What Is Retailing? Why Is Retailing an Essential Part of the Marketing

question 7

Essay

What is retailing? Why is retailing an essential part of the marketing channel?

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Definitions:

Elastic Supply

A situation where the quantity supplied of a good or service changes significantly in response to changes in price.

Cross Elasticity

A measure of how the demand for one good responds to a change in the price of another good, indicating the degree of substitutability or complementarity between the two goods.

Complements

Goods or services that are used together, where the increase in consumption of one leads to an increase in consumption of the other.

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in the demand for the other.