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MGT 3230- Midterm Exam Guide - Comprehensive Notes for the exam ( 32 pages long!)


Department
Management
Course Code
MGT 3230
Professor
Mike Madore
Study Guide
Midterm

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UofL
MGT 3230
MIDTERM EXAM
STUDY GUIDE

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Chapter 1 Intro to Retailing Management
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/services to consumers for personal or family use
A ‘ETAILE‘S ‘OLE – CONSUMER SATISFACTION
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
DISTRIBUTION CHANNEL
ManufacturingWholesalingRetailerConsumer
OTHER FUNCTIONS PERFORMED BY RETAILERS
Retailers direct their efforts to satisfying the needs of ultimate consumers:
o Providing an assortment of products and services.
o Breaking bulk.
o Holding inventory.
o 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
In 2014, total retail sales were $505.0 billion, up 4.6% from 2013 and 15.1% over a 5
year period.
Ontario (35%) & Quebec (21.4%) contributed to the largest share of sales followed by
Alberta (15.6%) and British Columbia (13.1%).
Motor vehicle and parts sub-sector dominated sales in the retail sector, totaling $119.7
billion in sales in 2014 (23.7% of market share)
Food and beverage stores sub-sector, which totaled $107.7 billion, or 21.9 percent of
market share finished a close second.
100 top retail organizations control 75% of the non-automotive retail sales.
In 2014, there were a total of 30 organizations with at least one billion in total sales, and
this "Billion Dollar Club (BDC) accounted for 88%, or $213 billion, of non-automotive
retail sales in Canada for 2014.
Top 4 retailers in Canada: Weston Group, Walmart, Empire Canada (Sobeys) and Costco.
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Retail sales distribution(billions):Top 100 retailers(48%, 242), Auto(24%, 119.7,
other(28%, 143)
Market control by origin capital(bil): US(90, 37.7%), Canada(148, 60.9), other(4.4, 1.8%)
GLOBAL RETAILERS
Retailers are pursuing growth opportunities by expanding their operations to other
countries.
top global retailers: 31.6% are headquartered in the US, 36% in Europe, 12.4% in Japan,
3.6% in Canada
OPPORTUNITIES IN RETAILING
Management Opportunities
o Given considerable responsibility early in career.
o Financially rewarding!
Entrepreneurial Opportunities
o Tim Horton (Tim Hortons)
o Eddie Black Black’s Cameras
o John Holt and G.R. Renfrew (Holt-Renfrew)
o John Forzani (Sports Chek)
RETAIL MANAGEMENT PROCESS
Types of competitors - Micro - Competitors
- Itratype Copetitio
- sae as us……
- Itertype Copetitio
- sells similar stuff uses different mediums to sell
- Sraled Merhadise
- the offering of merchandise not typically associated with the store type
THE RETAIL MANAGEMENT DECISION PROCESS
Customers
Why do ustoers shop?
How do they select a store?
How do they select the merchandise?
DEVELOPING A RETAIL STRATEGY
The retail strategy indicates how the firm plans to focus its resources to accomplish its
objectives. It Identifies:
The target market/s
The nature of the merchandise and/or services offered
How the retailer will build a long-term advantage over the competition
STRATEGIC DECISION AREAS
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