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MARKETING MANAGEMENT - Retailers And Wholesalers

Introduction of Retailers And Wholesalers

   Posted On :  19.06.2018 12:43 am

Retailing is one of the largest sectors in the global economy. It employees almost 23 million people in United States alone, generating about $3 trillion in sales annually.

Introduction

Retailing is one of the largest sectors in the global economy. It employees almost 23 million people in United States alone, generating about $3 trillion in sales annually. About 50 organizations in the Fortune 500 are from the retail sector. Retail is one among the fastest growing industry. Consider Wal-Mart, the biggest retailer in the world with approximately $250 billion in sales was started in the early sixties, while Fortune came with its annual ranking of top 500 organizations in 1952, a year when nobody would have dreamt about Wal-Mart. In the early nineties for the first time Wal-Mart became the top organization according to Fortune Magazine, which it still continues to hold.
 
Retail is the buzzword today and this lesson explores the emerging retail scenario and the strategies available for different retail formats. Exhibit 4.2.1 shows that distribution of the product begins from the producer or the manufacturer and ends with the consumer, between them are the retailers who act as a link. The word ‘retail’ is derived from the French word retailer, meaning ‘to cut a piece off ’ or ‘to break bulk’.



Wholesalers buy products from manufacturers and sell them to retailers while retailers take the product from wholesalers to the consumers. While the wholesalers try to satisfy the retailers, the retailers make all the effort in satisfying the needs of the consumers. Retailing has become an intrinsic part of our everyday lives that and this has been evident with the nations that have enjoyed the greatest economic and social progress have been those with a strong retail sector. Retailing encompasses selling through mail, the internet, door-to-door visits apart from brick and motor stores.

 

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