To define retailing, consider it from various perspectives, demonstrate its impact, and note its special characteristics to introduce the concept of strategic planning and apply it to show why the retailing concept is the foundation of a successful business, with an emphasis on the total retail experience, customer service, and relationship. Etailing the mantra of modern retailers success mr. Companies like amazon and dell created the online retail industry by putting the entire customer experience from browsing products to placing orders to paying for. To show why the retailing concept is the foundation of a successful business, with an emphasis on the total retail experience, customer service, and relationship retailing 4. A speciality store is one which focuses on one or two specific categories. Principles of retailing edinburgh business school vii module 8 retail selling 81 8. Citescore values are based on citation counts in a given year e. Retailing refers to a process where the retailer sells the goods directly to the enduser for his own consumption in small quantities. Department store this type of retailer is often the most complex offering a wide range of products and can appear as a collection of smaller retail stores managed by one company. Global powers of retailing 2015 embracing innovation. Even albania, a nation of 3 million and one of europes most depressed countries due to its longstanding communist rule, had its. Retailing is the set of activities related to the sale of products and services to the ultimate customer. Jan 27, 2017 electronic retailing e tailing is a buzzword for any businesstoconsumer b2c transactions that take place over the internet. As a case in point, we asked retailers to rate the degree to which they agree or disagree with a series of statements related to their overall marketing sophistication.
Forging the link between research and practice services. Thus, the new retail formats are evolved through dialectic process of blending two formats. New frontiers 2007 pricewaterhousecooperstns retail forward i pricewaterhousecoopers and tns retail forward are pleased to collaborate in bringing you this overview of the retail industry through 2015. Classification of retailing formats in retail management. Retailing definition and meaning collins english dictionary. Learn the definition, see examples and understand the impact on the economy. Retailing is the activity of selling goods direct to the public, usually in small. Sathish chandra, associate professor in marketing warangal institute of management, a unit of itm group of business schools, mumbai a. To find out what social and environmental impacts sites of consumption bring about. The reason for this is because the added cost of selling merchandise to enduser customerslabor, rent, advertising, etc. To indicate the focus and format of the text overview retailing encompasses the business activities involved in selling goods and services to con.
Retailers are referred to as middlemen or intermediaries. However, the advantage of a speciality store is that you will find many things in that store related to that speciality which you might not find on the open market. Basically, retailing can be categorised into store retailing and non store retailing. Sep 11, 2010 functions of retailing retailers play a significant role as a conduit between manufacturers, wholesalers, suppliers and consumers. The theory suggests that new forms of retailing appear as price cutting, low cost and narrow profit margin operations.
Professor in finance, school of management, national institute of technology, a. In is the only point in the value chain to provide a platform for promotions. Retailing also helps to create place, time and possession utilities. Read this article to get the important notes on the classification of retail formats. Jun 11, 2019 retailing is how producers get their goods and services to consumers. Retailing is the initial stage in the distribution process. Description audience impact factor abstracting and indexing editorial board guide for authors p. Retailing, the merchandising aspect of marketing, includes all activities required to sell directly to consumers for their personal, nonbusiness use. The firm that performs this consumer sellingwhether it is a manufacturer, wholesaler, or retaileris engaged in retailing. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. Prior to being added as an official coauthor for the seventh edition of retailing, he assisted the two lead authors with the fifth and sixth editions.
Embracing innovation welcome to deloittes 18th annual global powers of retailing report. Pdf views abound on the impact of the internet and ecommerce on traditional forms of retailing. It should be noted that when researching and writing this paper, the terms internet retailing, eretailing, electronic. Introduction the retailing industry has been present in our country through history and is considered as one of the largest sectors in the indian economy, contributing to around 14% to the gdp, and employing around 7% of the total population for decades, retailing in india has been highly fragmented, i. Companies carry out market research to know customer attitude towards their products but the customers real intents are displayed only during. There are five types of nonstore retail trading formats such as telemarketing, direct selling, automatic vending, online retailing, and direct marketing. Retailing is a distribution channel function where one organization buys products from supplying firms or manufactures the product themselves, and then sells these directly to consumers. Retailing plays an important role in the development of georgias economy. The term retailing is derived from the french word retailer which means a piece of or to cut up. Sep 11, 2010 retailing can be distinguished in various ways from other businesses such as manufacturing. Often retailing is being thought of as the sale of products in the stores, but retailing also involves the sales of services.
Classifications of retailing formats the retailing formats can be classified into following types as shown in the diagram. Global powers of retailing 2015 g3 retail trends 2015. In the store retailing, the essence of a store in a particular location is taken into consideration, to sell the products. According to the pricebased classification, the most important types of retailing are discount stores, factory outlets, category killers, offprice stores, warehouse clubs and hypermarkets. They can be performed in different formats like speciality store,department store, supermarkets, convenience stores, discount store, off price.
The big difference between wholesale and retail is in the price. This implies the breaking of bulk quantities of the retailer. Retailing involves only the sale of tangible goods. Journal of retailing and consumer services forging the link between research and practice author information pack table of contents. Manufacturers and wholesalers are acting as retailers when. This report identifies the 250 largest retailers around the world based on publicly available data for fiscal 20 encompassing companies fiscal years ended through june 2014 and analyzes their. Ownership based retailing let us see these retailers in detail in retailing formats. They own and run a single shop, and determine their policies independently.
If this is your first time registering, please check your inbox for more information about the benefits of your forbes account and what you can do next. The retailer acquires large quantities of the products and cuts them up into smaller quantities and sells them to individual consumers. Oct 18, 2012 consumers benefit from retailing is that, retailers perform marketing functions that makes it possible for customers to have access to a broad variety of products and services. Retailing is the set of business activities that adds value to the product and services sold to the consumers for their personal or family use. Miller center for retailing education and research page 2 objectives understand the important role of international marketing and brand management in multinational retail enterprises mnres understand the differences in macromarket environment such as culture, politics, and economy between u. Retailer characteristics type of merchandise sold variety and assortment of merchandise level of customer service price of the merchandise. The journal of retailing is devoted to advancing the state of knowledge and its application with respect to all aspects of retailing, its management, evolution, and current theory. A retailers service also helps to enhance a products image. They occupy a middle position, receiving and gassing on products from producers and wholesalers to customers. Three retailing theories explain how different retail formats emerge, mature and are then replaced by another format. Retailing differs from manufacturing in the following ways. Within a broad retail category, there is always a conflict between the retailing of similar formats, which leads to the development of new formats. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Retailing 2015 confirms that the retail industry is becoming more complex and changing at an everincreasing speed. This article focuses on the future of retailing by highlighting five key areas that are moving the field forward. The wholesaler doesnt have to deal with such expenses, which allows him to sell goods at a lower. A department store is a setup which offers wide range of products to the endusers under one roof. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods. Say, thesis is a single retailer around the corner of the residential area. This includes different types of retail stores like department stores, speciality stores, supermarkets, convenience stores, catalogue showrooms, drug stores, superstores, discount stores, extreme value stores etc. Pondicherry university a central university directorate of distance education retail information system and e retailing paper code. In every economy of the world, these retailers enjoy a majority share of the whole retail market. In this context, they perform various functions like sorting, breaking bulk, holding stock, as a channel of communication, storage, advertising and certain additional services. The retail price is always more than the wholesale price. The field of retailing includes both products and services, the supply chains and distribution channels that. His research has been published in a number of leading marketing and business education journals, and he has authored five books many of which are associated with retailing.
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