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Friday, July 16, 2010

Roles of Retailer or Utility provided by Retailer

From an economic viewpoint, the role of a retailer is to provide value or utility to the customer. This comes 5 different perspectives:

Form: First is utility regarding the form of a product that is acceptable to the customer. The retailer does not supply raw material, but rather offers finished goods and services in a form that the customers want.

Task: The retailer accomplishes the task of storing the goods, and provide an assortment of products in various categories

Time: He cerates Time utility by keeping the store open when the consumers prefer to shop by providing preferable shopping hours.

Place: Retailer ensures to create place utility being available at a convenient location.

Ownership:
Eventually, when the product is sold, ownership utility is created.

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