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Importance of the retail industry to the world economy
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Since the world’s economy has a major impact on the determination of market decisions, it is important for business owners to be informed of every detail to be. In order for them to make an intelligent investment decisions so, in the future they be prepared for any unexpected economical downturns. Also, it is essential to recognize the key risks a business may encounter and build up strategies to diminish them. Furthermore, a large quantity of the markets profit share around the world comes from the retail and wholesale industry. Even though they may fall into the same category in the financial system of the world it does not mean they are made with the same process and purpose. Owners of stores usually start up with retail and look forward in enlarging their business to wholesaling as experience is gained. In order, for business owners to expand their stores from retail to wholesale they are required to understand and be able to access various skills. First, owners must understand the difference between wholesale and retail. Secondly, there are some transitional changes that occur to the business which an entrepreneur must prepare for. Last, there are policies to follow in order not to commit some illegal transactions. By understanding these elements businesses would be more flexible and capable to endure unstable market conditions. What is retail and wholesale about? Retail are the transactions of products in small quantities straight to consumers most likely not with the idea to resell the item. Wholesale are the transactions of products in large quantities directly to other companies at a whole value marked down price. Retail should recruit employees for their stores that have knowledge and are interested in hel... ... middle of paper ... ...to understand the changes, policies, and the illegal matters to look out for. We as a group thought that by opening a wholesale store is easier to become successful because you don’t really have to chase down customers. Works Cited Lively, Kathryn. "There Are No "Safe Bets" With Counterfeit Merchandise ." Ezine @rticles (2010). Web. 28 Feb 2011. . Mifflin, Houghton. "Definition of retail." The American Heritage® Dictionary of the English Language. 4th ed. HuntingDon Valley, PA: Houghton Mifflin , 2000. Web. . Mifflin, Houghton. "Definition of wholesale." The American Heritage® Dictionary of the English Language. 4th ed. HuntingDon Valley, PA: Houghton Mifflin , 2000. Web. .
(The retail industry main aspect includes small stores that sell products directly to consumers. Mike took over the lease of a building and wanted to transform it into a fully functional department store that offered a variety of products.)
Levy, Michael, Barton A. Weitz, and Dhruv Grewal. Retailing Management. ed. New York, NY: McGraw-Hill Education, 2014. Print.
On late August of 2007, Dana Thomas writes to the general public on the horrors made possible by the buying and selling of counterfeit fashion goods to persuade the end of the consumerism funding monstrous acts. Through the incorporation of ethos, logos, and pathos in her journalism, Thomas persuades her audience with the uncoverings of the sources behind the making of the counterfeit goods.
Pride, W & Ferrell, O.C. 2000, Marketing Concepts and Strategies, Boston: Houghton Mifflin, p. 103.
The development of department stores in Canada gave way to a new modern era of Canadian society. Through the development of mass retail in 1890 and 1940, Canada experienced a spur in the retail industry as large stores such as Eaton’s, Simpson’s and HBC emerged. Donica Belisle's book “Retail Nation: Department Stores and the Making of Modern Canada”, is useful to understand the expansion of the retail industry as it examines department stores activities along with the responses of consumers, employees, governments and critics to gain insights on the evolution of consumer capitalism in Canada through a feminist perspective. In this essay, I will give a brief summary of the book as well as a review based on my opinions of the book and author.
Costco Wholesale is a multi-billion dollar overall retailer with dispersion focus club operations in eight countries. They are the apparent pioneer in wholesale field, dedicated to quality in every zone of their business and respected for their unprecedented business ethics. Despite their immeasurable size and extension in overall improvement, they have continued giving an agreeable domain which their laborers thrive and succeed.
Churchill, Jr., Gilbert A., and J. Paul Peter. Marketing: Creating Value for Customers. Burr Ridge: Austen Press, 1995.
Large players can offer competitive prices if they buy in bulk. Smaller players can differentiate themselves by offering niche products and superior customer delight at a premium price.
Due to the good establishment of the business, it has huge market national. The company has therefore opened many retail shops and stores all over the country to ensure that their products are accessible to the customers. The entity provides a favorable environment, and many clients view the place as a fun shopping place to be. The retailer has targeted a big pool of customer because of the variety of products it sells. The stores products vary from kitchen goods, jewelry, and electronics clothes to hardware
Today, designer fashion is very popular amongst Americans’ in all age groups. Head out to the mall on any weekend and it’s sure to be packed with people shopping in upscale stores like Barney’s, Gucci, or Louis Vuitton. Because of peoples yearn for these designer fashions, counterfeiting is a major issue throughout the world. In Dana Thomas’s article, "Terror’s Purse Strings", Thomas discusses how counterfeiting has become a major problem throughout the world; She also points out that the majority of these counterfeit operations are run out of Chinese factories and how many of these factories employ young children who are sold or sent off by their families to go manufacturer these “luxury” counterfeit goods. I chose Thomas’s article because
Retail price may require customers to pay the product in the full price and discounted means that customers only required to pay a certain amount after promotion is applied to the retail price.
On the other hand, most factors prove otherwise. The retail industry does not have high Economies of Scale to be exploited in general . Yet, it is impossible to run department stores like Metro on a small scale . A large retail space, inventory, and warehouse are necessary to host a specialized portfolio of brands and products to better attract both customers and suppliers. Heavy capital requirements and operational expen...
Even the slowdown in current global economies could not bring retail sector down as retailers keep seeking for opportunities overseas to avoid challenging economic condition, which make this sector becoming more globalised and competitive. As an heir of an industrial components retailer, I also believe there are bountiful opportunities to grow in this emerging industry. But without deeply and truly understanding in every aspect of retailing, one could not survive in the battle. For this reason, I would like to pursue my education further by studying Master in retail management to obtain knowledge in retailing and hopefully become successful in the field.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players. It accounts for over 10 per cent of the country’s Gross Domestic Product (GDP) and around 8 per cent of the employment. India is the world’s fifth-largest global destination in the retail space.
Reviewing the existing literature on this topic, this essay attempts to look at the scale of counterfeiting, the reasons for its growth and the consumer’s attitudes towards counterfeited products. It also provides information about how the counterfeit market poses challenges for customer-brand relations and the strategies that brands can implement to overcome these challenges.