Functions of retailing
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Retailers provide outlets for manufacturers' products, hold stocks of goods to meet consumer demand, and make goods available to consumers in preferred quantities. They are located conveniently for consumers and provide advice, after-sales services, and feedback from consumers to manufacturers.
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Types Of Retailing In India
The document discusses the major types of retailing in India. It notes that while retailing has existed for centuries, it is only recently that large corporate players have entered the market, bringing modern retail formats like supermarkets and shopping malls. Retail in India is categorized as either organized or unorganized, with the latter making up around 92% of the market and including small mom-and-pop stores. The organized retail sector includes various formats such as department stores, supermarkets, hypermarkets, convenience stores, and branded specialty stores.
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Customer relationship management (CRM) in retail focuses on identifying and building loyalty with valuable customers. Retailers collect customer data to analyze purchasing patterns and classify customers into segments based on their lifetime value and profitability. CRM programs are developed for different segments, with programs for high-value customers focusing on retention and share of wallet. Implementation requires coordination between IT, marketing, sales, and operations. The goal is developing a base of loyal customers who frequently patronize the retailer.
1. Basics of retailing, Types of retailers
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Functions of Retailer
The document discusses retailing and the functions of retailers. It provides definitions of retailing as involving the sale of goods to consumers through distribution channels to earn a profit. The key functions of retailers mentioned are:
1) Buying and assembling goods from wholesalers and manufacturers.
2) Warehousing and storing goods in stores until they are sold to consumers.
3) Selling goods directly to consumers through various methods to satisfy consumer demand.
Retail location
The document discusses various types of retail store locations including freestanding/isolated stores, business districts, and shopping centers. It describes factors to consider when selecting a retail location such as market size and demographics, competition, transportation access, and property costs. The document also outlines different types of shopping centers like neighborhood centers that serve local areas and regional centers that attract customers from a wider region. Key decisions for retailers include assessing the trade area, traffic patterns, and estimating whether a location can generate sufficient sales.
Store Locations
1) Location is an important factor for retailers, as around 90% of retail sales occur in stores. Selecting the right market area and specific store location requires extensive decision making.
2) Retailers must understand their target customers and competitors' customers to select the best market and location. Demographic and geographic factors like population characteristics, transportation access, and local interests are important.
3) Various analytical tools can be used to evaluate potential trading areas and select optimal store locations, including trading area analysis, gravity models, and indices of retail saturation. Factors like population, income, competition, and travel time influence what locations will be most successful.
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Types Of Retailing In India
The document discusses the major types of retailing in India. It notes that while retailing has existed for centuries, it is only recently that large corporate players have entered the market, bringing modern retail formats like supermarkets and shopping malls. Retail in India is categorized as either organized or unorganized, with the latter making up around 92% of the market and including small mom-and-pop stores. The organized retail sector includes various formats such as department stores, supermarkets, hypermarkets, convenience stores, and branded specialty stores.
9. CRM in Retail
Customer relationship management (CRM) in retail focuses on identifying and building loyalty with valuable customers. Retailers collect customer data to analyze purchasing patterns and classify customers into segments based on their lifetime value and profitability. CRM programs are developed for different segments, with programs for high-value customers focusing on retention and share of wallet. Implementation requires coordination between IT, marketing, sales, and operations. The goal is developing a base of loyal customers who frequently patronize the retailer.
1. Basics of retailing, Types of retailers
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8. Retail Logistics
Retail Logistics, Inventory, Inventory Management, Storage Facilities, Transportation, Unitization and Packaging, Communication
Supply Chain Management, Product availability, higher returns on investment, Push supply chain, Pull supply chain, Direct store delivery, distribution center, Bull whip effect, Reverse logistics
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Retail Store Design, Functions/ Responsibilities of Store Manager, Retail Store Objectives, Principles of Retail Store Design, Types of Layout, Signage and Graphics, Feature Areas, Space Management, Tools used for positioning of items
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The document discusses retailing and the functions of retailers. It provides definitions of retailing as involving the sale of goods to consumers through distribution channels to earn a profit. The key functions of retailers mentioned are:
1) Buying and assembling goods from wholesalers and manufacturers.
2) Warehousing and storing goods in stores until they are sold to consumers.
3) Selling goods directly to consumers through various methods to satisfy consumer demand.
Retail location
The document discusses various types of retail store locations including freestanding/isolated stores, business districts, and shopping centers. It describes factors to consider when selecting a retail location such as market size and demographics, competition, transportation access, and property costs. The document also outlines different types of shopping centers like neighborhood centers that serve local areas and regional centers that attract customers from a wider region. Key decisions for retailers include assessing the trade area, traffic patterns, and estimating whether a location can generate sufficient sales.
Store Locations
1) Location is an important factor for retailers, as around 90% of retail sales occur in stores. Selecting the right market area and specific store location requires extensive decision making.
2) Retailers must understand their target customers and competitors' customers to select the best market and location. Demographic and geographic factors like population characteristics, transportation access, and local interests are important.
3) Various analytical tools can be used to evaluate potential trading areas and select optimal store locations, including trading area analysis, gravity models, and indices of retail saturation. Factors like population, income, competition, and travel time influence what locations will be most successful.
Retail promotion strategy
Retail Promotional Strategy discusses elements of a retailer's promotional mix including advertising, sales promotions, store atmosphere, websites, personal selling, and publicity. It emphasizes that a retailer's promotional efforts must fit their overall strategy. The document outlines objectives for promotions such as increasing sales and traffic. It also discusses guidelines for promotions including utilizing promotions consistent with store image. Elements of the promotional mix like advertising, public relations, and personal selling are described along with their advantages and disadvantages.
Channels of distribution
This document provides an overview of channels of distribution from a presentation on sales and advertising management. It defines channels of distribution as the ways that goods and services are distributed from manufacturers to consumers. The document outlines various definitions of channels of distribution from different authors. It discusses the characteristics and elements of channels of distribution, including that they are routes that goods and services flow through composed of intermediaries like wholesalers and retailers. The document also covers the functions of channels of distribution, factors that determine choice of channels, and factors relating to products, companies, markets, middlemen, and the environment that influence channel selection.
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This document discusses organizational buying behavior. It defines organizational buying as the process by which organizations identify needs, evaluate options, and choose products and suppliers. It describes the characteristics of organizational buying, including large purchase quantities and involvement of multiple people within the organization. The document outlines different types of organizational buying situations and the major influences on business buyers, including environmental, organizational, interpersonal, and individual factors. It then details the stages in the organizational buying process and concludes by identifying the different roles involved in organizational buying decisions, such as users, influencers, deciders, and approvers.
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Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
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This document summarizes the key aspects of retail merchandise planning. It discusses analyzing customer needs and wants, developing sales forecasts, determining merchandise requirements, open-to-buy planning, and assortment planning. The key steps in planning include developing a sales forecast based on past data and market analysis, determining inventory needs to meet the forecast, using open-to-buy to control purchasing, and selecting the appropriate breadth and depth of product assortment for the target audience. The goal of merchandise planning is to have the right products available at the right time to maximize sales and profits.
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About 6 lakh villages are in India
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A real source of energy
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The document discusses factors to consider for retail location strategy and decision making. It outlines three levels of location decisions - city selection, area within a city, and specific site. Key determinants at each level include population, purchasing power, competition, traffic, and zoning regulations. The document also differentiates between types of retail locations, goods, and importance of analyzing a store's trading area to understand customer profiles and estimate market potential. Site selection requires considering product type, costs, competitors, accessibility, parking and traffic flow.
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This document discusses retailing and the retail sector in India. It defines retailing and provides characteristics of retailing businesses. It outlines the importance and functions of retailing, as well as the main activities involved. The document then discusses the evolution of retailing in India from traditional formats like markets to more modern formats. It analyzes drivers of change in the Indian retail sector and challenges to retail development. Finally, it compares the Indian retail scenario to global retailing.
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This document discusses building and sustaining relationships in retailing. It covers defining value from both the customer and channel perspectives, examining the differences between goods and services retailers, and the impact of technology. It emphasizes that value is the perception of benefits versus price. Retailers must nurture customer relationships through augmented services and analyze customer bases. Effective category management and sharing data with suppliers contributes to strong channel relationships. Services retailing has unique characteristics around intangibility, inseparability, perishability and variability that impact customer perceptions.
Strategic Planning in Retailing
The document discusses key elements of developing a retail strategy, including:
1) Defining target markets and retail formats to focus on, sources of competitive advantage, and criteria for selecting target markets.
2) Developing objectives, positioning approaches like mass, differentiated, and niche retailing.
3) Considering elements of the retail mix like location, merchandise, pricing, and communication for retailers like Macy's and Walmart.
4) Obtaining resources and considering relationships with vendors, human resources, distribution systems, and store location.
Functions , roles of retailing
1. Retailers serve customers by providing goods in the required assortment, place, and time. They arrange product assortments, break bulk quantities into smaller units for individual consumption, and hold stock for instant availability.
2. Retailers also serve manufacturers by distributing goods to end users, creating a channel of information from manufacturers to consumers, and acting as the final link in the distribution chain. They may also recommend unbranded or low brand loyalty products.
3. While retailers function as the interface between industry and consumers, they have an opportunity to educate customers on sustainability issues and advance these causes through conscientious buying practices that support partners engaging in positive environmental and social work.
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The document discusses teaching reading and provides information on several key areas of reading instruction including phonemic awareness, phonics, vocabulary, fluency, and comprehension. It describes 5 levels of phonemic awareness instruction from rhyming and alliteration to phoneme segmentation. It also outlines objectives of reading instruction, defines what reading is, and describes the 5 areas of the National Reading Panel's framework for reading instruction. Additionally, it discusses strategies that can be used during the three stages of teaching reading: pre-reading, reading, and post-reading. The goal is to help students understand and construct meaning from texts.
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Channels of distribution
This document provides an overview of channels of distribution from a presentation on sales and advertising management. It defines channels of distribution as the ways that goods and services are distributed from manufacturers to consumers. The document outlines various definitions of channels of distribution from different authors. It discusses the characteristics and elements of channels of distribution, including that they are routes that goods and services flow through composed of intermediaries like wholesalers and retailers. The document also covers the functions of channels of distribution, factors that determine choice of channels, and factors relating to products, companies, markets, middlemen, and the environment that influence channel selection.
important Organizational buying behavior
This document discusses organizational buying behavior. It defines organizational buying as the process by which organizations identify needs, evaluate options, and choose products and suppliers. It describes the characteristics of organizational buying, including large purchase quantities and involvement of multiple people within the organization. The document outlines different types of organizational buying situations and the major influences on business buyers, including environmental, organizational, interpersonal, and individual factors. It then details the stages in the organizational buying process and concludes by identifying the different roles involved in organizational buying decisions, such as users, influencers, deciders, and approvers.
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Retail Strategy, Strategic Retail Planning Process, global growth opportunities, market penetration, market expansion, format development, diversification, entry strategies in global market, strategic retail planning
Merchandise planning 26.05.18
Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
Marketing - Definition & Importance, Concepts & Marketing Management Tasks
The document discusses marketing definitions from various organizations and the importance and concepts of marketing. It provides 3 definitions of marketing: 1) activities involved in creating time, place and possession utilities (American Marketing Association); 2) planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges (American Marketing Association); 3) identifying, anticipating and satisfying customer requirements profitably (Chartered Institute of Marketing). It also discusses the marketing concept and different marketing management tasks including conversional, stimulational, developmental, remarketing, synchro, maintenance, demarketing, and counter marketing.
Retail Merchandising Planning
This document summarizes the key aspects of retail merchandise planning. It discusses analyzing customer needs and wants, developing sales forecasts, determining merchandise requirements, open-to-buy planning, and assortment planning. The key steps in planning include developing a sales forecast based on past data and market analysis, determining inventory needs to meet the forecast, using open-to-buy to control purchasing, and selecting the appropriate breadth and depth of product assortment for the target audience. The goal of merchandise planning is to have the right products available at the right time to maximize sales and profits.
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Retailing involves the direct sale of products and services to consumers for their personal use. Retail is driven by consumer spending which depends on disposable income and consumer confidence. Global retail sales have nearly doubled since the 1980s, with the US leading, and retail in Asian economies is growing 6-10% annually. Various types of retailers include specialty stores, department stores, supermarkets/hypermarkets, convenience stores, discount stores, and off-price retailers. Operational issues for retailers include supply chain management, pricing, sales channels, and retail strategies.
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Details about Merchandise management and product decisions related with. It is a part of Retail Marketing. Interested people can gather knowledge from this PPT
Models of consumer behavior
The document discusses several models of consumer behavior, including the economic model which views consumers as rational actors seeking to maximize benefits based on price, income, and substitution effects. It also describes the learning model based on Pavlov's stimulus-response theory, the psychoanalytic model examining complex unconscious motives, and the sociological model analyzing social and group influences. Two additional models covered are Howard Sheth's model with input, hypothetical, output, and external variables, and Nicosia's model outlining four areas of the consumer decision process.
Culture and consumer behaviour
Core values define how products are used in societies and influence acceptable market relationships and behaviors. Culture includes learned beliefs, values, customs, and responses that direct consumer behavior. Cultural characteristics are learned and shared within groups. Marketers must understand how culture affects consumer pre-purchase activities like information search and post-purchase activities like product use. Culture also influences social classes that are hierarchical groups distinguished by factors like occupation, income, education, and prestige. Understanding differences in subcultures and cross-cultural groups is important for marketers to effectively target various national markets.
Rural Retailing
“Retailing includes all activities involved in selling goods or services directly to final consumers for personal , non business use.” - Philip Kotler
70% population lives in villages
About 6 lakh villages are in India
Rural retail are growing @7%
A real source of energy
Hub of raw materials
Consumer Behaviour & Retail Operations
Consumer Behaviour and Retail Operations discusses key concepts in consumer behaviour and how they relate to retail operations. It defines consumer behaviour and explains why studying it is important for retailers. It describes the needs, wants, and demands that drive the consumer purchase process. It also summarizes models of consumer decision making, the factors that influence consumption, and segmentation strategies used by retailers. Overall, the document provides an overview of theoretical frameworks for understanding consumer motivation and decision making in a retail context.
Retail management
Retail management involves overseeing the business activities involved in selling goods and services to consumers. Key issues retailers must address include serving customers profitably while standing out competitively. Retailers act as an intermediary between manufacturers, wholesalers, and consumers by sorting products and facilitating transactions. Developing a retail strategy that focuses on customers, coordinates efforts, is value-driven and goal-oriented is important for success. Retail institutions can be classified as either store-based using a mix of strategies or nonstore-based using nontraditional approaches like direct marketing.
RETAIL LOCATION STRATEGY
The document discusses factors to consider for retail location strategy and decision making. It outlines three levels of location decisions - city selection, area within a city, and specific site. Key determinants at each level include population, purchasing power, competition, traffic, and zoning regulations. The document also differentiates between types of retail locations, goods, and importance of analyzing a store's trading area to understand customer profiles and estimate market potential. Site selection requires considering product type, costs, competitors, accessibility, parking and traffic flow.
Retail pricing strategy by sumit
This document discusses retail pricing strategies. It defines retail price as the cost of a product plus markup. Retailers must determine the right price that customers are willing to pay and retailers accept. Pricing strategies can be cost-oriented, demand-oriented, or competition-oriented. The document outlines various pricing approaches including skimming prices, market penetration pricing, leader pricing, price bundling, multi-unit pricing, discount pricing, everyday low pricing, and odd pricing. Formulas are provided for calculating markup percentage based on retail price or cost.
Consumer Buying Process
The document outlines the 5 main stages of the consumer buying process: 1) need recognition, 2) gather information, 3) evaluate solutions, 4) purchase stage, and 5) post-purchase stage. It then provides details on each stage, describing how consumers recognize problems, look for information about products/services, compare options, make a purchase decision, and experience post-purchase satisfaction or dissatisfaction. Additional factors that influence the consumer buying process are also listed such as cultural, social, personal, and psychological factors.
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This document discusses retailing and the retail sector in India. It defines retailing and provides characteristics of retailing businesses. It outlines the importance and functions of retailing, as well as the main activities involved. The document then discusses the evolution of retailing in India from traditional formats like markets to more modern formats. It analyzes drivers of change in the Indian retail sector and challenges to retail development. Finally, it compares the Indian retail scenario to global retailing.
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This document discusses building and sustaining relationships in retailing. It covers defining value from both the customer and channel perspectives, examining the differences between goods and services retailers, and the impact of technology. It emphasizes that value is the perception of benefits versus price. Retailers must nurture customer relationships through augmented services and analyze customer bases. Effective category management and sharing data with suppliers contributes to strong channel relationships. Services retailing has unique characteristics around intangibility, inseparability, perishability and variability that impact customer perceptions.
Strategic Planning in Retailing
The document discusses key elements of developing a retail strategy, including:
1) Defining target markets and retail formats to focus on, sources of competitive advantage, and criteria for selecting target markets.
2) Developing objectives, positioning approaches like mass, differentiated, and niche retailing.
3) Considering elements of the retail mix like location, merchandise, pricing, and communication for retailers like Macy's and Walmart.
4) Obtaining resources and considering relationships with vendors, human resources, distribution systems, and store location.
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Functions , roles of retailing
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2. Retailers also serve manufacturers by distributing goods to end users, creating a channel of information from manufacturers to consumers, and acting as the final link in the distribution chain. They may also recommend unbranded or low brand loyalty products.
3. While retailers function as the interface between industry and consumers, they have an opportunity to educate customers on sustainability issues and advance these causes through conscientious buying practices that support partners engaging in positive environmental and social work.
What is Reading ?
The document discusses teaching reading and provides information on several key areas of reading instruction including phonemic awareness, phonics, vocabulary, fluency, and comprehension. It describes 5 levels of phonemic awareness instruction from rhyming and alliteration to phoneme segmentation. It also outlines objectives of reading instruction, defines what reading is, and describes the 5 areas of the National Reading Panel's framework for reading instruction. Additionally, it discusses strategies that can be used during the three stages of teaching reading: pre-reading, reading, and post-reading. The goal is to help students understand and construct meaning from texts.
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The document discusses store layout, design, and visual merchandising. It covers objectives of store design like being consistent with the retailer's image. It describes common layout types like grid, racetrack, and free-form and provides examples. It also discusses space planning, prime locations for merchandise, visual merchandising techniques, and creating an overall store environment through elements like lighting, color, scent, and music.
consumer-behavior-ppt
Consumer behavior is studied based on concepts from psychology, sociology, anthropology, marketing, and economics. It is important to study consumer behavior because customers can no longer be taken for granted. Failure rates of new products are high, with only 56% of new products remaining on the market after 5 years and only 8% of new concepts making it to market, with 83% of those failing to meet objectives. All managers must become skilled at analyzing consumer motivation and behavior in order to succeed.
Consumer Behavior
The document discusses key concepts in consumer behavior including why it is important to study, factors that influence purchasing decisions, and challenges in marketing to different cultures. It notes that failure rates of new products are high, that consumer motivation and behavior must be analyzed, and that standardizing marketing across cultures is difficult due to differences in tastes and habits. Examples of lost in translation marketing messages that had unintended meanings in other cultures are also provided.
Retail Management
The document discusses concepts in retail management. It begins by defining retailing as the sale of goods and services to consumers for personal use. It then discusses the role of retailers in linking producers to customers. Organized retailing makes up only 2% of the Indian retail sector currently but is growing rapidly. Factors like rising incomes and lifestyle changes are contributing to the growth of organized retail formats in India. The retail environment in India differs from western countries in aspects like urban congestion and rural populations.
Types of retailers
This document discusses various characteristics of retailers including the types of merchandise they sell, their level of customer service, pricing, and more. It describes different categories of retailers like supermarkets, department stores, discount stores, and specialty retailers. It also covers classification systems for types of merchandise and ownership structures for retailers like independent stores, corporate chains, and franchises.
Consumer Behaviour
The document discusses consumer buying behavior and the factors that influence consumer purchase decisions. It outlines a simple model of consumer behavior involving marketing stimuli, the buyer's black box of characteristics and decision making processes, and the buyer's response. It then discusses the psychological, social, cultural, and personal characteristics affecting consumer behavior and lists the stages in the buyer decision process.
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Direct vs indirect taxes
This document distinguishes between direct and indirect taxes. Direct taxes include income tax, corporation tax, capital gains tax, and capital transfer tax, which are paid by individuals and businesses directly. Indirect taxes are levied on the consumption of goods and services, through taxes like customs duty, excise duty, stamp duty, and sales/consumption taxes that are paid by manufacturers and importers and passed on to consumers. Examples are provided of calculating income tax, capital gains tax, customs duties, and excise taxes to illustrate how these different types of direct and indirect taxes are applied.
Methods of discharge/termination of contracts
This document discusses various methods by which contracts can be discharged or terminated, including performance, breach, agreement between parties, impossibility or frustration of purpose, lapse of time, death, and other methods such as bankruptcy, waiver, or merger into a new contract. It defines types of performance like partial, substantial, and complete, and categories of breach such as anticipatory and actual. In summary, it provides an overview of the key ways that contracts can no longer be enforced once obligations have been fulfilled or circumstances prevent fulfillment.
Economic Systems CAPE
The document discusses four main types of economic systems: traditional, command/planned, free market, and mixed. It defines each system, describes their key features such as motivation and ownership, and analyzes their advantages and disadvantages. Traditional systems are based on customs and subsistence production. Command economies involve centralized state planning and ownership. Free markets rely on private ownership and the mechanism of supply and demand. Mixed systems combine public and private aspects. Examples of each type are also provided.
The supply of land
Land is a naturally occurring resource that differs from capital and labor in that its overall supply cannot be increased to meet demand. While the total supply of land is fixed, the supply available for a specific use or industry is not, as land use can shift between agricultural, recreational, and residential depending on who offers the highest price. As the price paid for land increases, more land will be supplied for that particular use, resulting in an upward-sloping and elastic supply curve for land available to individual markets.
Shifts vs changes in slopes
A shift in a production possibility curve occurs when resources for both goods change, causing the entire curve to shift. A change in slope happens when resources for one good change, causing the maximum output of that good to increase or decrease while the other good's maximum remains the same, represented by a rotation of the curve. The document provides an example of Canada obtaining more corn from South America, allowing for increased tortilla production but unchanged oven output.
Measures to reduce income inequality
This document outlines several measures that could be used to reduce income inequality:
1) A progressive tax system where tax rates increase with income could generate government revenue to fund services for low-income groups like healthcare, housing, and education.
2) Transfer payments like child support and disability payments that are made without an exchange of services increase the income of underprivileged households.
3) Subsidies for education can promote equal access and increase graduation rates, helping to reduce future inequality.
Private sector intervention to correct market failure
The private sector uses four main measures to address market failures:
1. Corporate codes of conduct that set standards for product safety and quality as well as social and environmental issues to address information failures.
2. Corporate social responsibility programs that voluntarily reduce negative externalities and increase positive ones to improve social welfare.
3. Voluntary agreements with governments where firms commit to gradually reduce pollution emissions over time.
4. Corporate ethics codes that establish norms of behavior for employees to internalize external costs as private costs.
While these measures can improve welfare by reducing market failures, they also increase business costs, which may be passed onto consumers as higher prices.
Market failure explanation
Market failure occurs when the free market does not allocate resources efficiently to maximize societal welfare. It happens when the market output level does not coincide with where marginal social costs equal marginal social benefits. This means the market overproduces or underproduces a product compared to the efficient level where welfare is maximized. Market failure definitionally refers to situations where the allocation of resources by the market mechanism is inefficient.
Marginal costs and benefits private external and social
This document defines and compares private, external, and social marginal costs and benefits. Private marginal costs are costs to firms, reflected in supply curves. External marginal costs are borne by third parties not involved in the transaction. Social marginal cost is the total cost to society, which equals private marginal cost plus external marginal cost. Similarly, private marginal benefits accrue to consumers, external marginal benefits are enjoyed by third parties, and social marginal benefit is the total benefit to society.
Labour mobility and wages
Labour mobility refers to the ease with which workers can move between jobs either geographically or occupationally. Geographical mobility involves moving between jobs in different locations, while occupational mobility is moving between different jobs within an industry. Higher labour mobility leads to a convergence of wages across markets as workers move from low wage to high wage areas. However, in reality complete wage convergence does not occur due to barriers like a lack of information about other labour markets or difficulties transferring human capital between occupations.
Costs of poverty
This document outlines four key costs of poverty: 1) unemployed human resources as poverty leads to a lack of jobs and unemployed individuals, 2) lower potential output as unemployed individuals are unable to contribute to economic growth and GDP, 3) inefficient allocation of government expenditure as funds must be spent on welfare programs rather than productive investments, and 4) social and environmental costs such as increased crime, health issues, and environmental degradation as poverty exacerbates social problems.
Size and functional distribution of income
Economists have tried to explain how income is distributed by looking at both the size and functional distribution of income. The functional distribution divides national income according to the main sources of income - rents, profits/interest, and wages. It focuses on three social classes. However, by the late 19th century the lines between classes were blurring. The size distribution instead looks at inequality between individual income earners regardless of source, and can include those with multiple sources of income across different classes.
Costs of production
This document defines and provides examples of different types of costs including fixed costs, variable costs, total costs, average costs, and marginal costs. Fixed costs remain constant regardless of production quantity, such as rent. Variable costs change with output level, like packaging. Total cost is the sum of fixed and variable costs. Average costs are calculated by dividing total costs by units of output. Marginal cost represents the change in total cost from producing one additional unit.
Sub-Accounts of the Balance of Payments
The document discusses the balance of payments of a country. It is a record of all economic transactions between a country and the rest of the world, including payments made (outflows) and received (inflows). The balance of payments has two main accounts - the current account, which records trade in goods and services, income, and transfers; and the capital account, which covers capital flows from private and government sources like foreign direct investment. When the current and capital accounts are not balanced, it affects a country's official foreign reserves.
Demand for money
This document discusses the three motives that drive individuals' demand for money: transactionary, precautionary, and speculative. Transactionary demand refers to money held for regular purchases and bills that are paid periodically but not simultaneously to when individuals are paid. Precautionary demand is money held for unforeseen life events. Speculative demand arises from hoping to profit from changes in bond prices, with higher interest rates reducing speculative money holding as bonds become more attractive. Overall, demand for money results from the combination of needs for transactions, precautions, and speculation.
Land as a factor of production
An outline of land including its definition, characteristics, types (or uses), importance and productivity.
Characteristics of market structures
Market structure refers to the characteristics that determine how firms in an industry behave, including the number of firms, type of product, control over price, and freedom of entry and exit. The number of firms ranges from many to few or one. Products can be standardized or differentiated in physical or perceived ways. Firms have varying levels of control over price depending on competition. Barriers to entry like licenses or high costs can impact the freedom firms have to enter or exit an industry.
Quality of life
The document defines quality of life according to the World Health Organization as an individual's perception of their position in life based on their culture, goals, and health. It is affected by physical and mental health, independence, social relationships, beliefs, and environment. The document then lists six key indicators that were identified with over 83% accuracy: 1) extent of security, 2) availability of health, education, and recreation facilities, 3) diet and nutrition, 4) life expectancy, 5) infant mortality rate, and 6) access to public utilities and technology. Examples are provided for each indicator explaining how it impacts an individual's quality of life.
Terms of sale
This document outlines several common terms of sale: cash payments involve immediate payment with various methods and are common for small purchases, while credit allows purchasing high-priced items by paying an additional interest charge over time. Hire purchase is similar to credit but the supplier retains ownership until full payment. Layaway allows reserving an item by making deposits until it's paid off without interest, and consignment involves a dealer selling goods for the supplier and only paying for what they sell.
Characteristics of a successful entrepreneur
Successful entrepreneurs exhibit creativity by developing new ideas and concepts to solve problems or discover niche markets. They are also innovative in converting new ideas into successful products or services. Entrepreneurs must be flexible and multi-skilled to carry out various tasks across different business areas like human resources, accounting, and promotion. They are also goal-oriented in setting clear targets for themselves and employees to achieve the business aims. Entrepreneurs persevere through challenges by continuing their efforts in the face of adversity and rethinking ideas when businesses seem to be failing. They also take calculated risks by pursuing ventures only if costs and benefits analysis show potential for profit.
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Functions of retailing
- 2. They provide outlets for products from manufacturers This stock needs to go
- 3. Retailers are located in areas convenient for consumers All of this for a box juice
- 4. Hold stocks of goods to meet consumer demand
- 5. They provide advice and after- sales services to consumers
- 6. Provide useful feedback from consumers to wholesalers or manufacturers I didn’t like it Could be better Good No comment
- 7. They make goods and services available to consumers in quantities that they prefer But I only want a 2 lb. bag of rice.