Ownership- Legal form- Sole trader, Partnership, Limited Liability company (private or public)
Pricing Policy:
•Economy pricing - used in the retail food business for groceries such as canned and frozen goods sold under generic food brands where marketing and production costs have been kept to a minimum.
•Psychological pricing - The practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are.
•Premium pricing - The practice of setting a price higher than the market price, in the expectation that customers will purchase it due to the perception that it must have unusually high quality or reputation.
•Discount pricing - The common marketing practice whereby a price is listed as a discount from an earlier, or regular, price.
•Competitor pricing - Is setting the price of a product or service based on what the competition is charging. This pricing method is used more often by businesses selling similar products
Public place retailer – Shops located in public spaces such as parks, museums, train stations/airports, galleries.
Retail - Process of selling consumer goods or services to customers through multiple channels of distribution to earn a profit