Lesson 1 Flashcards
Retailing
Retailing
Business activities involved in selling goods and services to consumers for their personal, family, or household use.
Every sale to final consumers
Retailing
Provide issues in retailing
- Best serve consumers while earning a fair profit.
- To stand out in a highly competitive environment.
- To grow a business while retaining a core of loyal consumers.
Philosophy of retailing
Retailing will address issues by fully understanding and applying the basic principles of retailing (well-structured, systematic, and focused retail strategy)
Candidate for a retailing career
Be a person
Be flexible
Be decisive
Have analytical skills
Have patience
Channel of distribution
Manufacturer - Wholesaler - Retailer - Final consumer
Retailer’s role in the sorting process
Manufacturer of Brand A & B - Wholesaler - Retailer - Consumer of Brand A & B
Multi-channel retailing
A retailer who sells to consumers through multiple retail formats (websites or physical stores).
Types of distribution: EXCLUSIVE
An agreement that allows a specific retailer as the only one in a specific geographic area to carry certain products.
Type of Distribution: INTENSIVE
Selling through as many retailers as possible.
Types of distribution: SELECTIVE
Selling through a moderate or selected number of retailers.
Characteristics affecting retailer’s strategy
- Small, average scale
- Popularity of stores through location
- Impulse purchase
Customer service
Activities undertaken by a retailer in a connection with the basic goods/services it sells.
Examples/types of customer service
Store hours
Parking
Shopper-friendliness
Credit acceptance
Sales people
Relationship retailing
Seek to establish and maintain long-term bonds with consumers, rather than act as if each sale transactions is a completely new consumer.
