RETAILING Mrs Weckstein Beginnings Earliest form of retailing
RETAILING Mrs. Weckstein
Beginnings… ◦ Earliest form of retailing was trading or swapping goods and services. ◦ Money was introduced to make trading more convenient. Trade existed when Marco Polo of Italy visited the Far East and retuned with silk fabrics and spices Columbus traveled to America searching for a shorter trading route to the Far East. In the 19 th Century the desire for goods and services led to the development of catalog retailers, then Internet retailers in the 20 th century.
Things to know… ◦ Retailing has been going on since Roman Egyptian times ◦ It is Global ◦ There are Catalog Retailers, Internet Retailers
How does retailing benefit your life? ◦ Let’s Talk About This for a Minute
Retailing Benefits YOU by: ◦ Makes it easier to purchase items ◦ Provide a source of employment for people ◦ Benefits the economy – employed people have money to spend! ◦ Satisfies needs and wants
◦ Manufacturers/Producers Manufacturing AGENTS Direct Wholesalers RETAILERS Consumers Indirect
Direct Channel of Distribution ◦ The path leads from manufacturer to consumer
Indirect Channel of distribution ◦ Path from product to consumer follows more than one step. ◦ Example: 1. Flower grower produces 500 tulip bulbs. 2. A wholesaler purchases 250 dozen of the tulip bulbs. 3. Your local florist does not need 250 dozen tulip bulbs. 4. The wholesaler allows the local florist to buy 20 dozen. 5. You, the consumer, purchase a single dozen of the tulip bulbs.
What do Retailers Do? ◦ Buy merchandise ◦ Determine selling price ◦ Storing goods purchased ◦ Advertising and promote products ◦ Display merchandise ◦ Sell goods/services ◦ Service products ◦ Provide Customer Service ◦ Risk Management ◦ Hire and manage employees
CAREER AREAS OF RETAILING ◦ Marketing and Advertising ◦ Store Operation ◦ Loss Prevention ◦ Store Management ◦ Finance ◦ Human Services ◦ IT and E-Commerce ◦ Sales ◦ Distribution, Logistics, and Supply-Chain Management ◦ Merchandise Planning and Buying ◦ Entrepreneurship
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