MKTG 488, week 1
MKTG 488, week 1 MKTG 488
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This 2 page Class Notes was uploaded by Alissa Foreman on Sunday August 28, 2016. The Class Notes belongs to MKTG 488 at University of Mississippi taught by Dr. Christopher Newman in Fall 2016. Since its upload, it has received 30 views. For similar materials see Retail Strategy in Marketing at University of Mississippi.
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Date Created: 08/28/16
Intro to Retailing Retailing:Aset of business activities thatadds valueto products and services soldto consumers for their personal or family use Retailer:A business that sells products and/or services to consumer for personal or familyuse Forward: Distribution channel/ Supply Chain o Supply Chain: A setof firms that make & deliver a given setof Manufacturer goods/ services to the ultimate consumer Vertical Integration: When a firmperforms more than one setof activities inthe distribution channel Wholesaler Two types of Vertical Integration o Forward Integration: Manufacturer undertakes wholesaling and/or retailing activities of its products Retailer Saves retailers money Distributes via its own centers Instead of buying products, companies make their own Consumer Ex: American Apperal o Backward Integration: Retailer undertakes distribution and/or manufacturing activities First and foremost, a retailer But, has wholesalers and manufacturers Backward: More steps you canown as a business,the more $$$ will be Manufacturer made Ex: Starbucks: owns bean farms, owns bean roasting plants,owns warehouse distribution centers Wholesaler Retailers increaseprices for consumers Do retailers really provide value? o Bulk break: Retailer buys lots of products and break them down to Retailer sell to the consumer o Provide assortment to create convenience for the consumers Wide variety Consumer o Hold inventory by storing it until the consumer wants a product o Offers many services (ThinkWalmart) Haircuts,taxes,groceries,etc. Retail Sales account for nearly 10% of US GDP o 4.5 trillion dollars Employment o Nearly 4 million retailers in the US o Supports 1 in4 US jobs Social responsibility o Giving to local,state,and national charities,donations, and time o Corporate Social Responsibility(CSR)
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