Introduction to retail and how customer behaves

Introduction to retail

1. Retail & Dist. Management Chapter 1

2. What is Retailing

3. Retailing I ncludes all activities involved in selling and providing goods and services to ultimate consumers for personal, or household use.

4. Pop Quiz “It Costs Five Times More to Acquire a Customer than to Retain a Customer” Explain.

5. Examples of Retailers

6. Integrated Supply Chain

7. Vertical Integration Means that a firm performs more than one set of activities in the supply chain. Such as manufacturing, wholesaling and retailing.

8. Backward IntAgrtion Retailer performs some distribution and manufacturing activities such as operating warehouses or designing private-label merchandise.

9. Forward Integration When manufacturer undertakes retailing activities such as Disney Store and Ralph Lauren operating its own retail stores.

10. Types of Retailing

11. Value Creation from Retailers

12. Issues in Retail How can we best serve our customers while earning a fair profit? How can we stand out in a highly competitive environment where consumers have so many choices? How can we grow our business while retaining a core of loyal customers?

13. Who should Opt retail Must be a people person Must be flexible Should be decisive Must have analytical skills Must have stamina

14. Multi channel Retail

15. Applying Retailing concept Customer Orientation Coordinated Effort Value-driven Goal Orientation Retailing Concept Retail Strategy

16. Applying Retailing concept Customer orientation. The retailer determines the attributes and needs of its customers and endeavors to satisfy these needs to the fullest. Coordinated effort . The retailer integrates all plans and activities to maximize efficiency Value-driven. The retailers offers good value to customers, whether it be upscale or discount. Goal orientation . The retailers sets goals and uses its strategy to attain them

17. Customer Service

18. Customer Service checklist Do we trust our customers? Do we stand behind what we sell? Is keeping commitments to customers important to our company? Do we value customer time? Do we communicate with customers respectfully? Do we treat all customers with respect? Do we thank customers for their business? Do we respect employees?