Chapter one terms Multichannel .docx

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University of Minnesota Twin Cities
Retail Merchandising
RM 2215
Hyunjoo Im

Chapter one terms: 1. Retailing: set of business activities that adds value to the products and services sold to consumers for their personal or family use. 2. Supply chain: set of firms that make and deliver goods and services to consumers 3. Vertical integration: a firm performs more than one set of activities in the channel, as occurs when a retailer engages in wholesaling activities by operating its own distribution centers to supply its stores 4. Backward integration: arises when a retailer performs some wholesaling and manufacturing activities such as operating warehouses or designing private label merchandise. 5. Forward integration: occurs when a manufacturer undertakes retailing and wholesaling activities such as Ralph Lauren operating its own retail stores 6. Breaking bulk: retailers offer products in smaller quantities tailored to individual
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