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Introduction to the world of retailing

Introduction to the world of retailing. By Duane Martenson. What we are going to cover. What Retailing is The importance of retailing Career opportunities in retail. What is retailing to you?.

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Introduction to the world of retailing

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  1. Introduction to the world of retailing By Duane Martenson

  2. What we are going to cover • What Retailing is • The importance of retailing • Career opportunities in retail

  3. What is retailing to you? • Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal or family use The Four P’s of Marketing Product Distribution Price Promotion

  4. How do Retailers add value? • 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

  5. What do Retailers do for Corporate Social Responsibility • McDonalds Houses • Starbuck fair trade coffee • Target community Give Back

  6. Retail has changed! So has the career opportunities! To Today’s Retailer Store Design Mom and Pop Store Operations MIS Human Resources Loss Prevention Finance Real Estate Promotion/Advertising

  7. Misconceptions • College not needed • Low pay • Long hours • Boring • Dead-end job • No benefits • Everyone is part-time • Unstable environment • No opportunity for women and minorities

  8. The Retail Management Decision Process The World of Retailing (chapters 1-4) • Environmental Factors • Macro– technology, social, ethical, political • Micro– competition and customers • Competition – • Intratype competition– between same type retialer (supermarket vs supermarket) • Greater Variety of products makes for scrambled merchandising thus increased Intertype competition. (examples of scrambled merchandising??) • Customers – Consumer Behavior

  9. The Retail Management Decision Process Retailing Strategy (chapters 5-11) • How the firm plans to focus its resources to accomplish objectives • Targets • Merchandise • Long term competitive advantage • Wallmart vs Toys R Us Small towns -- big towns Wide Varity shallow selection – every toy made Low price — low price Self service – Self service

  10. The Retail Management Decision Process Retailing Strategy (chapters 5-11) Cont. • Strategic Decision Area • Marketing strategy • Financial strategy • Location strategy • Organizational structure • Human Resource • Information systems • Supply Chain Strategies • CRM

  11. Implementing the Retail StrategyChapter 12-19 • Retail Mix – combination of factors used to satisfy customer needs and influence their purchase decision • Types of merchandise and service • Pricing • Advertising and promotion • Store design and merchandise display • Level of customer service • Store location

  12. Wal-Mart’s Retail Mix Customer Service Location Retail Strategy MerchandiseAssortment Store DesignAnd Display Pricing CommunicationMix

  13. Customer Service Store DisplayAnd Design MerchandiseAssortment Communication Mix Pricing Wal-Mart’s Retail Mix Location Strategy Free-standingStores

  14. Wal-Mart’s Retail Mix Assortment Strategy Customer Service Location Large Number of Categories Few Items in Each Category Store Design and Display Communication Mix Pricing

  15. Location Customer Service Merchandise Assortment Store Design and Display Communication Mix Wal-Mart’s Retail Mix Pricing Strategy Low, EDLP

  16. Customer Service Location Store Design and Display Merchandise Assortment Pricing Wal-Mart’s Retail Mix Communication Mix TV and NewspaperInsert Ads

  17. Customer Service Location Merchandise Assortments Communication Mix Pricing Wal-Mart’s Retail Mix Store Design and Display Basic, Special Displays for Products

  18. Location Merchandise Assortment Store Design and Display Pricing Communication Mix Wal-Mart’s Retail Mix Customer Service Limited

  19. Checklist for Making Ethical Decisions

  20. Rubric For Assignments

  21. Assignment 1 • Interview somebody that has a career in the retail field. • Ask questions in the following areas • What is an average day like for your position? • What career opportunities in retail do they see for someone with a degree in business? • What are the benefits and draw back to working in retail? • What does their business do for social responsibility • Any ethical situation you have encountered. • Post the interview as a video or podcast to introduction to retail wiki page. (YouTube, Blaberize…)

  22. Assignment 2 • Use Screencasting or Digital Storytelling that illustrates the role retailers play in the distribution chain. (Prezi or Photopeach, or Adobe would work well… others?) • Terms to use: • Backward/Forward Integration or Vertical Integration • Breaking Bulk, Holding Inventory, Providing Assortment and Services • Supply Chain • Anything else you see fit….. • Post to Introduction to Retail Wiki page.

  23. Assignment 3 • Retail mix • Go to two local retailers that are intertype Competitors and compare their retail mix. Examples (Walmart and Kmart) (Safeway and FTC) (Deer Mt. and Terry Peak) • Customer Service • Store Design and display • Communication mix • Location • Merchandise Assortment • Price • Use a digital story telling method or multimedia to illustrate the comparisons to document that is appropriate. (Blabberize, Comic Life, Prezi….) Post to wiki!

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