CTE-3808 Study Guide - Midterm Guide: Barcode, Convenience Store, Costco

• School: FSU
• Department: Retail Merchandising and Product Development
• Course: CTE-3808
• Professor: Sri Manchiraju

Document Summary

Retailing- trade that spans the globe, accounting for much of the job market (employment/income), adds value to products/services sold to consumers. Acts as a link between manufacturer and consumers in the retail supply chain. What is fashion: fashion- style of consumer product that is perceived to be socially appropriate. Evolutionary not revolutionary, understanding history helps predict styles: fast fashion- design, create & market clothes quickly & cheaply. Economic & social significance: retail sales- over . 3 trillion annual u. s sales in 2017, 8% of gdp from retail, employment- retail is largest private sector employer, 1 in 4 are employed in retail. Role in society: corporate social responsibility (csr)- decisions are ethically based, meets ethical expectations of stakeholders. Artificial intelligence (ai) & big data: tailored products, personalized recommendations, access to consumer data- control over ecosystem. General merchandise retailers: department stores- broad variety, customer service/ distinct merchandise (macys)