Basic Retailing Exam 1

Basic Retailing Exam 1 - Basic Retailing Exam 1 Approaches...

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

View Full Document Right Arrow Icon
Basic Retailing Exam 1 Approaches to the study of retailing o Institutional : traditional; based on the type if institution (store and non-store based) o Functional : merchandise, prices; based on the type of retail function o Strategic : building an overall strategic direction for the firm in a short and long term focus. Retailing o Who I’m selling the product to? o Retailing is selling goods and services to the final consumer; therefore, you need to target your final consumer in order to be successful o You need to sell at least 50% of your products to the final consumer in order to be considered a retailer o In an intermediary between producers and wholesalers and the final consumer o The objective of retailing is to get the right brand for the right consumer Multichannel distribution o A retailer sells to consumers through multiple retail formats (store, online, mail- order, etc.) Usually products are sold through retailers not owned by manufacturers o Exclusive : suppliers make agreements with one or few retailers that designate the latter as the only ones in a specified geographic area to carry certain brands or products (Ex: expensive cars, jewelry, watches, Rolls Royce ) o Intensive : whereby suppliers sell through as many retailers as possible (Ex: chips, soft drinks). o Selective : suppliers sell through a moderate number of retailers (ex: appliances, furniture) Retail strategy o It is the overall plan guiding a retail firm. It influences the firm’s business activities and its response to market forces, such as competition and the economy. Steps in strategic planning o 1. Define the type of business in terms of goods and services category o 2. Set short-term and long-term objectives o 3. Determine the target market(s) o 4. Devise an overall, long-term plan o 5. Implement an integrated strategy o 6. Evaluate performance and correct weaknesses (need for feedback)
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 03/16/2012 for the course MKTG 4300 taught by Professor Mariakalamas during the Spring '12 term at Kennesaw.

Page1 / 3

Basic Retailing Exam 1 - Basic Retailing Exam 1 Approaches...

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