MKT 3310 Lecture Notes - Lecture 12: Inventory Control, Luxurious

• School: Baylor University
• Department: Marketing
• Course: MKT 3310
• Professor: Randy Hacker

Document Summary

Retailing: the final step in the distribution channel in which organizations sell goods and services to consumers for their personal use. Wheel of retailing hypothesis: a theory that explains how real firms change, becoming more upscale as they go through their life cycle. The wheel of retailing: entry phase. Changing demographics: convenience for working consumers, recognition of ethnic diversity. Point of sales (pos) systems: retail (cid:272)o(cid:373)puter syste(cid:373) that (cid:272)olle(cid:272)ts sales data a(cid:374)d are hooked dire(cid:272)tly i(cid:374)to the store"s inventory control system. Perpetual inventory unit control system: retail computer system that keeps a running total on sales, returns, transfers to other stores, etc. Automatic reordering system: retail reordering system that is automatically activated when inventories reach a certain level. Retailtainmnet: the use of retail strategies that enhance the shopping experience and create excitement, impulse purchases and an emotional connection with the brand.