| Question |
Answer |
| RETAILING |
A set of business activities that adds value to the products and services sold to consumers for their personal or family use |
| RETAILER |
A business that sells products and/or services to consumers for personal or family use |
| FIRMS THAT ARE RETAILERS AND WHOLESALERS? |
Office Depot, The Home Depot, United Airlines, Bank of America |
| SUPPLY CHAIN: |
A set of that make and deliver a given set of goods and services to the ultimate consumer |
| TYPICAL SUPPLY CHAIN NETWORK: |
Suppliers>Plants>Distribution Centers>Retailers>Customers
ex) Manufacturing>Wholesalers>Retailers>Consumer |
| VERTICAL INTEGRATION |
Firm performs more than one set of activities in the supply chain ex)retailer invest in wholesaling and manufacturing |
| BACKWARD INTEGRATION |
Retailer performs some distribution and manufacturing ex)JCPenny sales Arizona jeans (private label) |
| FORWARD INTEGRATION |
Manufacturers undertake retailing activities ex)Ralph Lauren operates in own stores |
| HOW DO RETAILERS ADD VALUE? |
1)Provide Assortment 2)Break Bulk 3)Hold Inventory 4)Offer Services
"Value of product/service increases as the retailer performs functions". |
| RETAIL MANAGEMENT DECISION PROCESS: [THE WORLD OF RETAILING] |
Introduction to the world of retail, types of retail, multichannel retailing, customer buying behavior |
| WHAT SHOULD A RETAIL STRATEGY IDENTIFY? |
The target market, the product and service mix, a long-term comparative advantage |
| DECISION VARIABLES FOR RETAILERS: [MARKETING MIX] |
Customer service, merchandise assortment, location, communication mix, pricing, store design and display |
| ENVIRONMENT: [MACRO AND MICRO] |
Macro= financial and social aspects; Micro=customers and competitors aspects |
| COMPETITION: [INTRA-TYPE AND INTER-TYPE] |
Intra-type:similar merchandise and similar formats; Inter-type=similar merchandise and different formats |
Science Vocab 147928
