Monday 9:30 by Karen Lurati https://padlet.com/karen_lurati/n618ta4j532q Retail -= Managing a business en-us 2018-04-09 00:27:14 UTC 2018-04-16 00:19:58 UTC hello@padlet.com Tutorial Questions karen_lurati https://padlet.com/karen_lurati/n618ta4j532q/wish/249604177 2018-04-09 00:29:37 UTC https://padlet.com/karen_lurati/n618ta4j532q/wish/249604177 Q4 https://padlet.com/karen_lurati/n618ta4j532q/wish/249606594  
Q: Look up the retail wages and conditions (i.e. Superannuation, Holidays, Sick leave etc.) for - Casual 18 year old cashier, part-time visual merchandiser, full-time store manager.

A:
Casual 18 yo cashier: $15.02-$22.80/hr
Part-time visual merchandiser:
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a) quiet department store 
Encourage staff to actively approach customers, take the time to engage  with customers. 
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- Promotional activities in the off peak seasons to encourage shoppers to go into the store 

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]]> 2018-04-09 00:53:43 UTC https://padlet.com/karen_lurati/n618ta4j532q/wish/249607187 Question 2 alstr5 https://padlet.com/karen_lurati/n618ta4j532q/wish/249607455 Design an organisational chart for a multi-channel and global mobile phone retailer]]> 2018-04-09 00:55:53 UTC https://padlet.com/karen_lurati/n618ta4j532q/wish/249607455 Question 1 https://padlet.com/karen_lurati/n618ta4j532q/wish/249607474 2018-04-09 00:56:01 UTC https://padlet.com/karen_lurati/n618ta4j532q/wish/249607474 Question 3 ptpha7 https://padlet.com/karen_lurati/n618ta4j532q/wish/249607482 2018-04-09 00:56:07 UTC https://padlet.com/karen_lurati/n618ta4j532q/wish/249607482 Week 7: Q3&4 https://padlet.com/karen_lurati/n618ta4j532q/wish/251954032 Q3: What are the factors that influence retail price strategy? 
A3: 
- Company/store/brand image
- Target customer profile
- Service model
- Type of merchandise
- Competition
- Manufacturer's policies
- Selling costs
- Demand and supply
- Handling costs
- Vulnerability to shrinkage

Q4: What is the price elasticity of demand? Why is it important for retailers to understand this concept?

It reflects the change in quantity demanded based on the sensitivity of customers to changes in price. 

Price elasticity means that a small percentage change in price leads to a substantial percentage change in number of units bought. 

Price inelasticity means that a large percentage change in price leads to a small percentage change in number of units bought.

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