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Retail Chapter One

QuestionAnswer
A set of BUSINESS ACTIVITIES that adds VALUE to the products and services sold to consumers for their personal or family use. Retailing
a ______ is a business that sells products and/or services to consumers for personal or family use. retailer
Examples of retailers: Macy's, Kohls, Target
What is the distribution channel? Manufacturing-Wholesaler-Retailer-Consumer
Are the final business within a supply chain which links manufacturers to consumers Retailers
Is a set of firms that make and deliver a given set of goods and services to the ultimate consumer supply chain
firm performs more than one set of activities in the channel Vertical Integration, Ex: retailer invests in wholesaling or manufacturing
Retailer performs some distribution and manufacturing activities Backward Integration, Ex: JcPenny sells arizona jeans (private label)
manufacturers undertake retailing activities Forward Integration, Ralph Lauren, operates its own stores
How do retailers add value? (1)Provide assortment (2)break bulk (3)hold inventory (4)offer services
Buy other products at the same time Provide assortment
Buy it in quantities customers want Break bulk
buy it at a convenient place when you want it hold inventory
see it before you buy; get credit; layaway offer services
The voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations, in addition to the concerns of its stakeholders Corporate social responsibility
Intratype competition a retailers primary competitors are other retailers that use the same type of store. Ex: department stores compete against other department stores, and super markets compete with other super markets. ex: dillards vs. JcPenny
Intertype competition competition between retailers that sell similar merchandise using different types of stores. Ex: Dillards vs. Walmart
A retail strategy should identify: the target market, the product and service mix, a long-term comparative advantage.
What are the decision variables for retailers? (1)customer service (2)Merchandise assortment (3)location (4) communication mix (5)pricing (6) store design and display
Careers in Retailing: Store Management, Merchandise management, corporate staff
What are some misconceptions about careers in retailing? college not needed, low pay, long hours, boring, no benefits
Why should you consider retailing? Starting pay average with great benefits, no two days are alike, management for people-people
A function performed by retailers or wholesalers in which they receive large quantities of merchandise and sell them in smaller quantities. breaking bulk
A system or code of conduct based on universal moral duties and obligations that indicate how one should behave. ethics
A major value-providing activity performed by retailers whereby products will be available when consumers want them. holding inventory
Competition between retailers that sell similar merchandise using different formats, such as discount and department stores. intertype competition
Competition between the same type of retailers (e.g., Kroger versus Safeway). intratype competition
A merchant establishment operated by a concern that is primarily engaged in buying, taking title to, usually storing, and physically handling goods in large quantities, and reselling the goods to retailers or industrial or business users. Wholesaler
Created by: acolaizzo
 

 



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