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