Video Recorded Lecture - Retail
Video Recorded Lecture - Retail 301
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This 4 page Class Notes was uploaded by Alex on Tuesday May 3, 2016. The Class Notes belongs to 301 at University at Buffalo taught by Dr. Dick in Spring 2016. Since its upload, it has received 32 views.
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Date Created: 05/03/16
Video Recorded Lecture Retailing: o Retail Functions: “How retailers add value…” Providing assortments; people look to buy multiple products generally when they shop (location & selection are key) Breaking Bulk – separating units of product from their initial pallets sold from wholesale in order to provide individual units to customers Holding inventory; so customers only buy individual/a few units Providing services; complement products (call center, employee service, customer service, cashier, etc.) o Common Types of General Merchandise Retailers: Discount Stores: low service & price, broad selection with no depth High breadth of selection, low value-added E.g. – Walmart, Target, Kmart Department Stores: moderate prices, more service, relatively broader and deeper selection High selection, high value-added E.g. – Macy’s, JCPenney, Sears Specialty Stores: limited line of products, higher prices & level of service, greater depth, & rely on the image of the store Low selection, low value-added E.g. – GAP, Foot Locker Power Retailers; Category Killers: low price, service varies, narrow selection with great depth Low selection, high value-added E.g. – Best Buy, Office Depot, Toys “R” Us o Retail Strategy: Positioning refer to “Common Types of General Merchandise Retailers” Location: Regional mall Strip center – roads with many small stores (e.g. – Niagara Falls Blvd.) Power Center – strip center with power retailer Central Business District – dying business environment generally (e.g. – downtown Buffalo) Stand-Alone Store – particular category products; boats, cars, furniture Lifestyle Center – places/shopping centers to enjoy life, with activities, restaurants and stores o Macro Factors: Economic Environment – income level, employment rate, size of community Demographic/Psychographic Profile Competition Business Climate – property taxes, zoning regulations, etc. o Micro Factors: Accessibility – easy to get to, easy to leave, easy to get around Visibility – from road, signage, etc. Traffic/Congestion (e.g. – parking) Rent – attractive location & cost to rent Cannibalization – removing customers from other owned stores previously existing Image/Atmospherics: Store layout Merchandise display Fixtures & signage Lighting & color Music & scents o Retail Productivity Measures: analyze departments within a store Net Sales per Square Foot = Total Sales – Returns Stockturn Rate = COGS ÷ Avg. Inventory Avg. Inventory = (Beg. Inv. + End. Inv.) ÷ 2 o Non-Store Retailing: Door-to-Door: Network marketing; try to get others involved in selling product (not directly to customers) Telemarketing: Outbound – calls made out to customers Inbound – provide phone number for customers to call Catalogs: part of retail mix TV Home Shopping: “stars”/celebrities sell products Online: rapid growth Multi-Channel Retailing – selling through multiple channels such as online & brick-and- mortar o Issues in Retail Management: Brand Management – maximize performance of brand Category Management – maximize performance of category (multiple brands – like in retail stores or multiple branded companies)