CH01 An Intro to Retailing Flashcards
retailing
Includes all the activities involved in selling G+S to consumers
channel of distribution
Through whom the product goes through before reaching the final customer, and where retailers choose to sell their products
Manufacturer → wholesaler → retailer → customer
Eg. online, in-person, etc.
sorting process
- the systematic arrangement of products or data to enhance user experience and facilitate decision-making
- Retailers provide variety and convenience to customers
- Not just about the product/service itself but can involves additional things like gift-wrapping, delivery and installation
omnichannel retailing
Being able to sell online and have consistency between online and physical stores
exclusive distribution
- Only selling through specific retailers
- Eg. available only at Ulta
intensive distribution
Selling through as many distributors as possible
selective distribution
Selling only through some retailers (“being selective”)
retail strategy
- An overall plan for guiding a retail firm
- Influences the firm’s business activities and a firm’s response to market forces
retailing concept
(hint: think 4)
- Customer orientation: prioritizing customer needs
- Coordinated effort: aligning all business activities for consistency
- Value driven: providing good value in products/services
- Goal orientation: setting and achieving clear objectives
total retail experience
All the elements that make up the retailing concept which lead to the total retail experience
customer service
- Customer service
- Things retailers do along with the G+S they sell, including:
- Store hours
- Parking
- Shopper-friendliness
- Credit acceptance
- Salespeople
relationship retailing
Building a bond and a long-term relationship with your customers
