Midterm Review

Midterm Review - BMGT353 Midterm Review 1) What is...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
BMGT353 Midterm Review 1) What is retailing Retailing : the set of business activities involved in selling products directly to consumers for their personal or family use o The products could be goods, services, or a combination of them Retailer : a business whose sales come primarily from conducting retailing activities Retailing is a large industry o U.S. retail sales in 2007 were about $4.5 trillion (approximately 8.1% of GDP) o Over 29 million people are employed in retailing (about 21% of total nonagricultural labor force in the U.S.) 2) What is a channel of distribution Distribution channel : a set of firms or individuals who facilitate the movement of products from the point of production to the point of sale to the end consumer Retailers lie at the end of the value chain in a distribution channel o Some retailers also perform wholesaling and manufacturing activities EX : manufacturer wholesaler retailer consumer 3) The four basic functions that retailers perform to add value to channels of distribution Provide assortment o So that consumers can buy a variety of products at the same time Breaking bulk o So that consumers can buy products at the quantities that they want Holding inventory o So that consumers can buy products when they want to Provide services
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 12/15/2011 for the course BMGT 353 taught by Professor Staff during the Fall '08 term at Maryland.

Page1 / 4

Midterm Review - BMGT353 Midterm Review 1) What is...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online