Page 22 - DMGT550_RETAIL_MANAGEMENT

Unit 1: Introduction to Retailing

1.9 Keywords Notes

Breaking Bulk: Offering the products in smaller quantities tailored to individual consumers and
household consumption patterns and thereby reducing transportation and inventory costs.

Department Stores: It is a retail establishment which specializes in satisfying a wide range of the
consumer’s personal and residential durable goods product needs.
Gatekeeper: Member of a decision-making unit or social group who acts to prevent or discourage
a purchase by controlling the flow of information and/or access to people in the buying center.
Kiosk: A small open-fronted hut or cubicle from which newspapers, refreshments, tickets, etc.,
are sold.
Marketing: The process by which individuals and groups obtain what they want and need
through creating, offering and freely exchanging products and services of value with others.
Merchandise: Goods to be bought and sold.
Retailing: Business activity of selling goods and services to final consumers.

1.10 Review Questions

1. Describe the act of retailing. Why do you think retailing is important?
2. “Retailers provide a collection of service benefits to their customers.” Substantiate.

3. Discuss the functions of retailing with the help of suitable examples.
4. Discuss about the Social and Economic significance of Retailing.
5. Explain about the structure of Retailing and Distribution

6. Describe about the opportunities in Retailing.
7. Explain how sorting by the retailer helps you as a customer.
8. Describe the dimensions of retail equation.
9. “Retailing is not only an integral part of our economic structure but also shapes and is
shaped by, our way of life.” Discuss.
10. Explain the sudden surge in the global retail market. Why do developing countries like
Brazil and India constantly feature in the top of Global Retail Development Index?
11. Discuss the pros and cons of a career in retail.
12. What are the jobs available in retail?
13. Explain the concept of ‘breaking bulk’. What is its relevance?

Answers: Self Assessment

1. True 2. False

3. True 4. Assortment
5. Sorting 6. Inventory
7. Marketing 8. Service
9. Direct 10. True

LOVELY PROFESSIONAL UNIVERSITY 17