RMG 200 Lecture Notes - Lecture 1: Vertical Integration, Information System, Ryerson University

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Janice Rudkowski

Document Summary

Lecture 1 introduction to the world of retail. A set of business activities that adds value to the products and services sold to consumers for their needs. Human resource strategy: need to recruit brand ambassadors, people qualified to interact with customers. Customer relationship strategies: loyalty programs, keeping customers for as long as possible, losing a customer then regaining them could be very costly. Many products tailor to wants, and retailers are responsible to find the right mix of selling wants and needs. Manufacturing to wholesaler to retailer to consumer. Vertical integration is when there is one firm taking care of each process above from start to finish. Backwards integration is a retailer who take care of manufacturing and wholesaling (pc brand), they may not own the manufacturing plant but are responsible for it. Retailers narrow down choices for you task specification. Provide transaction efficiency offering one pair of pants as opposed to 300.