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Lecture

Introduction


Department
Retail Management
Course Code
RMG 200
Professor
Brent Barr

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Week 1
Strategy Planning & Leadership = SMART > Strategies to Achieve Objectives > Plans
SMART = Specific, Measurable, Action Oriented, Realistic, Timely
Needed to Build an Effective Strategy:
1. Leadership
2. Knowledge
3. Clearly defined mission
4. Clearly defined objectives
5. Gut or Experience
6. Critical thinking
7. Creative thinking
8. Required resources
9. Interconnectivity of Resources
10. Controls
Key things to understand
Your Customers
Your Company
Your Competitors
The Industry
The flow of information How does it tie together?
These are the steps we go through
Data > Collection
Information > Analysis
Knowledge > Understanding
Wisdom > Solutions
Retailing is the business activities involved in selling goods and services to consumers. It includes every sale of goods and
services to the final customer. It is the final stage in the distribution process
Channel of Distribution: Manufacturing > Wholesaler > Retailer > Customer
Types of Distribution: Intensive (Consumable goods) // Selective (Certain Brands of Electronics) // Exclusive (Clothing Hugo
Boss)
Retailers off many values to the system including: Providing Assortment, Breaking Bulk, Providing Service, and Holding
Inventory
6 Service characteristics: Variability, Client Relationship, Creative Marketing Systems, Intangibility, Inseparability,
Perishability
Customer Service satisfaction is based on Expectation, Past Experience, and Perceptions
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