Managing Marketing Channels and Supply Chains, and Retailing and Wholesaling

When reading Chapter 15, I learned that a supply chain refers to the various firms involved in performing the various activities required to create and deliver a product or service to consumers or industrial users, and that supply chain management is the integration and organization of information and logistics across firms to create value for consumers. Logistics involves those activities that focus on getting the right amount of the right products to the right place at the right time at the lowest possible cost and that logistic management includes the coordination of the flows of both inbound and outbound products, an emphasis on making these flows cost effective, and customer service. I didn't think of it this way and it was nice to read and learn about it.


When reading Chapter 16, I learned that the wheel of retailing concept explains how retail outlets typically enter the market as low status, low margin stores and that over time, stores gradually add new products and services, increasing their prices, status, and margins and leaving an opening for new low status, low margin stores. The retail life cycle describes the process of growth and decline for retail outlets through four stages, which are early growth, accelerated development, maturity, and decline. This was nice to read about and was interesting to learn.

 

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