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Retail Chapter One
| Question | Answer |
|---|---|
| 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