The retailing concept is a management orientation that focuses a retailer on determining the needs of its target market and satisfying those needs more effectively and efficiently than its competitors.
The selection of a target market focuses the retailer on a group of consumers whose needs it will attempt to satisfy.
The selection of a retail format outlines the retail mix to be used to satisfy needs of customers in the target market.
The retail strategy determines the markets in which a retailer will compete.
We define a retail market, not as a specific place where buyers and sellers meet, but as a group of consumers with similar needs (a market segment) and a group of retailers using a similar retail format to satisfy those consumer needs.