Retailing Midterm Notes
CHAPTER 1
Retailing – a set of business activities that adds value to the products and services sold to the consumers for their personal or family use
A retailer is a business that sells products and/or services to consumers for personal or family use
A Retailer’s Role
Attempt to satisfy consumer needs by having: the right merchandise at the rice price, place, in the right quantities, and at the right time
Retailers Role in the Distribution Channel Ex.
Manufacturing -> Wholesaler -> Retailer -> Consumer
Functions Performed by Retailers
Providing an assortment of products and services
Breaking bulk
Holding inventory
Providing service and services
Retailers ad Social Responsibility
Voluntary actions taken by a company to address ethical, social and environmental impacts of its business operations and the concerns of its stakeholders
Retailers need to explain the impact of their business practices and to implement suitable strategies to seize related opportunities
2 million jobs are in the retail section nationally in Canada
Going Global
Retailers are pursuing growth opportunities by explain their operations to other countries
Opportunities in Retailing Management Opportunities
Given considerable responsibility early in career
Financially rewarding
Entrepreneurial Opportunities
Tim Horton (Tim Hortons)
Holt and Renfrew (Holt- Renfrew)
The Retail Management Decision Process Understanding the world of retailing
Competitors
intratype competition intertype competition scrambled merchandise
Customers
why do customers shop?
How do they select a store?
How do they select the merchandise?
Developing a retail strategy
The retail strategy indicates how the firm plans to focus its resources to accomplish its objectives
It identifies: the target market(s), the nature of the merchandise and/or services offered, how the retailer will build a long term advantage over the competition
Retailing – a set of business activities that adds value to the products and services sold to the consumers for their personal or family use
A retailer is a business that sells products and/or services to consumers for personal or family use
A Retailer’s Role
Attempt to satisfy consumer needs by having: the right merchandise at the rice price, place, in the right quantities, and at the right time
Retailers Role in the Distribution Channel Ex.
Manufacturing -> Wholesaler -> Retailer -> Consumer
Functions Performed by Retailers
Providing an assortment of products and services
Breaking bulk
Holding inventory
Providing service and services
Retailers ad Social Responsibility
Voluntary actions taken by a company to address ethical, social and environmental impacts of its business operations and the concerns of its stakeholders
Retailers need to explain the impact of their business practices and to implement suitable strategies to seize related opportunities
2 million jobs are in the retail section nationally in Canada
Going Global
Retailers are pursuing growth opportunities by explain their operations to other countries
Opportunities in Retailing Management Opportunities
Given considerable responsibility early in career
Financially rewarding
Entrepreneurial Opportunities
Tim Horton (Tim Hortons)
Holt and Renfrew (Holt- Renfrew)
The Retail Management Decision Process Understanding the world of retailing
Competitors
intratype competition intertype competition scrambled merchandise
Customers
why do customers shop?
How do they select a store?
How do they select the merchandise?
Developing a retail strategy
The retail strategy indicates how the firm plans to focus its resources to accomplish its objectives
It identifies: the target market(s), the nature of the merchandise and/or services offered, how the retailer will build a long term advantage over the competition