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    principles-of-marketing-retailing-vs-wholesaling principles-of-marketing-retailing-vs-wholesaling Document Transcript

    • "Retailing vs. Wholesaling” 1
    • Presentation on Retailing vs. Wholesaling Retailing What is retailing?Retailing is all the activities involved in selling goods and services directly to finals consumersfor their personal, non business use.Retailer is a business whose sales come primarily from retailing.Retailing consists of the sale of goods or merchandise from a fixed location, such as adepartment store, or by post, in small or individual lots for direct consumption by the purchaser.Retailing may include subordinated services, such as delivery. Purchasers may be individuals orbusinesses. In commerce, a retailer buys goods or products in large quantities frommanufacturers or importers, either directly or through a wholesaler, and then they sells smallerquantities to the end-user. Retail establishments are often called shops or stores. Retailers areat the end of the supply chain. Manufacturing marketers see the process of retailing as anecessary part of their overall distribution strategy.Many institutions manufacturers, wholesalers, and retailers do retailing, but most retailing isdone by businesses whose sales come primarily from retailing, for example Wal-Mart, Sears,and Kmart are retailers.Although most retailing is done in retail stores, in recent year’s non-store retailing -- selling bymail, telephone (telemarketing), door-to-door contact, vending machines, and numerouselectronic means has grown tremendously. Types of retailers 2
    • There are mainly two types of retailers, Store retailers and Non-Store Retailers. Both types areclassified as per the table below:Table 1: Types of Store and Non-Store Retailers (created by Author, SEU) Store Retailing 3
    • This type of retail store that come in a variety of shapes and sizes, and new retail typeskeep emerging. They can be classified by one or more of several characteristics:Amount of service: Different products require different amounts of service, and customerservice preferences vary:  Self-service retailers increased rapidly in the US during the Great Depression in the 1930s. Customers were willing to perform their own "locate-compare-select" process to save money. Today, self-service is the basis of all discount operations, and typically is used by sellers of convenience goods (such as supermarkets) and nationally-branded, fast-moving shopping goods (such as catalog showrooms).  Limited service retailers, such as Sears and JC Penney, provide more sales assistance because they carry more shopping goods about which consumers need information. Their increased operating costs result in higher prices.  Full service retailers, such as specialty stores and first-class department stores, have salespeople to assist customers in every phase of the shopping process. Full service stores usually carry more specialty goods for which customers like to be waited on. They provide more liberal return policies, various credit plans, free delivery, home servicing, and extras such as lounges and restaurants.Product line: retailers can also be classified by the depth and breadth of their productassortments:  Specialty stores carry a narrow product line with a deep assortment within that line. Examples include stores selling sporting goods, books, furniture, electronics, flowers, or toys. Today, specialty stores are flourishing, due to the increasing use of market segmentation, market targeting, and product specialization.  A department store carries a wide variety of product lines. Each line is operated as a separate department managed by specialist buyers and merchandisers.  Supermarkets are large, low-cost, low-margin, high-volume, self-service stores that carry a wide variety of food, laundry, and household products. Most US supermarket stores are owned by large chains such as Safeway, Kroger, Publix, Winn-Dixie, Jewel, and Tops. Chains account for almost 70% of all supermarket sales.  Convenience stores are small stores that carry a limited line of high-turnover convenience goods. Examples include 7-Eleven, Circle K, Wilsons Farms, and Starvin Marvin. These stores located near residential areas and remain open long hours, seven days a week. Convenience stores must charge high prices to make up for higher operating costs and lower sales volume, but they satisfy an important consumer need. 4
    •  Superstores, combination stores, and hypermarkets are all larger than the conventional supermarket. Many leading chains are moving toward superstores because their wider assortment allows prices to be 5-6% higher than conventional supermarkets. Combination stores are combined food and drug stores. Examples are A&Ps Family Marts and Wal-Marts Supercenters. Hypermarkets combine discount, supermarket, and warehouse retailing, and operate like a warehouse -- products in wire baskets are stacked high on metal racks, and forklifts move through aisles during selling hours to restock shelves. They usually give discounts to customers who carry their own heavy appliances and furniture out of the store.Relative prices: retailers can also be classified by the prices they charge. Most retailerscharge regular prices and offer normal quality goods and customer service. Some offer higherquality goods and service at higher prices. Retailers that feature low prices include:  Discount stores sell standard merchandise at lower prices by accepting lower margins and selling higher volume. Occasional discounts or specials do not make a store a discount store. A true discount store regularly sells its merchandise at lower prices, offering mostly national brands, not inferior goods.  Off-price retailers buy at less than regular wholesale and charge customers less than retail. With the discounters trading up, off-price retailers have moved in to fill the low-price, high-volume gap. They obtain a changing and unstable collection of higher-quality merchandise, often leftover goods, overruns, and irregulars at reduced prices from manufacturers or other retailers. The three main types of off-price retailers are factory outlets, independents, and warehouse clubs.Control of outlets: about 80% of all retail stores are independents, accounting for 2/3 ofretail sales. Other forms of ownership include the corporate chain, the voluntary chain andretailer cooperative, the franchise organization, and the merchandising conglomerate.  The chain store is one of the most important retail developments of this century. Corporate chains appear in all types of retailing, but they are strongest in department, variety, food, drug, shoe, and womens clothing stores. The size of corporate chains allows them to buy in large quantities at lower prices, and chains gain promotional economies because their advertising costs are spread out over many stores and over a large sales volume.  A franchise is a contractual association between a manufacturer, wholesaler, or service organization (the franchiser) and independent businesspeople (the franchisees) who buy the right to own and operate one or more units in the franchise system. 5
    • Franchising has been prominent in fast-food companies, motels, gas stations, video stores, auto rentals, hair cutting salons, real estate, and dozens of other goods and services. The compensation received by the franchiser may include an initial fee, a royalty on sales, lease fees for equipment, and a share of the profits.  Merchandising conglomerates are corporations that combine several different retailing forms under central ownership and share some distribution and management functions. Examples include Dayton-Hudson and JCPenney.Type of store cluster: Most stores today cluster together to increase their customerpulling power and to give consumers the convenience of one-stop shopping:  Central business districts were the main form of retail cluster until the 1950s. Every large city and town had a central business district with banks, department stores, specialty stores, and movie theatres. When people began to move to the suburbs, however, these central business districts (with their traffic, parking, and crime problems) began to lose business. In recent years, many cities have joined with merchants to try to revive downtown shopping areas by building malls and providing underground parking. Some central business districts have made a comeback; others remain in a slow, and possibly irreversible, decline.  A shopping center is a group of retail businesses planned, developed, owned, and managed as a unit. All shopping centers combined account for about 1/3 of all retail sales. Non-Store Retailing 6
    • Non-store retailing includes direct marketing, direct selling, and automatic vending.Although most goods and services are sold through stores, non-store retailing has been growingmuch faster than store retailing. Traditional store retailers are facing increasing sales competition from catalogs, direct mail,telephone, home TV shopping shows, and on-line computer shopping services, home and officeparties, and other direct retailing approaches. Direct Marketing vehicles are used to obtain immediate orders directly from targetedconsumers. Direct Marketing uses various advertising media that interact directly withconsumers, generally calling for the consumer to make a direct response. Although directmarketing initially consisted mostly of direct mail and mail-order catalogs, it has taken onseveral additional forms, including telemarketing, direct radio and TV, and on-line computershopping. Its growing use in consumer marketing is largely a response to the "demassification"of mass markets, which has resulted in an increasing number of fragmented market segmentswith highly individualized needs.  Trends that have increased the use of direct marketing include:  number of women in the workforce;  higher costs of driving, including traffic congestion and parking problems;  shortage of retail help;  longer checkout lines;  toll-free telephone numbers;  availability of credit through proliferation of credit cards;  growth of computer power & communication technology; and  Increasing time pressures on consumers.Direct Selling, or door-to-door retailing, started centuries ago with roving peddlers. DirectSelling offers consumers the advantages of convenience and personal attention. But, the highcosts of hiring, training, paying, and motivating the sales force usually results. Today, it has grown into a huge industry, with more than 600 companies selling their productsdoor-to-door, office-to-office, or at home-sales parties. Although some direct selling companiesare thriving, door-to-door selling has a somewhat uncertain future. Trends working against thisform of selling include: 7
    •  increase in single-person and working-couple households decreases the chances of finding someone at home;  home-party companies are having difficulty finding non-working women who want to sell product part-time;  increases in crimes against individuals has made consumers reluctant to invite strangers into their homes; and  Recent advances in interactive direct-marketing technology mean that the door-to-door salesperson may be replaced by the telephone, the television, and the home computer.Automatic Vending Automatic Vending uses space-age and computer technology to sella wide variety of convenience and impulse goods, including: beverages, cigarettes, candy,newspapers, foods and snacks, film, cosmetics, apparel, and fishing worms. Retailer marketing decisions 8
    • Retailers always keep searching for new marketing strategies to attract and holdcustomers. Their marketing decisions include choices of target markets, positioning and themarketing mix- product assortments and services, price, promotion, and place.Table: Retailer Marketing Decision (Kotler, 2005 p. 403)Target market a reatilers most important decision concerns with target market. Until the targetmarket is defined and profiled, the retailer cannot make conistent dicisions on productassortments, store decor advertising messages and media, price and service lavels.Price are the key key positioning factors amd must be decided in relation to target market, theproduct and service assortmrnt mix,and competition.Promotion retailers use a very high range of promotion toolsto generate traffic and purchases.They place ads, run special sales, issue money-saving coupons,and in store sampling. Eachretailers must use promotion tools that support and reinforce its image positioning.Place retailers must select locations that are assicible to the target market in areas that areconsistent with the retailer positioning. The Future of Retailing 9
    • Several trends will affect the future of retailing, including: • The slowdown in population and economic growth. Retailers can no longer enjoy sales and profit growth through natural expansion in current and new markets; • greater competition and new types of retailers make it harder to improve market shares in existing markets; • The retailing industry suffers from severe over-capacity. There is more than 18 square feet of retail space for every man, woman, and child, more than double that of 1972; • consumer demographics, lifestyles, and shopping patterns are changing rapidly; • quickly rising costs make more efficient operation and smarter buying essential to successful retailing; • Retail technologies are growing in importance as competitive tools to produce better forecasts, control inventory costs, order electronically from suppliers, communicate between stores, and sell to consumers within stores. These technologies include advanced checkout scanning systems that can deliver individualized couponing and incentive programs, in-store television, "smart" shopping carts that direct consumers to in-store specials, on-line transaction processing for better inventory management, and electronic funds transfer. Many retailing innovations are partially explained by the Wheel of retailing concept. According to this concept, new types of retailing forms challenge established retailers that have become "fat" by letting their costs and margins increase. The new retailers success leads them to upgrade their facilities and offer more services, increasing their costs and forcing them to raise prices. Eventually the new retailers become like the conventional ones they replaced, and the cycle begins again when still newer types of retail forms evolve with lower costs and prices. The Wheel of Retailing concept seems to explain the initial success and later troubles of department stores, supermarkets, and discount stores and the recent success of off-price retailers. To be successful, retailers of the future will have to choose target segments carefullyand position themselves strongly. But the life cycle of retail forms is getting shorter: • department stores took 100 years to reach the mature stage of the product life cycle; • Catalog showrooms and furniture warehouse stores reached maturity in about 10 years. Essentially, retailers can no longer sit back with a successful formula. To remainsuccessful, they must keep adapting. Mordern-day Retailing 10
    • Over time, different types of retailers have emerged and prospered because they have attractedand maintained a significant customer base. A retail institution is a group of retailers that providea similar retail mix designed to satisfy the needs of a specific segment of customers.Today, the success of small retailers or major retail corporations depends on how much theyembrace the retailing concept. The retailing concept is a management orientation that focuses aretailer on determining its target-market needs and satisfying those needs more effectively andefficiently than its competitors. Three critical environmental factors affect retailing today: • Competition, because each department store, specialty store, or other type of retail outlet is competing against all others for the consumers dollar. • Consumer demographic and lifestyle trends and the impact they will have on retail strategies. • Needs, wants, and decision-making processes that retail consumers utilize.Characteristics of retailingThe most basic characteristic of a retailer is its retail mix, which include decisions and strategiesregarding the type of merchandise sold, the price of the merchandise, the assortment of themerchandise, and the level of customer service.A retail chain is a company operating multiple retail units under common ownership and usuallyhaving some centralization of decision making in defining and implementing its strategy. Someretail chains are divisions of larger corporations or holding companies. Due to scale economiesand an efficient distribution system, the corporate chains can sell at lower prices.There are few charecteristics of retailing, according to bangladesh prospective:  Small scale  Ownership  Management  Working hours sources of product  Financing  Low operating cost  Unskilled marketing cost  Sales volume  Sales policy 11
    •  Monthlu sales variationOstacling factors of Retail efficient in Bangladesh  Lack of mordern teniques  Low quality products  Irregular supplies  Price variations  Lack of competetion  Lack of trained sales man  Higgling  Lack of seasonal capitallack of fixed capital  Credit sales  Transportation problem  Lack of communication  Deffective accounting Among the list of consumer trends that are greatly affecting retail sales today are thegrowth of the elderly population, as the baby-boomers age; the rapidly growing minoritysegments of the U.S. population; the importance of shopping convenience, with consumerswanting one-stop shopping; and the rising number of two-income families. Examples of retailers using a competitive advantage to maintain their position in the marketplace at the start of the twenty-first century include AutoZone, which has convenientneighborhood locations and excellent customer service. Talbots uses unique synergiesbetween its stores and its catalogue operation and offers private brand clothing. Starbucks, ahighly regarded brand name in the coffee industry, has maintained strength and customerloyalty through providing excellent service. 12
    • Wholesaling What is wholesaling?Wholesaling includes all activities involved in selling goods and services to those buying forresale or business use. Wholesaling is the sale of goods or merchandise to retailers, toindustrial, commercial, institutional, or other professional business users, or to other wholesalersand related subordinated servicesWholesaler is those firms engaged primarily in wholesaling. Wholesalers are someone whobuys large quantities of goods and resells to merchants rather than to the ultimate customers Why would a producer use wholesalers rather than selling directly to retailers orconsumers? Because wholesalers are better at performing many channel functions. According to the United Nations Statistics Division, "wholesale" is the resale (sale withouttransformation) of new and used goods to retailers, to industrial, commercial, institutional orprofessional users, or to other wholesalers, or involves acting as an agent or broker in buyingmerchandise for, or selling merchandise to, such persons or companies. Wholesalers frequentlyphysically assemble sort and grade goods in large lots, break bulk, repack and redistribute insmaller lots. Business that buys goods from manufacturers and that sells goods, usually in largequantities to retailers, who in turn sell them to the end user. Virtually everything sold on a retailbasis can be purchased from a wholesaler, who acts as middleman between the manufacturer(and owner, as in the case of list rentals) and the retailer. Wholesalers help manufacturers byabsorbing some of the costs of sales and distribution, and allow manufacturers to concentratetheir resources on manufacturing. 13
    • Functions Of Wholesalers Selling & promoting: wholesalers sales forces help manufacturers reach smallcustomers at low cost. The wholesaler has more contacts and is often more trusted by thebuyer than the distant manufacturer. Buying & assortment building: wholesalers can select items and build assortmentsneeded by their customers, thereby saving the consumers much work. Bulk-breaking: Wholesalers save their customers money by buying in carload lots andbreaking these large lots into smaller quantities. Warehousing: Wholesalers hold inventory, thereby reducing the inventory costs and risksof suppliers and customers. Transportation: wholesalers can provide quicker delivery to buyers because they arecloser than the producers. Financing: Wholesalers finance their customers by giving credit, and they finance theirsuppliers by ordering early and paying bills on time. Risk bearing: wholesalers absorb risk by taking title and bearing the cost of theft, damage,spoilage, and obsolescence. Market information: wholesalers give information to suppliers and customers aboutcompetitors, new products, and price developments. Management services & advice: wholesalers often help retailers train their salesclerks,improve store layouts and displays, and set up accounting and inventory control systems. 14
    • Types Of WholesalersWholesalers fall into three major groups: merchant wholesalers, brokers & agents, andmanufacturers sales branches and offices. They can be classified as shown below: Manufactures’ & retailers’ branches & officesTable 2: Classification of Wholesalers Intermediaries (created by Author, SEU) 15
    • Independent Wholesaling IntermediariesMerchant wholesalers are independently owned businesses that take title to themerchandise they handle. There are two types of such merchants. One is full servicemerchants who provide all the services relating to the marketing, carry stock and makedeliveries. The other one is limited service wholesalers who provide limited services, examples-electrical merchants, hardware merchants, pharmaceutical merchants that sell goods inparticular category only.Full-service merchant wholesalers provide a full set of services, such as carrying stock, using asales force, offering credit, making deliveries, and providing management assistance. They areof two types:  Wholesale merchants: sell primarily to retailers and provide full range of services. Example: health foods wholesalers, and sea food wholesalers.  Industrial distributors: sell to manufacturers rather than retailers. Provide several services, such as carrying stock, offering credit and providing delivery.Limited service merchant wholesalers offer fewer services to their suppliers and customers, andinclude:  Cash-n-carry wholesalers: offer a limited line of fast-moving goods, sell to small retailers for cash, and generally do not deliver. A small fish store retailer, for example, normally drives at dawn to a cash-n-carry fish wholesaler and buys several crates of fish, pays on the spot, drives the merchandise back to the store, and unloads it.  Truck jobbers: perform a selling and delivery function. They carry a limited line of goods (such as milk, bread, eggs, or snack foods) that they sell for cash as they make their rounds of supermarkets, small grocery stores, hospitals, restaurants, factory cafeterias, and hotels.  Drop shippers: operate in bulk industries such as coal, lumber, and heavy equipment. They do not carry inventory or handle the product. Once an order is received, they find a producer who ships the goods directly to the customer. The drop shipper takes title and risk from the time the order is accepted to the time it is delivered to the customer. 16
    •  Rack jobbers: serve grocery and drug retailers, mostly in the area of non-food items. Rack jobbers send delivery trucks to stores, and the delivery person sets ups racks of toys, paperback books, hardware items, pet supplies, health & beauty aids, and other items. They price the goods, keep them fresh, and maintain inventory records. Rack jobbers sell on consignment; they retain title to the goods and bill the retailers only for the goods sold to consumers.  Producers cooperatives: owned by farmer-members, they assemble farm produce to sell in local markets. Profits are divided among members at the end of the year. They often try to improve product quality and promote a co-op brand, such as Sun Maid Raisins, Sunkist Oranges, or Diamond Walnuts.  Mail order wholesalers: send catalogs to retail, industrial, and institutional customers, offering jewelry, cosmetics, specialty foods, and other small items. Their main customers are businesses in small, outlying areas.Brokers & Agents differ from merchant wholesalers in two ways -- (1) they do not taketitle to goods, and (2) they perform only a few functions. Their main function is to aid in buyingand selling, and for these services they earn a commission on the selling price. Like merchantwholesalers, they generally specialize by product line or customer type. They account for 11%of total wholesale volume.  A broker brings buyers and sellers together and assists in negotiation. Brokers are paid by the parties hiring them. They do not carry inventory, get involved in financing, or assume risk. The most familiar examples are food, real estate, insurance, and securities brokers.  Agents represent buyers or sellers on a more permanent basis. Selling agents contract to sell a producers entire output -- either the manufacturer is not interested in doing the selling, or feels unqualified.  The selling agent serves as a sales department and has much influence over prices, terms, and conditions of sale.  Manufacturers agent’s representatives handle two or more related lines, with separate formal agreements, from two or more different manufacturers. They are most often used in lines such as apparel, furniture, and electrical goods.  Purchasing agents generally have long term relationships with buyers. They make purchases for buyers and often receive, inspect, warehouse, and ship goods to the buyers.  Commission merchants (or houses) are agents that take physical possession of products and negotiate sales. 17
    • Manufacturers Sales Branches & Offices account for about 31% of all wholesalevolume. Manufacturers set up their own sales branches and offices to improve inventorycontrol, selling, and promotion. Sales branches carry inventory, and are found in industriessuch as lumber and automotive equipment and parts. Sales offices do not carry inventory, andare most often found in the dry goods and notion industries. Purchasing officers perform a rolesimilar to that of brokers or agents but are part of the buyer organizations. Wholesaler Marketing Decisions Wholesalers now face growing competitive pressures, more demanding Customers, newtechnologies, and more direct-buying programs on the part of large industrial, institution andretails buyers. As a result, they have taken a fresh look at their marketing strategies. As withretails, their marketing decisions include choices of target markets, positioning and themarketing mix- product assortments and services, price, promotion, and place.Table: Wholesaler Marketing Decision (Kotler, 2005 p. 418Target Market and positioning DecisionLike retails, wholesalers must define their target markets and position themselves effectively –they cannot serve everyone. They can choose a target group by size of customer large (onlylarge retailers) types of customers, need for services or others factor. Within the large group,they can identify the more profitable customers, design stronger offers and build betterrelationship with them. 18
    • Price wholesalers usually mark up their cost of goods by conventional percentage to cover theirexpenses. They ask suppliers for a special price break when they can turn it into an opportunityto increase the supplier’s sales.Promotion wholesalers rely primarily on their sales force to achieve promotional objectives.They need to develop an overall promotion strategy involving trade advertising, sales promotion,and publicity.Place wholesalers must choose the locations, facilities and web locations carefully. Trends in Wholesaling Progressive wholesalers are always looking for better ways to meet the needs of theirsuppliers and target customers. They can do this best by reducing costs while improvingservices. Wholesalers reason for existence comes from increasing the efficiency andeffectiveness of the entire marketing channel.The distinction between large retailers and wholesalers continues to blur. Many retailers nowoperate formats such as warehouse clubs and hypermarkets that perform many wholesalefunctions. In return, many wholesalers are setting up their own retailing operations. Forexample, Super Value and Fleming, both leading food wholesalers, now operate their own retailoutlets. Wholesalers will continue to expand the services they provide to retailers -- retail pricing,cooperative advertising, marketing and management information reports, accounting services,and others. Rising costs on the one hand, the demand for increased services on the other, willput the squeeze on wholesaler profits. Wholesalers who do not find efficient ways to delivervalue to their customers will soon drop by the wayside. Because of slow growth in their domestic markets, and through such developments asthe North American Free Trade Agreement (NAFTA), many large wholesalers are now goingglobal. The National Association of Wholesaler-Distributors predicts that, by the year 2000,wholesalers will generate 18% of their sales outside the United States, twice the current share.(Weber, Joseph "On a Fast Boat to Anywhere," Business Week, January 11, 1993, p. 64) 19
    • Difference between Wholesaler Retailers A wholesaler does not sell to the public whereas retailers do. Wholesale goods aregenerally meant for resale and are also exempted from sales taxes because they will be soldagain (at retail), at which time the sales taxes are collected - if applicable. • The difference between wholesale and retail prices:Volume is the difference. A wholesale price in general will be lower because the amount beingsold is much higher. A business may buy say, 5000 bottles of ketchup. At that amount you canlower the price of the ketchup but still make the same amount of profit because you are sellingso much. However, if you are only going to sell maybe one bottle, or sell the bottles at a lowerrate then you prices will have to be higher because as the supplier you want to make back yourcosts of production for the good and a little profit as well. • Wholesale rice prices mark fall without impact on retailSaturday, February 16th, 2008News Source: The Daily Star. Powered by Wordpress. Entries (RSS). Comments (RSS). Based on theBOBv2 theme. Copyright © 2006 - 2008 Bangladesh News, A Feline Tech Web Portal. With an increase in supply of rice, prices of coarse varieties on wholesale markets in thecapital came down a little yesterday, but no impact of it was seen on retail markets.Importers however said there is no possibility of rice prices coming down in the near future, asthey are currently importing rice at hiked up prices of $505 to $510 a ton, up by more than $80 aton from the prices they paid a week ago. Meanwhile, prices of other essentials including fish,beef, mutton, edible oil, and sugar also shot up further on different markets. 20
    • Visiting Karwan Bazar and Mohammadpur Krishi Market yesterday, it was found by The DailyStar, although wholesale prices of Indian rice came down by Tk 30 to Tk 40 a maund,interestingly on retail markets the prices went up by Tk 1 a kilogram (kg).Retailers said they were not being able to sell rice at lower prices in line with the decrease inprices on wholesale markets yesterday, because they had bought the rice they were selling athigher prices from the wholesalers two days ago. BibliographyKotler. P, Gray. A, 2005, Principles of Marketing, 11th Edition, Pearson Prentice hall, p. 397-419Kotler. P, 2003, Marketing Management, 11th Edition, Pearson Education, p. 534-50 21