ECO 211 Lecture Notes - Lecture 1: Customer Service, Pacsun, Walmart

• School: University of Miami
• Department: Economics
• Course: ECO 211
• Professor: Lorca Maria

Document Summary

Retailing = a set of activities that adds value to products and services sold to consumers for personal use. Technological advances make many products cheaper: 3. Shopping issues (not as much now: 2. Perception of too many physical stores: 3. Web uncertainty (not everyone knows how to use it: 4. It must be tangible goods only (no services: 2. It much have a physical store (no online: 3. It must include a retailer (no wholesaler) Vertical integration = when a company does more than 1 function in a channel: 1. Backward integration = when a retailer does manufacturing duties: 2. Forward integration = when a manufacturer does retailing duties. The average $ amount of a transaction is lower than the manufacturer: 2. Intratype competition = 2 retailers of the same format (discount vs. discount . Intertype competition = 2 retailers of different formats (discount vs. clothing .