Chapter 2 - Retail industry Flashcards
what is retailing
retailing consists of all the activities needed to sell goods and services.
why is retailing important
it helps to bring products produced by manufacturers to customers
it serves customers by
- displaying products
- sales staff to assist customers
- having after sales services
what are the types of store retailing
- specialty stores
- department stores
- convenience stores
- supermarkets
- hypermarkets
what are the types of non-retailing
- e-retailing
- vending machines
- push carts
- pop up - retailing
what is store retailing ?
it involves the sales of products in a physical permanent store
explain about specialty stores and state one business that is a specialty store
These stores sells a specific range of products
These stores tend to :
- sell a specific range of products
- have a distinct image
- caters to a target group of customers
- offer personalized services
- offer expert knowledge on the products
Example : Candy Empire
explain about department stores and state one business that is a department store
These stores are large retail stores that provides shoppers a one-stop shopping experience by offering a wide range of products. They are divided into sections and each department displays a particular type of product
These stores tends to :
- occupy more than one floor
- located at big shopping centers
- provides a wide variety of products
- they have staff with specific expertise on products in each department
- offers after sales services
Example : TANGS
explain about convenience stores and state one business that is a convenience store
These stores are small stores that is open for long hours. Customers have to pay slightly higher than other stores as it is for the convenience they are getting
these stores tend to :
- open 24 hours 7 days a week
- have a limited variety of products
- they sell both food and non-food items
- located in neighbourhoods and at petrol stations
- they encourage self service
Example(s) : Cheers and 7/11
explain about supermarkets and state one business that is a supermarkets
These stores are large stores that sells a wide range of household and food items which are needed for survival. these items are arranged on shelves and are placed according to sections
These stores tend to :
- sell a variety of food products
- they sell a range of household items ]
- they offer competitive prices
- encourage self - service
Example(s) : Fair price , cold storage
explain about hypermarkets and state one business that is a hypermarkets
Hyper markets are extremely large stores that is a combination of supermarkets and department stores.
These stores tend to :
- occupy extremely large places
- sell a wide range of products
- offer competitive prices
- use tall and simple display racks
- encourage self service
Example(s) : Fairprice Xtra , Giant
( fair price and fair price Xtra are 2 different things )
what are the duties of the staff in retail stores
- they help customers find what they want
- keep the store in good condition
- displaying products
- managing the cash register
- they have to communicate well with customers
what is non-store retailing
it means that they do not sell goods and services in a physical store
what is e-retailing
it means the selling of products online. most e-retailers use their businesses online without the use of a physical store
Advantages of having an Online store :
- they do not have operating hours , meaning they can shop at anytime
- they can shop and buy their products from anywhere in the world.
- Customers can pay for their products online instead of using cash
Example(s) : Shopee, Shein, RedMart , carousell
what are vending machines
- these are machines that automatically dispense products after customers make the payment.
- these machines can be set up easily in places like schools , offices , bus stops and in shopping malls
Advantages of using a vending machine
- it is convenient
- customers will not need to visit a store or wait in long lines at a cashier
