Although in the past, the manufacturers have been more powerful than the retailers, but these days, the retailers have got more power than the manufacturers, as stated by the Houston Chronicle. And as we all know with great power comes great responsibility, it is now on the retailers to make it a point that they serve the customers with the best possible and also educate them about the same.
Retail management deals with a lot of criteria, like the product, the cost of the product, the promotion and the place of promotion of the products. We will be discussing one at a time. The product, the product is a thing to care about cause everything else revolves around this. Thus the products are to be strictly and carefully chosen by the retailer. Cost, the retailers play a very crucial role, in citing the cost of a product.