FAS 301 Lecture Notes - Lecture 4: Consumer Confidence, North American Industry Classification System, E-Commerce
Document Summary
The retailing picture: link between manufacturer and consumer enormous changes have recently occurred in retailing methods, management and ownership. Retailing- a set of business activities that adds value to the products and services sold to consumers for their personal or family use. Retailer- business that sells products and/or services to consumers for personal or family use. Flagship stores remain in cities with branch stores in suburbs. Business strategy is concerned with competing in the marketplace. Includes decisions on branding, product positioning, target market, and product trendiness. Business model- how you are going to execute the strategy. Risk factors: unpredictability of the consumer, stability or instability of economic conditions, efficiency of the supply chain. The fashion product: fashion/trend, classics, fads, basics. Does not specialize in a particular product. Soft & hard lines: soft: clothing, home fashions, shoes, accessories, hard: furniture, electronics, hardware, bikes. May not carry all categories of merchandise. Macy"s & nordstrom are well-known dept stores.
