The affordable approach to budgeting is used by many small retailers.
A retail store’s pricing policies should reflect the expectations of its target market.
If a tire retailer sells you a passenger car tire, the retailer is implying that the tire is fit
for use on your passenger car.
A ‘retailer’s conversion’ refers to getting shoppers in your store and converting them into
customers, at the lowest operating cost possible that is consistent with the level of
service that your customers expect.
Operating expenses are the expenses the retailer incurs including the cost of the
merchandise.