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Retail Mkt-Final

Chapter 1

QuestionAnswer
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
Created by: clmartinez13
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