Mr. Munaco – Seaholm High School. Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal.

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Presentation transcript:

Mr. Munaco – Seaholm High School

Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal or family use A retailer is a business that sells products and/or services to consumers for personal or family use.

Firms that are retailers and wholesalers - sell to other business as well as consumers: Office Depot, The Home Depot, United Airlines, Bank of America, Costco

Provide Assortment

Break Bulk

Hold Inventory

Offer Services

Retail Sales: Over $4.1 trillion in annual U.S. sales in 2005 Employment: Employs over 24 million people in 2005 One of the largest sectors for job growth in US Social responsibility Global player

People with a wide range of skills and interests needed because retailers’ functions include Finance Purchase Accounting Management information system (MIS) Supply management including warehouse and distribution management Design and new product development

Financially rewarding 5-year salary of buyers: $50,000 - $60,000 5-year salary of store managers: $120,000 - $160,000

Retailing provides opportunities for people who want to start their own business Some of the world’s richest people are retailing entrepreneurs Examples of retailing entrepreneurs Sam Walton (Wal-Mart) Jeff Bezos ( Ingvar Kamprad (IKEA) Anita Roddick (the Body Shop) Wal-Mart: Sam Walton IKEA: Ingvar Kamprad

List of Retail Entrepreneurs on Forbes 400 Richest Americans Walton Family (Wal-Mart) Fisher (The Gap) Wexner (The Limited) Menard (Menard’s) Marcus (The Home Depot) Kellogg (Kohl’s) Schulze (Best Buy) Levine (Family Dollar) Gold (99Cent Only)

Identifying customers What are the significant demographic and life- style trends Who are your target customers

A retail strategy should identify the target market the product and service mix a long-term comparative advantage

Strategy - organic and natural foods supermarket chain Assortment beyond organic/natural foods Private labels - Whole Food™, 360 Day Value™ Love, trust, and employee empowerment Equality in compensation

College not needed Low pay Long hours Boring Dead-end job No benefits Everyone is part-time Unstable environment No opportunity for women and minorities

Entry level management positions: Department manager or assistant buyer/planner Manage and have P&L responsibility on your first job Starting pay average with great benefits Some retailers pay graduate school No two days are alike Buying and planning for financially analytically oriented Management for people-people

Most entry level jobs are in store management or buying, but there’s… Accounting and finance Real estate Human resource management Supply chain management Advertising Public affairs Information systems Loss prevention Visual merchandising

What are the four benefits that retailers provide customers? Define Retailing. What should a retail strategy identify?