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MKT+3355+-+Exam+1+_Ch+1-5_+study+guide+Sp+09 - MKT 3355...

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MKT 3355 - Retail Management STUDY GUIDE Examination One (Chapters 1-5) Chapter One: “Introduction to Retailing” Retailing: definition; what value is based on from consumer perspective; scope; how retailing is distinguished from other types of business; three special or unique characteristics of retailing; business entities that can make a retail sale; importance of impulse sales to today’s retailers; techniques and shelf-arrangement studies retailers use to increase impulse purchases by retailers; illustrations of retail transactions; manufacturer owned retailers (like Sherwin Williams and Ralph Lauren) and independent retailers. Retail Statistics: current statistics; the important government entity that publishes valid retail statistics on a regular basis; how to look them up on the Web; 2004 statistics for the following issues (as published in the textbook) as well as current government statistics (look up on U.S. Bureau of Census of Retailing) and the 2004 – Current % changed for the following retail issues (students need to determine these changes): Current annual $ worth of US retail sales; current # of people employed in retailing in the US (and % of labor force working in retail-related positions); Average % of sales goes to department store retailers (and to supermarkets like HEB) as compensation for the activities they perform; three largest retailers (2004); average after tax profit of ten largest US retailers (2004). Retail Sorting Process: definition; act of the sorting process; how the process relates to establishment of one-stop shopping retailers; and how the process relates to smoothing divergent viewpoints between manufacturer and retailer and how a manufacturer’s attempt to increase their national brands displays space at a retailers location is an example of contrasting viewpoints; implications of the sorting process to retailers; how the sorting process allows producers to specialize in manufacturing its product; how the sorting process benefits consumers. Retail Channel of Distribution: definition; retailing’s stage in the channel of distribution; differentiation between exclusive distribution, and intensive distribution and: 1) how these types of distribution relate to manufacturers distributing good through one, few, or many retailers and the existence of smoothness or conflict in a channel; 2) how they relate to the few or many brands a particular retailer would carry; 3) how these types relate to relate to maximizing long-term sales potential, or not, market share, or not; 4) which type of distribution relates to an attempt to balance channel cooperation with increased opportunity for product sales; 5) in which is channel relations likely to be most volatile; the most smooth; 6) which of these types allow for greatest channel, cooperation, and control; 7) what is the greatest limitation of each of these types; 8) in which of these types is retail price competition the highest; 9) which of these types has the greatest potential for channel conflict; 10) multi-channel retailing strategy definition, how relates to
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