What is "product assortment"?

"Product assortment" refers to the variety and selection of products that a retailer offers to consumers. This concept encompasses not just the types of products available but also their breadth and depth. For example, if a retailer specializes in clothing, their product assortment would include various categories like women's, men's, and children's apparel, as well as accessories, shoes, and seasonal items. A well-planned product assortment can cater to different customer preferences, enhance customer satisfaction, and ultimately drive sales by ensuring that shoppers find a diverse range of options that meet their needs.

The other options address different aspects of the retail environment. The price range pertains to the pricing strategy and may influence customer perceptions but does not capture the full scope of product assortment. The total number of customers visiting a store, while important for understanding foot traffic and potential sales, does not relate directly to the assortment itself. Lastly, inventory turnover rate measures how quickly products are sold and replaced but does not provide insight into the variety or selection offered in the product assortment. Thus, the correct answer accurately represents the core concept of product assortment in retail.