RMG 200 Chapter Notes - Chapter 2: Stock Keeping Unit, North American Industry Classification System, Private Label

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Brent Barr

Document Summary

Retailers differ in terms of types of merchandise and services they offer, the nature of the retail mix, degree to which they emphasize services vs. Retail industry is changing rapidly; some important changes are. Use of multiple channels to interact with customers. Growing importance of technology to retail success. Growing diversity of retail formats retailers offering more to cust. Cad mrktplce has small number of large retailers who dominate in their specific retail category. Value is a combination of price and quality. Place which includes location, store layout, and design. Increasing the store attractiveness and increasing knowledgeable staff are costs to the retailer which he gets back by selling the products at a higher price. North american industry classification systems (naics): us, canada and mexico. Classification of retail firms into a hierarchical set of six-digit codes based on the types of products and services they produce.