The description of how new retail outlets enter the market is referred to as the _________.

Question

Quizplus · Accepted Answer

The "wheel of retailing" describes the process by which new retail outlets enter the market, typically starting out as low-price, low-service establishments and gradually adding more amenities and raising prices over time. This process creates a "wheel" of retail innovation that is constantly turning, with new entrants at the low end pushing existing retailers up the quality and price ladder. The other options (retail life cycle, retail continuum, product life cycle, and service continuum) are not specific to this process.

The Description of How New Retail Outlets Enter the Market