Chapter 1 Flashcards
sells products directly to consumers, while a wholesaler sells products to other businesses
Retailer
51% ++ more sales volume from consumers (end-users)
RETAILER
51% ++ more sales volume from resellers
WHOLESALERS
A PROCESS of DISTRIBUTING GOODS where the seller buys products from the manufacturing firms or companies and sells goods to consumers directly
RETAILING
Somebody who buys goods from one organization and sells them to consumers at some percent of profit.
RETAILER
RETAIL BUSINESS MODEL CONSISTS OF WHAT?
Manufacturer > Wholesaler> retailer> Customer
involves a business buying goods in BULK from MANUFACTURERS or WHOLESALERS and then selling them to individual consumers at a higher price, aiming to generate profit through the markup
RETAIL BUSINESS MODEL
The NETWORK OR SYSTEM
through which products passes from the manufacturer to the end consumer.`
Involving retailers, wholesalers, distributors, middlemen, agents and other intermediaries, including physical stores, online platforms, and mobile apps
RETAIL DISTRIBUTION CHANNEL
A retailer is also known as a ___________ because he buys and products from one party distributes and sells it to another.
Reseller
the network of businesses or intermediaries through which a good or service passesuntil it reaches the end consumer.
A distribution channel
Origin of Retail
French word: Re and Tailer
Re and tailer meaning
Cut again
Small portions in tagalog
Tingi
goods from an importer or manufacturer directly or through a wholesaler to sell small portions of goods to final-consumers
Retail purchase goods
are also referred to as stores or shops.
Retail stores
last element of the supply chain
Retailers
What was replaced when civilization grew with retail trade, which involved the use of CURRENCIES
BARTER
PLACES that was known for establishing open-air market for PRODUCERS and MERCHANTS
EUROPE and MIDDLE EASTERN TOWNS
“Retail markets emerged when civilizations created ______ to facilitate commerce.”
Money
By the first millennium BCE, ________ _______ was extensive and included branding and packaging.
Chinese Retail
The earliest known permanent retail centers were created in ancient Rome.
The Forums
referred toopen-air, public spaces where trade, commerce, and social gatherings took place, serving as the earliest examples of permanent retail shop-fronts.
Forums
Isan online space for customers to engage with one another about your business.
A customer forum
Characteristics of Retail (CIGM)
- Retailers CONNECT manufacturers and wholesalers to consumers
- They IDENTIFY SHIFTS IN TRENDS and consumer preferences.
- Retailers GATHER VALUABLE CONSUMER FEEDBACK and market intelligence
- Many retailers operate in MULTIPLE FORMATS to expand their customer base and market reach
Best example of a retail business
Sari-sari store/ Variety Store
refer to the various avenues or platforms through which retailers sell their products or services to consumers.
Retail Channels
Main functions of retailing (BSC)
1) Breaking bulk
2) Sorting
3) Channel of Communication
Single Channel retailing (Traditional channel)
- Brick and Mortar
- Warehouse retailers
- Chain stores
- Catalog Retailing
meansa retailer or producer sells products through only one distribution channel, such as a physical store, an online store, or a specific marketplace, focusing resources on optimizing that single channel.
Single Channel retailing
- These are traditional retail outlets, where customers physically visit to shop
- supermarkets, department stores, and specialty shops
Brick and mortar stores
-Offer a BARE-BONES shopping experience at very low prices, often with bulk purchases.
- examples are PUREGOLD, SAVEMORE SUPER8
Warehouse retailing
Retail outlets with MULTIPLE LOCATIONS that SHARE A BRAND, central management, and established business processes.
-JUMBO JENRA, BUYMAXX
Chain Stores
- Products are advertised through CATALOGS and an accompanying website.
- BOARDWALK, AVON - mail-order catalogs, clothing catalogs, and furniture and appliance brochures
Catalog Retailing
emphasizes technology, convenience, and a customer-centric approach, leveraging data analytics and various channels to create personalized and efficient shopping experiences.
Modern Retailing
EX: NIKE APP-E-commerce platforms where businesses sell products directly to consumers online.
Online stores
such as Amazon or eBay-Platforms that allow MULTIPLE SELLERS to display and sell their products to consumers,.
Online marketplace
EX: LAZADA AND SHOPEE-Selling products through mobile applications or mobile-optimized websites.
Mobile stores
TIKTOK
Using social media platforms to sell products and engage with customers.
Social Media Channels
Selling through multiple channels (e.g., online and in-store) but with separate customer experiences on each channel.
Multichannel Retailing
Seamlessly integrating multiple selling channels to provide a cohesive customer experience across all platforms
Omnichannel Retailing
EX: GOOGLE SHOPPING SERVICES-websites that consumers can use to find multiple retailers offering the product they want to buy
Comparison Shopping Engines
EX: FACEBOOK REVIEWS-Platforms where consumers can find and share reviews about products and retailers.
Review sites
EX: CAROUSELLE-Retailers use their own platforms to connect brands and consumers, such as Walmart’s retail media network.
Retail Media Network
Brands sell products directly to consumers, bypassing traditional retailers.
Direct-to-consumer (DTC)
Brands, manufacturers, and resellers sell their products in bulk to various outlets or retailers for onward sale.
Wholesale eCommerce
Internet Retailers (E-commerce):
Businesses selling products or services online through websites or online marketplaces.
Non-Store Retail
Retail activities that occur outside of a physical store, such as door-to-door sales or vending machines.
Non-store Retailing
Importance of retailing
- In retail stores, retailers get OPPORTUNITIES TO INTERACT W/ CUSTOMER (the ultimate consumers of your products).
- provide chances to them view and test
Retail market size percentage
11.68% in 2021-2026
10.42% Year-over-year growth
Top 4 contributors to the retail industry
Food, Gadgets, Personal care, Clothes
Why Retailing is important?
- Sales to Ultimate consumers of the products
- A convenient form of selling quantity-wise
- Convenient Place and Location
- The lifestyle of the people are shaped by retailing
- Retail businesses contribute to the economy
- Retail dominates the supply chain
- RETAIL IS INTER DISCIPLINARY (relate to more than one branch of science/knowledge.)
- Retailers provide maximum employment
- Retailing is an important subject area of study
- Retailing offers scope for expansion in other countries
- Retailers rule the channel of distribution
- Provides comfort and facilities for shopping
- Provide profit and services to the channels on top (wholesalers, manufacturers)
- Provision of warehousing and storage
- Advantage of an expert and specialist
- Creates utilities and value
is a process that store leaders participate in to encourage sales, enhance store associates’ performances and exceed customers’ expectations. These practices aim to build customer loyalty and improve efficiency. They also may help teams stay aligned, progressing toward common goals.
Retail management
will provide you with the opportunities to make your store work and make you in charge of it. you will be in charge to interact with highest level corporates to the lowest level sales person.
Retail Management job
is responsible for various tasks such as interacting with customers at entry level, communicating with merchandisers who deliver merchandise for the store, visual presentations, products, customers service, and sales team, etc.
A retail manager
oversees the smooth operations and financial success of a store
Retail Manager
Advantages working as a Retail Manager
- More money and experience
- Leadership and Team Management
- Personal Growth and Development - - Global Travel Opportunities
- Influence on Company Culture
- Business Management Skills
- Work Environment - Customer Interaction and Problem-Solving Skills
Disadvantages
Long and Unpredictable Hours
High-Pressure Environment
Limited Flexibility
Increased Responsibility
You Get the Blame
You Have to Hire/Fire People
Dealing with Difficult Customers and Bureaucracy Workday doesn’t end when you leave work
