How retailers add value to products
Retailers add value to goods and services. Hence, consumers prefer buying goods and services from retailers to buying from manufacturers. They add value through breaking bulk, offering a variety of products and services, providing services, and keeping records. All these undertakings ensure that consumers not only get value for their money but also access goods and services whenever they need them.
Favorite retailer
My favorite retailer is Wal-Mart. The reason I like this retailer is that it offers tailor-made products and services. Besides providing customized products and services, Wal-Mart also sells its products at low prices relative to its competitors. The retail performs most of the wholesaling activities, thus reducing the cost of its products and services. For competitive retail to get my patronage, it needs to demonstrate that it cares about my needs. The retail ought to offer quality products that meet my needs and also sell them at reasonable prices.
Benefits and limitations of purchasing home entertainment system from component manufacturers rather than the retailer
The primary advantage of purchasing a home entertainment system from component manufacturers is that one can understand the functionality of each component thus buying one that meets their desires. It is difficult for retailers to tell all the features of the products, especially if they are not involved in their manufacture. The limitation of buying an entertainment system from component manufacturers is that one would waste a lot of time moving from one manufacturer to another.
Intertype competitors for 7-eleven
Intertype competitors refer to businesses that offer similar products or operate in the same line of business. Some of the potential intertype competitors of 7-eleven include McDonald’s, Wal-Mart, Kroger, and Subway. All these companies focus on food products, mainly fast food, and, in some cases focus on the same target market. Firms are said to be intertype competitors if they operate in the same line of business and offer similar and competing products.
Wal-Mart’s contribution to the community
Every retailer has a duty to give back to society by partaking in one or more corporate social responsibilities. Wal-Mart is not an exception to this. The company contributes to the community by running campaigns aimed at fighting hunger as well as helping those faced with catastrophes like earthquakes. In 2011, the company donated $5 million to help earthquake and tsunami victims in Japan. The company is currently implementing policies aimed at exempting the low-income earners from incurring the cost attributed to value-added tax.
How people decide on the retail store to visit
People consider different factors before opting to visit particular retail stores. One of the reasons why an individual would prefer buying men’s suits from a specialty store to buying from a departmental store is the trust that the specialty store offers quality and customized products. The fact that specialty stores focus on a particular product or service makes consumers view them as providing quality products. Departmental stores offer quality products. However, it is hard to convince the consumer that he or she can get the same or even better product from a departmental store.
Comparison between the departmental store and discount store
Evading middlemen
There are instances where retailers do not add value to the product. In such a case, manufacturers may sell their products to customers without involving retailers. For the case of pens, I would advise the entrepreneur to sell her pens directly to consumers. By doing this, she would be guaranteed that the pens are sold at an affordable price, which would boost her sales. Moreover, she would have an opportunity to come into contact with her potential customers thus getting first-hand feedback regarding the pens.
Retailing as a potential career
Retailing rates are high as a possible career relative to other job opportunities. It does not only require limited capital to start, but also offers a wide area to select. While one cannot be guaranteed securing an office job, he or she can be guaranteed earning a living by venturing into retailing. One needs only to identify a potential market and come up with products or services to satisfy the market.
Impacts of corporate social responsibility on stock value
Corporate social responsibility such as supporting local schools and participating in environmental conservation projects may help in raising the value of the stock of a retail store. Such an undertaking leads to consumers associating themselves with the store because they enjoy a share of its returns. Eventually, the store’s sales volume increases boosting its reputation. Apart from increased sales volume, engaging in corporate social responsibility helps the store to get consumer feedback regarding its products. Consequently, the store gets an opportunity to improve product and service delivery, thus consolidating its market. Such a store attracts potential investors making the value of its stock rise.