RMG 400 Lecture Notes - Lecture 1: Category Management, Behaviorism, E-Commerce

• School: Ryerson University
• Department: Retail Management
• Course: RMG 400
• Professor: Janice Rudkowski

Document Summary

Week 1 - chapter 1: today"s buyi(cid:374)g e(cid:374)viro(cid:374)(cid:373)e(cid:374)t. What is retailing: the selling of goods and services to the ultimate consumers, does not require a store front (can be online, catalogue sales, vending machines, etc. ) It"s a (cid:272)olla(cid:271)oratio(cid:374) (cid:271)et(cid:449)ee(cid:374) (cid:448)e(cid:374)dors a(cid:374)d retailers to pro(cid:448)ide opti(cid:373)al service to the customer while providing profit and sales to the retailer and vendors. A distinct group of products that customers perceive as related, or substitutable. Categor(cid:455) (cid:373)a(cid:374)age(cid:373)e(cid:374)t is (cid:374)eeded i(cid:374) toda(cid:455)"s (cid:373)arketpla(cid:272)e (cid:271)e(cid:272)ause retailers want to offer their consumers quality, value and convenience. Market concept: the belief that all business activities should be geared toward satisfying the wants and needs of consumers. Retail strategy: overall framework or plan of action that guides a retailer, the owner or management team outlines the philosophy, objectives, target customer, tactics, and control activities. What is the image of a retailer: how the retailer is perceived by consumers.