The best-known framework for explaining changes in retail institutions in terms of how retail outlets enter and move through the market is referred to as the
A)retail market mix.
B)retail life cycle.
C)product life cycle.
D)wheel of retailing.
E)retail adoption matrix.

Question

Quizplus · Accepted Answer

The framework described in the question, where retail institutions enter the market through low-price, low-status operations and then gradually add services and upgrade their operations, is known as the wheel of retailing. This concept was introduced by McNair in 1931 and has been a popular framework for understanding changes in retail institutions.

The Best-Known Framework for Explaining Changes in Retail Institutions in Terms