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