Retailing Management Study Set 4
Quiz 1 :
Introduction to the World of Retailing
Retailer stands for the person or the business entity that is the selling of goods to the consumers in small quantities. These goods are relatively consumed by the buyers on their own instead of buying the goods for resale. The individual's favorite retailer is Company WMM which is largest hypermarket in the world having its origin from Country USS. The company was founded by Person SW in 1962 and was incorporated in 1969. An individual likes this retail firm because this firm provides small scale manufacturing firms a platform to sell their goods to the large number of people around the world. The retailer is efficient in making optimum utilization of resources and offers complete value for money to the customers for the products they buy from the firm. The firm offers wide variety of products under one roof which saves time and other resources of the buyers as they do not have to roam at several places to buy merchandises. Alongwith this, the firm also employs large number of people delivering its social responsibility. To get an individual's patronage, a competitive retail firm should be conscious in its actions and decisions and before taking any step should evaluate its effect on the environment and its people. The firm should not be conscious towards the needs of the society and should its business activities to create best interest for the society's welfare. The firm should employ huge number of people and should offer them competitive salaries and wages, offering good working conditions, job security, etc. This way the firm should undertake every action within legal and ethical limits and should not violate any of the regulations meant for business firms.
Retailer refers to a business through which the end customers purchase goods. Retailers purchase goods from the wholesalers or manufacturers in bulk quantities and sell them to the end customers in smaller quantities. The retailer might be the manufacturer itself or it can might be another firm. Retailers are the final link in the supply chain which delivers goods to the end customers. An initial benefit to purchasing a home entertainment system directly from the component manufacturers is that it would be cheaper. Although with that said there are many limitations to purchasing directly from the component manufacturers. The first would be that you have to put everything together, which requires extensive knowledge about the entertainment system pieces. Another limitation would be that it is very time consuming to order from each individual manufacturer and it would take a lot of time to piece together the entire system.
Intra-type competitors refer to the competitors who compete with each other for the same customers and runs similar business. Inter-type competitors refer to the competitors those who run different types of businesses and still compete for same customers. The retailers like Company WMM, Company CT, Company ING Market, Company TGG. etc. would be considered as the intra-type competitors for a convenience store like S11. This is because these competitors sell the similar products in a similar business line to the customers. These retailers offer almost everything under one roof to the customers which makes them the competing firms for Company S11. The firms that would be inter-type competitors of S11 would be milk and dairy products firm, vegetables suppliers, stationary selling firms, gift article providers etc. This is because these firms although so not offer all the products that a convenience store like S11 offers to the customers, still these firms offer those products individually that are sold under same platform at S11. As S11 not only sells stationery items, gift articles, dairy products, etc. but also sell many other products which are sold individually by other different firms which makes these firms as inter-type competitors of S11.