what is retailing?course hero

What is retailing?

1 What is Retailing? According to Kotler, “ Retailing includes all the activities involved in selling goods or services to the final customers for personal, non-business use. ” Retailing is the activity of selling goods and services to last level consumers for their use.

What is the definition of retail according to Kotler?

According to Kotler, “ Retailing includes all the activities involved in selling goods or services to the final customers for personal, non-business use. ” Retailing is the activity of selling goods and services to last level consumers for their use.

What is the job description of a retailer?

A retailer is a person, agent, agency, company, or organization, which is instrumental in reaching the goods, merchandise, or services to the ultimate consumer. Retailers perform specific activities, such as anticipating customers’ wants, developing assortments of products, acquiring market information, and financing.

What are the characteristics of retail?

The retail sector comprises consumers, manufacturers, marketers, suppliers, and changing technology. Those retailers that adapt to changes in demography, technology, consumer preferences, and legal changes are more likely to survive for long and prosper. Cyclical Theory

What is meant by retailing?

retailing, the selling of merchandise and certain services to consumers. It ordinarily involves the selling of individual units or small lots to large numbers of customers by a business set up for that specific purpose.

What is retailing by Kotler?

Retailing functions are performed by any firm selling merchandise or providing services to the final consumer. According to Philip Kotler : “Retailing includes al the activities involved in selling goods or services to the final customers for personal, non – business use.” Functions of Retailing - : 1.

What is retailing and its importance?

A convenient form of selling quantity-wise The term "retail" refers to breaking down items into small parts and reselling them. The products are purchased in bulk from the middleman or producer by the merchant, and the majority is separated into small amounts and sold to customers according to their needs.

What is retail in retail management?

Retail management is the process of running and managing retail outlets' day-to-day activities surrounding the selling of goods and services to customers.

What is retail introduction?

Retail is a business deal in which the seller sells small quantities of goods to the customers as per their needs. A retail store is a retail business enterprise which primarily deals with sales volume in retailing.

What are the main functions of retailing?

Functions performed by retailers:(1) Buying and Assembling: ... (2) Warehousing or Storing: ... (3) Selling: ... (4) Credit Facilities: ... (5) Risk Bearing: ... (6) Grading and Packing: ... (7) Collection and Supply of Market Information: ... (8) Helps In Introducing New Products:More items...

What is retailing explain its types?

Types of Retailing Store Retailing: Department store is the best form of store retailing, to attract a number of customers. The other types of store retailing includes, speciality store, supermarket, convenience store, catalogue showroom, drug store, super store, discount store, extreme value store.

What are the most important values in retailing?

The four Ps - Product, Price, Place, Promotion - are the basic foundations of a successful retail business.

What is another word for retail?

retailpeddle.barter.dispense.distribute.hawk.market.trade.

What are the 3 types of retailing?

Off-price retailers are mainly of three types. They are; factory outlets, independents, and warehouse clubs. Factory outlets are owned and operated by manufacturers, which normally carry the manufacturers surplus, discontinued, or irregular goods.

What is retailing and wholesaling?

Wholesaling. Retailing. Meaning. Wholesaling is the process where the wholesaler purchases products in bulk from the manufacturer. Retailing is when the retailer purchases products from the wholesaler and sells it further in small quantities to the end customer.

What are the elements of retailing?

Retail marketing has 4 key components, also knows as the “4 Ps”: Product, Price, Place, and Promotion.Product. First is the Product, which is the physical item that's being sold.Price. The second is Price, which refers to the pricing strategy that the merchant uses to sell the item. ... Place. ... Promotion.

What is Retailing?

Retailing encompasses those business activities involved with the sale of goods and services to the final consumer for personal, family, or household use.

What is the end objective of a retailer?

The end objective of the retailer is to sell the goods to consumers. He undertakes various methods to sell goods to the ultimate consumers.

How does retailing affect your life?

Retailing affects every facet of life. Just think of how many daily contacts you have with retailers when you eat meals, furnish your apartment, have your car fixed, and buy clothing for a party or job interview.

Why is retailing important?

It is important in a marketing strategy to match the arena in which a product is purchased to the benefits and characteristics of the product itself and its price.

What is the environmental theory of retail?

Environmental Theory. According to environmental theory there is a change in retail. It is attributed to the change in the environment in which the retailers operate. The environmental theory explains how retail business evolved from the specialized stores into department, discount, chain, mail order and online stores.

What is the conflict between two opposite types of retailers?

According to this theory the competition or conflict between two opposite types of retailers, leads to a new format being developed. It says that retailers change in response to competition. It explains how some department stores transitioned into discount stores. The conflict always exists conflict always exists between operators of similar formats or within broad retail categories.

What is the retail life cycle?

Retail life cycle addresses the four stages that a company goes through when entering the buyer’s market. Retail accordion aspect of cyclical theory suggests that some businesses go from outlets that offer an array of products to establishments providing a narrow selection of goods and services.

What is retailing in business?

Retailing is the act or process of sourcing goods and/or services from a manufacturer, supplier or distributor and selling them to the end user. In a way, retailing forms a direct link between the customer and the rest of the supply chain.

How does corporate retailing work?

Corporate Retailing is done through retail structures such as franchises or chain stores, which are more efficient and have a larger reach. Mobile Retailers transact their business through mobile phone-based platforms, such as smartphone apps. The product is then shipped physically to the consumer.

Why is wholesale price always lower than retail price?

The cause for this is that while retailers have to deal with additional costs such as display merchandising and advertising, wholesalers do not have to spend on these activities. As a result, they can move large quantities of goods at relatively lower prices.

How does the supply chain work?

How Retail Supply Chain Works 1 The Manufacturer forms the first link in the retail supply chain. Manufacturers are the ones responsible for producing the finished goods using raw materials, labor, and technology. 2 The Wholesaler comes in next. They purchase the goods from the manufacturers and sell them to the retailers in bulk. 3 The Retailer, as we already know, is responsible for selling the final goods to the last link in the chain, the consumer. 4 The Consumer is the end-user who purchases the goods from the retailers. Thus, movement of the goods stops with the consumer.

What is the difference between retail and wholesale?

The most well understood difference between retail and wholesale lies in the fact that while retail is involved in selling small quantities of goods to individual customers, wholesale is more concerned with moving large quantities of product. So, while retail focuses on the sales of individual items, wholesale deals in bulk.

What is the function of warehouse?

Warehousing and Storing of goods are one of the key functions of retail. After procurement of goods from the wholesalers these must be stored properly in warehouses before being sold to the consumer.

What is the role of retail in the supply chain?

Retail comprises the final step in the supply chain, and hence plays the important role of disseminating the finished products to the actual consumers . In retail, the goods that are sold are not meant for further sales or business purposes. In general, retail sales are involved in moving individual or small quantities of items to the consumers.

What is a retailer?

Any business entity which sells goods to the end user and not for business use or for resale, whether it is a manufacturer, wholesaler or retailer, are said to be engaged in the process of retailing, irrespective of the manner in which goods are sold. Retailer implies any organization, whose maximum part of revenue comes from retailing.

What is retailing in business?

Definition: Retailing is a distribution process, in which all the activities involved in selling the merchandise directly to the final consumer (i.e. the one who intends to use the product) are included. It encompasses sale of goods and services from a point of purchase to the end user, who is going to use that product.

What is corporate retail?

Corporate Retailing: It includes retail organizations such as corporate chain store, franchises, retailer and consumer cooperatives and merchandising conglomerates. There are a number of advantages that these organizations can achieve jointly, such as economies of scale, better and qualified employees, wider brand recognition, etc.

What is retailing in supply chain?

In the supply chain, retailers are the final link between the manufacturers and ultimate consumer.

What is a retail organization?

Buying service: The retail organization serves a number of clients collectively, such as employees of an organization, who are authorized to purchase goods from specific retailers that have contracted to give discount, in exchange for membership.

Is retailing a fast growing industry?

With the emergence of new forms of retailing, competition is also increasing between them. It is one of the fast-growing and challenging industry.

What is retailing in business?

Any organization that sells the products for consumption to the customers for their personal, family, or household use is in the occupation of retailing.

Why is retailing important?

Retailing occupies a very important place in the economics of any country. It is the final stage of distribution of product or service. It not only contributes to country’s GDP but also empowers a large number of people by providing employment. Retail Management starts with understanding the term 'Retail'.

How is product retailing different from service provider?

Product retailer and consumer relationship is established only if the consumer frequently visits the outlet. Service provider and customer relationship is established right from start. Products can be stored in outlet while retailing. Services are intangible hence cannot be stored while retailing. Product retailing can be standardized. Service retailing cannot be standardized as it highly depends upon the human entities involved. In product retailing, the ownership of the purchased product can be transferred from owner to consumer after transaction. In service retailing, there is no transfer of ownership. The consumer can only access the service.

How does wholesale business work?

The products are sold to the customers directly The products are sold either to retailer for further selling or to the customer directly Retailer sells the products by adding his own profit margin hence the cost of product increases The cost of product sold at wholesale is always lesser than retail cost Retail business generally does not have direct contact with the manufacturer Wholesale business has a direct contact with the manufacturer Retail business buys products from wholesaler in small quantities. Hence, there is always an upper hand to question the quality and discard the damaged products Wholesale businesses have to buy from the manufacturer in bulk. Hence if there is some issue with the quality of the product, they can hardly complain Retail has to work on attracting customers, managing selling space, employee’s salaries, etc. Wholesale business is not much engaged into such activities Retail business earns lesser profit Wholesale business earns more profit

What is non-store based retailing?

It is the form of retailing where the retailer is in direct contact with the consumer at the workplace or at home. The consumer becomes aware of the product via email or phone call from the retailer, or through an ad on the television, or Internet. The seller hosts a party for interacting with people. Then introduces and demonstrates the products, their utility, and benefits. Buying and selling happens at the same place. The consumer itself is a distributor. For example, Amway and Herbalife multi-level marketing. Non-Store based retailing includes non-personal contact based retailing such as: Mail Orders/Postal Orders/E-Shopping:The consumer can refer a product catalogue on internet and place order for purchasing the product via email/post.

What is retail management?

Retail Management is an activity of selling products or services to their end-users. This tutorial introduces you to various concerns of retail business such as retail marketing, space management, and retail operations. It also introduces you to visual merchandising, retail marketing mix, and e-tailing.

What are the services of a retail store?

These retailers provide various services to the end consumer. The services include banking, car rentals, electricity, and cooking gas container delivery.

What is a retailer?

A retailer is a person, agent, agency, company, or organization, which is instrumental in reaching the goods, merchandise, or services to the ultimate consumer. Retailers perform specific activities, such as anticipating customers’ wants, developing assortments of products, acquiring market information, and financing.

Why is retailing important?

The retail sector is particularly important because retailing is the final link in the chain of production which begins at the extractive stages, moves through the manufacturing processes and ends by the distribution of goods (and services) to the final consumer.

Why is retailing a dynamic industry?

Retailing is a dynamic industry—constantly changing due to shifts in the needs of the consumers and the growth of technology.

What are the benefits of retailing?

The answer lies in the benefits that a vibrant retailing sector offers—an easy access to a variety of products, freedom of choice, and high levels of customer service. A common perception is that retailing involves only the sale of products in stores.

Why did the rulers, scholars and priests look down the retailing profession?

This was the reason why the rulers, scholars and priests looked down the retailing profession. There were instances of penalising the traders for their malpractices.

What is retail distribution?

Retailing is defined as a set of activities or steps used to sell a product or a service to consumers for their personal or family use. It is responsible for matching individual demands ...

How do producers compete?

They can compete by cutting their prices or by introducing a new or better version of a product.

What is a course hero?

Course Hero is an education technology company which operates an online learning platform for students to access course-specific study resources contributed by a community of students and educators.

How long is a BBB business profile?

BBB Business Profiles generally cover a three-year reporting period. BBB Business Profiles are subject to change at any time. If you choose to do business with this business, please let the business know that you contacted BBB for a BBB Business Profile.

What is A Retailer?

A retailer is a person or a business who sells small quantities of goods to the customers for the actual use.

What is the relationship between a retailer and the customer?

Relationship with the customers – Retailers form a bond with the customers and help them decide which products and services they should choose for themselves.

How Retail Works?

Retail works on a simple revenue model of mark-up. The retailers buy the goods at a cost price, add up the cost of labour, equipment, and distribution to it along with the desired profit margin, and sell it at a higher price.

What is retailing in business?

What Is Retailing? Retailing is the distribution process of retailer getting the goods (either from the manufacturer, wholesaler, or agents) and selling them to the customers for the actual use. In simple terms, retailing is the transaction of small quantities of goods between a retailer and the customer where the good is not bought for ...

How do retailers balance the demands of both sides?

Retailers balance the demands of both sides by collecting and assorting the goods from different sources and placing them according to the customers’ needs.

Why is retailing important?

Importance Of Retailing. Retailing is important for the creators, customers, as well as the economy. Retail stores are the places where most of the actual sales to the customers take place. They act as both a marketing tool for the brands and a support tool for the customers to exchange and communicate important information.

What is retail distribution?

Retail is the final channel of distribution where small quantities of goods (or services) are sold directly to the consumer for their own use. Two key-phrases in this definition that separate retail from wholesale are –. Small quantities of goods: Unlike manufacturing or wholesale, the number of goods involved in a retail transaction is very less.