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Holly Has Just Graduated and Would Like to Open a Retail

question 59

Essay

Holly has just graduated and would like to open a retail store.She is currently trying to determine whether or not she should open an actual retail store or do something with non-store retailing.Explain to Holly the advantages of non-store retailing.


Definitions:

Nationally Branded

Products or services that are marketed under a manufacturer's brand name and widely recognized across a country.

Price Premium

An additional amount that consumers are willing to pay for a product or service perceived to have a higher value compared to its competitors.

Customary Price

The price that consumers expect to pay for a particular product or service, based on their past buying experiences or the norm in a market.

Prestige Price

A pricing strategy where prices are set higher than average to create a perception of the product being exclusive or of superior quality.

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