Perspectives on Retailing
Chapter 1 Perspectives on Retailing
Overview:
In this chapter, we acquaint you with the nature and scope of retailing. We present retailing as a major economic force in the United States and as a significant area for career opportunities. Finally, we introduce the approach to be used throughout this text as you study and learn about the operation of retail firms.
Learning Objectives:
After reading this chapter, you should be able to:
1. Explain what retailing is.
2. Explain why retailing is undergoing so much change today.
3. Describe five methods used to categorize retailers.
4. Understand what is involved in a retail career and be able to list the prerequisites necessary for success in retailing.
5. Be able to explain the different methods for the study and practice of retailing.
Outline:
I. What Is Retailing? A. Retailing - consists of the final activities and steps needed to place a product in the hands of the consumer or to provide services to the consumer. B. Can be performed by any firm that sells a product or provides a service to the final consumer.
II. The Nature of Change In Retailing – Retailing, which accounts for 20 percent of the worldwide labor force and includes every living individual as a customer, is the largest single industry in most nations and is currently undergoing many exciting changes. A. E-tailing – The great unknown for retail managers is what the ultimate role of the Internet will be. 1. It is still unclear if online shopping will reach its projections for “every day” needs. 2. A dramatic change created by e-tailing is a shift in power between retailers and consumers. The information dissemination capabilities of the Internet are making consumers better informed and thus increasing their power when transacting and negotiating with retailers. B. Price Competition - Americans are price conscious, whether shopping at
Overview:
In this chapter, we acquaint you with the nature and scope of retailing. We present retailing as a major economic force in the United States and as a significant area for career opportunities. Finally, we introduce the approach to be used throughout this text as you study and learn about the operation of retail firms.
Learning Objectives:
After reading this chapter, you should be able to:
1. Explain what retailing is.
2. Explain why retailing is undergoing so much change today.
3. Describe five methods used to categorize retailers.
4. Understand what is involved in a retail career and be able to list the prerequisites necessary for success in retailing.
5. Be able to explain the different methods for the study and practice of retailing.
Outline:
I. What Is Retailing? A. Retailing - consists of the final activities and steps needed to place a product in the hands of the consumer or to provide services to the consumer. B. Can be performed by any firm that sells a product or provides a service to the final consumer.
II. The Nature of Change In Retailing – Retailing, which accounts for 20 percent of the worldwide labor force and includes every living individual as a customer, is the largest single industry in most nations and is currently undergoing many exciting changes. A. E-tailing – The great unknown for retail managers is what the ultimate role of the Internet will be. 1. It is still unclear if online shopping will reach its projections for “every day” needs. 2. A dramatic change created by e-tailing is a shift in power between retailers and consumers. The information dissemination capabilities of the Internet are making consumers better informed and thus increasing their power when transacting and negotiating with retailers. B. Price Competition - Americans are price conscious, whether shopping at