SMG MK 323 Lecture Notes - Lecture 17: Dollar General, Personalization, Ikea
Document Summary
Retailing = the set of business activities that add value to products and services sold to consumers for their personal or family use. Includes products bought at stores, catalogs, over the internet, fast-food restaurants, airlines, hotels. Retailers now dictate to their suppliers what should be made, how it should be configured, when it should be delivered, and what it should cost. Factors for establishing a relationship with retailers: choosing retail partners, identifying types of retailers, developing a retail strategy (using the 4 p"s, managing an omnichannel strategy. Level of difficulty a manufacturer experiences in getting retailers to purchase its products is determined by the degree to which the channel is vertically integrated, the degree of a strong brand, and relative power of manufacturer and retailer. Retailers should know consumer preferences regarding manufacturers. Manufacturers need to know where their target market customers expect to find their products and those of their competitors.
