Quiz 8: Information Gathering and Processing in Retailing

Business

Information gathered by florist agency to improve his business: A florist agency collects information from both suppliers and consumers. Customer information: • Pricing levels from competing retailers • Surveys • Complaints • Data on purchases Supplier information: • Surveys of preferences of consumers • Data on seasonality • Report on what floral arrangements sell best at competing outlets Retailers also share information with consumers through information brochures and a well integrated web site. The retailers provide information to suppliers based on the best selling product and consumer complaints. Information is provided to consumers through personal selling , informative web site, and through advertising.

Retailer: A business that sells goods to the buyer , as opposed to a wholesaler or supplier, who generally sells goods to another business , is known as retailer. Supplier: Supplier is a party that supplies products and services. Relatively common, off the shelf, or standard goods are supplied. Statement: "Traditionally, retailers and suppliers just don't like to share supply chain information with each other." Justification: The statement refers to lack of trust among channel members. This can be overcome by using the below mentioned factors: • Relationship retailing • Increase in awareness information that benefits all parties through less markdowns, less returned merchandise, fewer stock outs, and early alertness of problems and opportunity • Assuring retailers and suppliers that the information will not be shared with other competitors

Retailer: A business that sells goods / services to the buyer (or) consumer , as opposed to a wholesaler or supplier, who generally sell goods to another business , is known as retailer. Statement: "Retailers can ever have too much information." Justification: Retailers can ever have too much information as long as retailers have the ability to understand and process all the information. The following should be the methods of gathering information by the retailers: • The information should be relevant. • Retailers should recognize how the information can be utilized. • Retailers should understand what value the information has in relation to the retailer's overall strategy.