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Retailing Chapter 1

Levy, Weitz

Terms

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Retailing
is the set of business activities that adds value to the products and services sold to consumers for their personal or family use
Retailer
is business that sells products and/or services to consumers for their personal or family use
Supply chain
is a set of firms that make and deliver a given set of goods and services to the ultimate customer
Wholesalers
in contrast, engage in buying, taking title to, often storing, and physically handling goods in large quantities, then reselling the goods (usually in smaller quantities) to retailers or industrial or business users
Vertical Integration
means that 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
Breaking bulk
Retailers then offer the products in smaller quantities tailored to individual consumers' and households' consumption patterns in a process called...
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
1. The macroenvironment 2. The microenvironment
The critical environmental factors in the world of retailing are:
Competitors and customers
The retailer's microenvironment focuses specially on its...
Intratype competition
Competition between the same type of retailers is called...
Scrambled merchandising
When retailers offer merchandise not typically associated with their type of store, such as clothing in a drug store
Intratype of competition
scrambled merchandising increases...
Retail strategy
indicates how the firm plans to focus its resources to accomplish its objectives
Retail mix
includes the decision variables retailers use to satisfy customer needs and influence their purchase decisions
Ethics
are the principles governing the behavior of individuals and companies to establish appropriate behavior and indicate what is right or wrong

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