[FM 262] - Final Exam Guide - Comprehensive Notes for the e..
[FM 262] - Final Exam Guide - Comprehensive Notes for the exam (55 pages long!)

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School
Fashion Institute of Technology
Department
FM – Fashion Merchandising Mgt
Course
FM 262
Professor
Suzanne Piazza
Semester
Spring

Description
Fashion Institute of Technology FM 262 FINAL EXAM STUDY GUIDE find more resources at oneclass.com CHAPTER 1 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 a business that sells products andor services to consumers for personal or family use Kohls, Macys, Wendys, Amazon.com, Jiffy Lube, AMC Theaters, American Eagle, Outfitter, Avon, J.Crew RetialCostRetail 10050100 Firms that are retailers and wholesalers sell to other business as well as consumers: Office Depot, The Home Depot, United Airlines, Bank of America, Costco Do retailers add value? Example: a box of crackers at a grocery store Costs 1 to manufacturer Sells at a price of 2 Why not get rid of the middlemen? Price to distributor Price to retailer Price to consumer 1.00 1.20 0.85 > 0.15 > 0.70 > 2.00 Manufacturer Distributor Retailer Consumer Vendor Wholesaler How retailers add value Provide Assortment Buy other products at the same time Break Bulk Buy it in quantities customers want Hold Inventory Buy it at a convenient place when you want it Offer Services See it before you buy, get credit, layaway The retailers role in a supply chain Retailers are the final business within a supply chain links manufacturers to consumers Supply Chain is a set of firms that make and deliver a given set of goods and services to the ultimate consumer Wholesalers buy and store merchandise in large quantities from manufacturers and then resell the merchandise (usually in smaller quantities) to retailers find more resources at oneclass.com
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