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AESHM 275 Ch. 1,2, & 3 Notes

by: Clare Schubert

AESHM 275 Ch. 1,2, & 3 Notes AESHM 275

Marketplace > Iowa State University > General > AESHM 275 > AESHM 275 Ch 1 2 3 Notes
Clare Schubert
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About this Document

A few definitions and tidbits you should know for your exams later. Know the differences.
Retailing Management
Class Notes




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This 2 page Class Notes was uploaded by Clare Schubert on Sunday January 24, 2016. The Class Notes belongs to AESHM 275 at Iowa State University taught by Amrut in Spring 2016. Since its upload, it has received 26 views. For similar materials see Retailing Management in General at Iowa State University.


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Date Created: 01/24/16
AESHM  275:  Ch.  1,2,  &  3  Notes       What  is  Retailing?   • Retailing  is  the  set  of  business  activities  that  adds  value  to  products  and   services  sold  to  consumers  for  their  personal  or  family  use     What  is  a  Retail  Business?   • A  retailer  is  a  business  that  sells  products  and/or  services  to  consumers  for   personal  or  family  use.       *Retailers  add  significantly  to  the  prices  consumers  face   • Provide  assortment  (buy  other  products  at  the  same  time)   • Break  bulk  (buy  it  in  quantities  customers  want)   • Hold  inventory  (buy  it  at  a  convenient  place  when  you  want  it)   • Offer  services  (see  it  before  you  buy;  get  credit;  layaway)       Wholesalers  –  sell  to  other  business  as  well  as  consumers       Vertical  Integration  –  firm  performs  more  than  one  set  of  activities         Manufacturing  ~  Wholesale  ~  Retailer  ~  Consumer         The  World  of  Retailing  ~  Retailing  Strategy  ~  Merch.  Management  ~  Store   Management     Scrambled  merchandising  –  offers  variety       Types  of  Retailers     *Retailers  differ  in  the  services  they  provide     Specialty  Store(s):  Victoria’s  Secret     Category  Specialist:  IKEA,  Home  Depot,  Best  Buy   Off-­‐price  stores:  TJMAX     Extreme-­‐value  Retailers:  Dollar  General       Category  Killer  –  (Best  Buy),  many  items  available  in  electronics,  specialized  in   electronics       Multichannel  Retailing     Retail  Channel  –  way  a  retailer  sells  and  delivers  merchandise  and  services  to  its   customers     Ex:  store,  internet,  direct  selling,  television  home  shopping,  direct  response  to  TV   (Shamwow  adv)  ,  automated  retailing  (vending  machines)     Store  –  touch/feel  merchandise,  risk  reduction,  personal  service,  immediate   gratification,  entertainment  and  social  interaction,  browsing,  cash  payment       Catalog  –  safety,  convenience,  ease  of  use     Internet  –  safety,  convenience,  broad  and  deep  assortments       Mobile  –  portable,  location  sensitive,  push  notifications,  touchscreen,  smaller  screen,   apps       Showrooming:  consumer  goes  into  a  store  to  learn  about  different  brands/products   and  then  searches  the  Internet  for  same  product  sold  at  lower  price          


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