Objective 3

Discuss the future of retailing.

Retailers operate in a harsh and fast-changing environment, which offers threats as well as opportunities. New retail forms continue to emerge to meet new situations and consumer needs, but the life cycle of new retail forms is getting shorter—retailers must pay attention to the wheel-of-retailing concept. Other trends in retailing Include the rapid growth of nonstore retailing, retail convergence (the merging of consumers, products, prices, and retailers), the rise of megaretailers, the growing importance of retail technology, the global expansion of major retailers, and the resurgence of retail stores as consumer "communities" or "hangouts."

Explain the major types of wholesalers and their marketing decisions.

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