Question

Question Three: Define the following. (out of 4)

1. Merchandising: ………………………………………………………………………….
2. Seasonal Merchandise …………………………………………………………………...
3. Elastic ……………………………………………………………………………………
4. Inelastic ………………………………………………………………………………….

Answer 1

Merchandising refers to the process of promotion of the goods and or the services whixh are available for the retail sale. It includes the setting prices for the goods and services, determination of the quantities, creating display designs, establishing discounts and coupons and finally developing the marketing techniques and strategies ro reach out to the customers.

Seasonal Merchandising is the orocess of merchandising only which is the management of products and services but in this we do that in accordance with the seasonal trends or the fashion prevailing in the market. Like christmas discount lr festive seasonal sale etc.

Elastic refers to how flexible a particular thing could be. A product is considered to be Elastic when the demand of the same products changes very frequently as the change in the prices. For example, if the price of coffee would increase, people would decrease their consumption and would switch to tea.

On the other hand, a product is tend to be Inelastic when the quantity demand for the product doesn't change with the changes happening with the price. For example, if the price of bread would increase, that won't make the people change their demand as bread is a necessity. They would still buy it.