Book Overview

1.1 Retail Retail is the process of selling consumer goods and or services to customers through multiple channels of distribution to earn a profit. Demand is created through varied target markets and promotional tactics, sustaining consumers′ wants and needs through a lean supply chain. Figure: 1.1 Retail (Sources:https://www.google.co.in) Retail derives from the French word retailer, which denotes to "cutting off, clip and divide" in terms of tailoring (1365). It was first noted as a noun with the meaning of a "sale in small quantities" in 1433 (French). Its literal implication for retail was to "cut off, shred, på”. Retail is the last stage of any economic activity. By virtue of this fact, retail occupies a significant place in the world economy. According to Philip Kotler, Retailing comprises all the activities involved in selling goods or services to the ultimate consumers for personal, non–business practice. A retailer or retail store is any business enterprise whose sale size comes primarily from retailing. These are the absolute business entities in a distribution channel that relatives manufacturers to customers. Manufacturers typically make products and sell them to retailers or wholesalers. Wholesalers resell these products to the retailers and finally, retailers resell these products to the ultimate consumers. Any organization selling to ultimate consumers, whether it is a manufacturer, wholesaler or retailer is doing retailing. It does not matter how the goods or services are sold (by person, mail, telephone, vending machine, or internet or where they are sold, in a store, on the street, or in the consumer′s home). A Retailer thus, provides value creating functions like assortment of products and services to the consumers, breaking bulk, holding inventory and provides services to consumers, manufacturers and wholesalers.