RMG 200 Study Guide - Midterm Guide: Golfsmith, Tim Hortons, Bass Pro Shops

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Ken Wong

Document Summary

Chapter 1 introduction to the world of retailing retailing is the set of business activities that add value to the products and services sold to consumers for their personal or family use. Retailer is a business that sells products or services, or both, to consumers for their personal or family use. Retailers attempt to satisfy consumer needs by having the right merchandise, at the right price, at the right place, in the right quantities, at the right time when the consumer wants. Distribution channel is a set of rms that facilitate the movement of products from the point of production to the point of sale to the ultimate consumer. Vertical integration means that a rm performs more than one set of activities in the channel, such as investments by retailers in wholesaling or manufacturing. Functions performed by retailers: 1) providing an assortment of products and services. 2) breaking bulk 3) holding inventory 4) providing service and services.