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[FAS 351] - Final Exam Guide - Ultimate 54 pages long Study Guide!


Department
FASH
Course Code
FAS 351
Professor
Robert Ogilvie
Study Guide
Final

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Humber College
FAS 351
FINAL EXAM
STUDY GUIDE

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Retail Operations Management Chapter One
- Introduction to the World of Retailing
Retailing- A set of business activities that adds value to the products and services
sold to consumers for their personal or family use.
Retailer- business that sells products and/or services to consumers for personal or
family use.
Five rights of Retailing
- The right merchandise
- At the right price
- At the right place
- In the right quantities
- At the right time
Retailers Role in Distribution
- Manufacturing Wholesaler Retailer Consumer
Retailers Functions
- Providing an assortment
- Breaking bulk
- Holding inventory
- Providing service and services
Corporate Social Responsibility
- Voluntary actions taken by a company to address ethical, social and
environmental impacts of its business operations and the concerns of its
stakeholders
- Retailers need to explain the impact of their business practices and to
implement suitable strategies to seize related opportunities
Retail Sales in Canada
- Retail sector accounts for 2 million jobs nationally
- 13.0% of the labour market
- $470 billion in 2012
- Ontario & Quebec contributed to largest share of sales
Economic Impact
- Leading retailers to focus on these markets
- Toronto 22 million people economic value of $550 billion
- 5th largest market in North America (12th largest in the world)
Top Canadian Retailers:
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1. Weston Group
2. Walmart
3. The Sobey’s Group
The Retail Management Decision Process
Competitors:
- Intratype competition
- Intertype competition
- Scrambled Merchandise
Customers:
- Why do customer’s shop?
- How do they select a store?
- How do they select the merchandise?
Developing a Retail Strategy
- Indicates how the firm plans to focus its resources to accomplish its
objectives by identifying:
o The target market/s
o Nature of the merchandise and/or services offered
o How the retailer will build a long-term advantage over the
competition
Strategic Decision Areas
Involve the following strategies:
- Market
- Financial
- Location
Organizational structure and human resources:
- Information systems
- Supply chain
- CRM
Implementing the Retail Strategy
- Develop a retail mix that satisfies the needs of the target market better than
the competition
- Decision variables that will satisfy needs but also influence purchase
decisions.
Ethical and Legal Considerations
Ethics:
- system or code of conduct that indicate how one should behave
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