retailing and multichannel marketing

Question 1

retailing

Answer 1

the set of business activities that add value to products and services sold to consumers for their personal or family use. includes products bought at stores, through catalogs, and over the internet as well as services like fast food restaurants, airlines, and hotels.

Question 2

how is retailing changing

Answer 2

manufacturers no longer rule many supply chains, the big retailers dictate what should be made, when it should come to market and even price points

Question 3

developing a retail strategy

Answer 3

product: providing the right mix of products and services. private label brands. storage function. exclusive co-brands
price: helps define value and image, price must always be aligned with the other elements of a retailers strategy: product, promotion, and place
promotion: store promotion (traffic) product promotion. who pays electronic communications are growing

POS

experiential marketing

measures wallet share and AOV

place: convience destination (IKEA) vs. neighboorhood

Question 4

benefits of stores for consumers

Answer 4

browsing, touching and feeling products, personal service, cash and credit payment, entertainment and social experience, immediate gratification, risk reduction

Question 5

benefits of the internet and multichannel retailing

Answer 5

deeper and broader selection, personalization, customer service, offerings, gain insights into consumer shopping behavior, increase customer satisfaction and loyality, expand market presence.