RMG 200 Lecture 1: Chapter 1

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: David Lewis

Document Summary

Rmg chapter 1: introduction to the world of retailing. Retailing- a set of business activities that adds value to the products and services sold to consumers for their personal or family use. Retailer- a business that sells products and services to consumers for their personal or family use. Retailers attempt to satisfy consumer needs by having the right merchandise, the right price, at the right place, in the right quantities. Functions performed by retailers: providing assortments- offering assortments enables customers to choose from a wide selection of brands, designs, sizes, colors and price in one location. They can offer different payment options, display all products, have knowledgeable sales staff, offer flexibility to consumer, provide assortments, and have a good location. Corporate social responsibility- voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders.