BNAD 100 Lecture 5: Retail Industry

• School: University of Arizona
• Department: Business Administration
• Course: BNAD 100
• Professor: Jeff Welter

Document Summary

Retail is the sale of goods or services from stores directly to their customers (shoppers) Retailers are part of an integrated system called the supply chain. Purchase large quantities of produced directly or through a wholesaler and sell smaller quantities to shoppers. Retailers tend to sell products in three groups. Integrated system, purchase large quantities of products directly or through wholesaler and sell in smaller quantities to the shopper (at higher prices than they bought it for) A streamlined and highly integrated logistics/supply chain system that lowers their purchasing costs vs competition. Train their employees in the w-m way with strong work ethic. Measure every step of the buying, shipping and selling via rigorous analysis of. They translate everyday low costs into everyday low prices to their shopper. This is what ensures that their prices stay lowest in the market (or equal with the other lowest competitor)