RETAIL MANAGEMENT CHAPTER 1: QUIZ

• Retailing - is the set of business activities that adds value to the products and services sold to consumers for their personal or family use.
• Retailer - is a business that sells products and services to consumers for their personal or family use.
• Supply chain - is a set of firms that make and deliver a given set of goods and services to the ultimate consumer.
• Vertical integration - a firm performs more than one set of activities in the supply chain, such as investments by retailers in wholesaling or manufacturing.
• Backward integration - a retailer performs some distribution and manufacturing activities such as operating warehouses or designing private-label merchandise.
• Forward integration - a manufacturer undertakes retailing activities such as Ralph Lauren operating its own retail stores.
• Breaking Bulk

    -Buy it in quantities customers want
• Holding Inventory

    -Buy it at a convenient place when you want it
• Providing Assortment

    -Buy other products at the same time
• Offering Services  -See it before you buy, get credit, discount etc
• Misconceptions About Careers in Retailing

  
  

  Don’t need college education

  Low Pay

  Long hours

  Boring

  Dead-end job

  No benefits

  Everyone is part-time

  Unstable environment
• Wholesalers - buy and store merchandise in large quantities from manufacturers and then resell the merchandise (usually in smaller quantities) to retailers.
• Corporate Social Responsibility - which involves an organization voluntarily engaging in business practices that meet or exceed the ethical and legal expectations of its stakeholders.
• Conscious marketing - entails a sense of purpose for the firm higher than simply making a profit by selling products and services.
• True - retailers are part of the distribution channel
• True - the value of the product and service increasesas the retailer performs functions.
• Intratype Competition - competition between same type of retailers
• Scrambled merchandising - when retailers offers merchandise not typically associated with their type of store
• Intertype competition - competition among retailers that sell similar merchandise using different types of retail outlet
• Retail mix - set of decisions retailers make to satisfy customers needs and influence their purchase decision
• Stakeholders - broad set of people who might be affected by firms action