce an output where 1. MC = MR = P 2. MC curve cuts MR from below. Mc Curve below MR means at such points Marginal Cost <> MR, then it means we are incurring more costs the…
Perfect Competition Market Perfect competition market is market in which there are a large number of buyers and sellers, buying and selling the homogenous products at certain price levels. Examples of products in perfect competi…
Introduction: This topic discusses all the theories about different markets. Different markets will make different decisions on the determination of quantities and prices. In this topic, we will discuss the characteristics of ea…
Concepts of Revenue: 1. Revenue 2. Total Revenue 3. Average Revenue 4. Marginal Revenue 5. Profit 1. Revenue: Revenue means the sale receipt of the quantity or output produced in a firm. 2. Total Revenue (TR) Total revenue…
Average Total Cost is the sum of average variable cost and average fixed cost. or we can say, average cost is equal to the total cost divided by the number of units produced. ATC = TC/Q Marginal Cost is the addition made to th…
