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Review Sheet for Midterm Exam (Fall 2009)

Review Sheet for Midterm Exam (Fall 2009) - BMGT353 Retail...

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BMGT353: Retail Management Professor Jie Zhang Fall Semester, 2009 Review Sheet for the Midterm Exam Week 1: The World of Retailing & Retail Mix Decisions What is retailing What is a channel of distribution The four basic functions that retailers perform to add value to channels of distribution The six elements of retail mix decisions (Note that 4P’s are just a way to help you understand the six elements, they are not retail mix per se.) Reading assignment : 7 th Edition : Chapter 1: p.5 – 9, top half of p.21 6 th Edition : Chapter 1: p.5 – 10, bottom of p.20 – top of p.21 Wal-Mart is the world’s largest corporation Carrefour, French-based, world’s second largest retailer Retailing: The set of business activities that adds value to the products and services sold to consumers for their personal or family use o Not only sale of products in stores, but also includes sale of services. Ex: overnight lodging in a motel, a doctor’s exam, a haircut, a DVD rental or home- delivered pizza o Non-store retailing includes Internet sales of hot sauce, the direct sales of cosmetics by Avon, and catalog sales by LL Bean Retailer: A business that sells products and/or services to consumers for their personal or family use o Final business in a supply chain that links manufacturers to consumers Supply Chain: Set of firms that make and deliver a given set of goods and services to the ultimate consumer o Exhibit 1-1, page 7 o Manufacturing Wholesaler Retailer Consumer Wholesalers: resell goods (usually in smaller quantities) to retailers or industrial or business users o Wholesalers and retailers may perform many of the same function, but wholesalers uniquely satisfy retailers’ needs, whereas retailers direct their efforts to satisfying the needs of ultimate consumers 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: Arises when a retailer performs some distribution and manufacturing activities, such as operating warehouses or designing private-label merchandise Forward Integration: Occurs when a manufacturer undertakes retailing activities, such as Ralph Lauren operating its own retail stores 1
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Retailers Create Value! Value-Creating Functions: o Providing an assortment of products and services o Breaking bulk Important to both manufacturers and consumers o Holding inventory o Providing services Corporate Social Responsibility: Describes the voluntary actions taken by a company to address the ethical, social and environmental impacts of its business operations and the concerns of its stakeholders To implement a retail strategy, management develops a retail mix that satisfies the needs of its target market better than that of its competitors o Retail Mix: Includes the decision variables retailers use to satisfy customer needs and influence their purchase decisions.
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