AESHM 275 Lecture Notes - Lecture 2: Break Bulk Cargo, Comparative Advantage, Corporate Social Responsibility

• School: Iowa State University
• Department: Apparel, Events, and Hospitality Management
• Course: AESHM 275
• Professor: Grit Vece

Document Summary

Retail includes much more than just fashion, anytime there is a product or a service sold, there is retailing. Retailing: a set of business activities that adds value to the products and services sold to consumers for their personal or family use. A retailer is a business that sells products and/or services to consumers for personal or family use. Firms that are retailers and wholesalers sell to other businesses as well as consumers: distribution channel. Manufacturing > wholesaler > retailer > consumer. Each time the chain moves on, the cost goes up and more services are added (display, packaging, retail environment, shipping) Provide assortment: buy other products at the same place. Break bulk: buy it in quantities customers want. Hold inventory: buy it at a convenient place when you want it. Offer services: see it before you buy; get credit; layaway, social and economic significance of retailing. Over . 3 trillion in annual us sales in 2011.