Customers integrate three major types of resources as they co-create value in their daily
lives: personal resources, public resources, and private resources.
Movies and vending machine products are common examples of items that use
customary pricing.
How are recycled merchandise retailers, liquidators and rentals changing the retail
environment?
Failure to identify a season’s hot item(s) early enough is a common buying error.
Operating expenses are those expenses that the retailer incurs in the operation of the
business, other than the cost of goods sold.
It is important for anyone considering a career in retailing to understand merchandise
management, since all retailing jobs have some contact with the firm’s merchandising
activities.
When a group of competing retailers establishes a fixed price at which to sell their
merchandise, they are engaging in horizontal price fixing.
While most price decisions are directed at influencing demand, the retailer’s use of
nonprice strategies seldom seeks to increase demand.
Sales promotion tools are excellent demand generators.
Profitable retailers must be able to differentiate themselves by meeting the needs of
their customers better than the competition.