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Video Recorded Lecture - Retail

by: Alex

Video Recorded Lecture - Retail 301

Marketplace > University at Buffalo > 301 > Video Recorded Lecture Retail
GPA 3.0

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should still watch video on ublearns
Dr. Dick
Class Notes
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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)


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