Introduction to The World of Retailing

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Martenson's Elluminate Lecture

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Introduction to The World of Retailing

  1. 1. INTRODUCTION TOTHE WORLD OFRETAILINGBy Duane Martenson
  2. 2. What we are going to cover What Retailing is The importance of retailing Career opportunities in retail
  3. 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 ProductDistribution Price Promotion
  4. 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. 5. What do Retailers do for CorporateSocial Responsibility McDonalds Houses Starbuck fair trade coffee Target community Give Back
  6. 6. Retail has changed! So has the career opportunities! To Store Design Today’Mom and s Pop Retail Store er Operations MIS Human Resources Loss Prevention Finance Real Estate Promotion/Advertising
  7. 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. 8. The Retail Management DecisionProcessThe 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. 9. The Retail Management DecisionProcessRetailing 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. 10. The Retail Management DecisionProcessRetailing 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. 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. 12. Wal-Mart’s Retail Mix1-12 Customer Location Service Store Design Merchandise And Display Retail Strategy Assortment Communication Pricing Mix
  13. 13. Wal-Mart’s Retail Mix1-13 Location Strategy Free-standing Stores Customer Service Store Display Merchandise And Design Assortment Communication Mix Pricing
  14. 14. Wal-Mart’s Retail Mix1-14 Assortment Strategy Customer Service Location Large Number Store Design and Display of Categories Few Items Communication Mix Pricing in Each Category
  15. 15. Wal-Mart’s Retail Mix1-15 Location Pricing Strategy Customer Merchandise Service Assortment Store Design and Display Communication Mix Low, EDLP
  16. 16. Wal-Mart’s Retail Mix1-16 Customer Service Location Communication Mix Store Design Merchandise and Display Assortment Pricing TV and Newspaper Insert Ads
  17. 17. Wal-Mart’s Retail Mix1-17 Store Design and Display Customer Service Location Basic, Special Merchandise Displays Assortments for Products Communication Mix Pricing
  18. 18. Wal-Mart’s Retail Mix1-18 Customer Service Limited Location Merchandise Assortment Store Design and Display Pricing Communication Mix
  19. 19. Checklist for Making EthicalDecisions
  20. 20. Rubric For Assignments Points--- 0 10 15 20 25 Assignment 3 days late 3-5 days late 1-2 days late 1-2 days late On Time posted to with no and the with no and the Wiki by Due communicatio group kept communicatio group kept Date n on progress you updated n as to the you updated on their groups on their Progress progress progress Points--- 0 20 30 40 50 Assignment Did not meet Met a few Met some Met most Met all met your requirements requirement requirements requirement requirement requirement s s s s Points--- 0 20 30 40 50 Quality of Did not Low quality, Went into Brief but Went into Assignment complete didn’t great detail accurately great detail adequately but did not applied the and address apply all of concepts of accurately topic the concepts the topic applied the correctly concepts of the topic
  21. 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. 22. Assignment 2 Use Screencasting or Digital Storytelling that illustrates the role retailers play in the distribution chain. (Prezi or Photopeach 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. 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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