1.1 What is Retail?

Process of selling products and/or services to customers to earn a profit

• Services

• Products

• Customers

• Retail

Person or business who sells to customers

• Services

• Retailer

• Customers

• Products

Physical goods that can be bought & sold

Tangible goods: can be physically owned by customer

• Services

• Products

• Customers

• Retail

Intangible goods: they cannot be owned by customers

• Services

• Products

• Customers

• Retail

Goal of Retailing

• provide customers with the merchandise & services they want, where and how they want them

• offers customers the chance to interact with multiple channels

• a strategy that integrates multiple shopping channels to create a seamless experience to customers

• producer of finished products

Multichannel Retailing

• provide customers with the merchandise & services they want, where and how they want them

• offers customers the chance to interact with multiple channels

• a strategy that integrates multiple shopping channels to create a seamless experience to customers

• producer of finished products

Omnichannel Retailing

• provide customers with the merchandise & services they want, where and how they want them

• offers customers the chance to interact with multiple channels

• a strategy that integrates multiple shopping channels to create a seamless experience to customers

• producer of finished products

Types of Ownership:

Independent

• business owned by shareholders through publicly traded stock

• typically a single store; these retailers are able to tailor offerings to meet needs of local customers

• a license is granted to another entity to retail a company's products or services; operating under recognized brand

• large companies with many locations (ownership limited to small # of investors)

Types of Ownership:

Franchise

• business owned by shareholders through publicly traded stock

• typically a single store; these retailers are able to tailor offerings to meet needs of local customers

• a license is granted to another entity to retail a company's products or services; operating under recognized brand

• large companies with many locations (ownership limited to small # of investors)

Types of Ownership:

Private Company

• business owned by shareholders through publicly traded stock

• typically a single store; these retailers are able to tailor offerings to meet needs of local customers

• a license is granted to another entity to retail a company's products or services; operating under recognized brand

• large companies with many locations (ownership limited to small # of investors)