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14 Cards in this Set
- Front
- Back
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Define retailing |
The set of business activities that adds value to products and services sold to consumers for their personal or family use. |
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Define retailer |
A business that sells products and/or services to consumers for their personal or family use. |
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Define supply chain |
A set of firms that make and deliver goods and services to consumers. *Retailers are usually 2nd to last on the supply chain. The consumer is last. |
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How do retailers create value? (4) |
(1) Providing an assortment of products and services (2) Breaking bulk (3) Holding inventory (4) Providing services |
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Define vertical integration |
A firm performs more than one set of activities in the channel, as occurs when a retailer engages in wholesaling activities by operating its own distribution center to supply its stores.. |
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Define backward integration |
A retailer performs some wholesaling and manufacturing activities, such as operating its own warehouses or designing private-label merchandise |
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Define forward integration |
A manufacturer undertakes retailing and wholesaling activities, such as Apple operating its own retail stores. |
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Define corporate social responsibility (CSR) |
Involves an organization voluntarily engaging in business practices that meet or exceed the ethical and legal expectations of its stakeholders (its employees, customers, community, and society in general). |
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Opportunities in retailing (6) |
People with a wide range of skills and interests needed because retailers’ functions include: (1) Finance (2) Purchase (3) Accounting (4) Management information system (MIS) (5) Supply management including warehouse and distribution management (6) Designand new product development |
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Define intratype competition |
Competition between the same type of retailers. i.e. department store vs. department store and supermarket vs. supermarket. A retailer's primary competitors are other retailers that use the same retail approach. |
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Define intertype competition |
Competition among retailers that sell similar merchandise using different types of retail outlets, such as drug and department stores. |
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Define scrambled merchandising |
When retailers offer merchandise not typically associated with their type of store, such as clothing in a drugstore, the result is scrambled merchandising. Scrambled merchandising increases intertype competition. |
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In order to identify your customers you must know... (2) |
Identifying customer: (1) What are the significant demographic and lifestyle trends? (2) Who are your target customers |
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A retailing strategy should... (3) |
The retail strategy identifies: (1) the target market (2) the nature of the merchandise and services the retailer will offer to satisfy the needs of the target market (3) how the retailer will develop unique assets that enable it to achieve longterm advantage over its competition |
