6 Characteristics Of Retail Market For Consumer Goods

The small retailer has an important place in the structure of our retail markets which he can hold on the basis of supplying a service that is needed by his customers and for which they are willing to pay. In the below section, Characteristics Of Retail Market For Consumer Goods is discussed.

Characteristics Of Retail Market For Consumer Goods

(1) Nationwide Market : Most consumers’ goods are sold wherever there people. The market for consumers’ goods are co extensive with the presence of people       and its depth varies with the density of population.

(2) Small Unit Value : Consumers’ goods are usually sold in units of a low taka value. To this general proposition there are also exceptions. The price of a yacht or a piece of jewelry may amount to hundreds of Taka and the price of the average automobile is likely to constitute a sizeable percentage of the annual income of its purchaser. In general, however, the average item of consumers’ goods is bought in units which cost at most a few Taka.

(3) Unskilled Buyers : Consumers’ goods are usually purchased by persons relatively unskilled in buying. The average ultimate consumer knows little about many of the articles which he buys in the course of his daily living and he is unwilling to spend time and effort to learn a great deal about them.

(4) Influence of Services : The services which accompany the purchase of consumers’ goods constitute a very important element in determining where the average buyer will place his patronage. Such matters as the atmosphere of the store, the courtesy of sales employees, delivery, credit and the policy with respect to adjustments and returns play a highly significant part influencing the flow of these goods at retail.

(5) Produced In Anticipation of Demand : Most consumers’ goods must be produced by manufacturers and bought by marchants in anticipation of the market rather than against orders. This means that manufacturers, wholesalers and retailers must forecast the market. To a great extent, the sucsess of an establishment engaged in making or selling consumer’s goods depend upon the efficiency with which demand is anticipated and its implications understood and implemented.

(6) Mass Selling : Many consumers’ goods are susceptible to mass selling. This is specially true of commodities that are bought by many types of consumers.

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