Chapter 1- Retail Management class
Business activities involved in selling goods and services to consumers for their personal, family, or household use.
Channel of distribution
All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer.
A distribution approach whereby a retailer sells to consumers through multiple retail mats (points of contact)
Involves the retailer’s collecting an assortment of goods and services from various sources, buying them in large quantity, and offering to sell them in small quantities to consumers
Takes place when suppliers enter agreements with one or few retailers to designate the latter as the only firms in specified geographic areas to carry certain brands or product lines
Takes place suppliers sell through as many retailers as possible. This often maximizes suppliers’ sales and lets retailers offer brands and product versions
Takes place when suppliers sell through a moderate number of retailers. This lets suppliers have higher slaes than in exclusive distribution and lets retailers carry some competing brands.
Overall plan guiding a retail firm. It influences the firm’s business activities and it’s response to market forces, such as competition and the economy.
An approach to business that is customer-oriented, coordinate, value-driven, and goal-oriented.
Total retail experience
All the elements in a retail offering that encourage or inhibit consumers during their contact with a retailer.
Identifiable, but sometimes intangible, activities undertaken by a retailer in conjunction with the basic goods and services.
Exists when retailers seek to establish and maintain long-term bonds with customers, rsther than act as if each sales transaction is a completely new encounter with them