retail price

Examples of retail price in the following topics:

• Methods in Retail Inventory

  • The retail inventory method uses a cost to retail price ratio.
  • Total the beginning inventory and the net amount of goods purchased during the period at both cost and retail prices.
  • Divide the cost of goods available for sale by the retail price of the goods available for sale to find the cost/retail price ratio.
  • Deduct the retail sales from the retail price of the goods available for sale to determine ending inventory at retail.
  • Multiply the cost/retail price ratio or percentage by the ending inventory at retail prices to reduce it to the ending inventory at cost.

• Settling the List Price

  • A list price must be close to the maximum price that customers are prepared to pay and yield the maximum profit for the retailer.
  • The manufacturer's suggested retail price (MSRP), list price or recommended retail price (RRP) of a product is the price which the manufacturer recommends to the retailer.
  • In certain supply chains, where a manufacturer sells to a wholesale distributor, and the distributor in turn sells to a retailer, the use of a suggested retail price is used to denote the price to use when selling to the consumer.
  • In that case MSRP is used to convey manufacturer suggested retail price.
  • Retailers must ask questions to set a list price.

• Trends in Retailing

  • They are capable of offering lower retail prices because of the combined warehouse/retail store model and by offering products in bulk to customers .
  • The new clustering model based upon a bottom up behavioral approach enables retailers to quickly identify clusters of stores with similar demand patterns and to develop truly customer-centric marketing, merchandising, space and pricing strategies.
  • Recent retailing trends have led to the development of warehouse-style retail stores.
  • These high-ceiling buildings display retail goods on tall, heavy duty industrial racks rather than conventional retail shelving.
  • Essentially, the same building serves as both warehouse and retail store.

• Distribution Centers vs. Direct Store Delivery

  • An example of a large retailer would be Wal-Mart shown here
  • As a result, they can set retail prices that are lower than those of their small competitors, and thereby increase their share of the market.
  • Discount Houses - Discount houses are characterized by an emphasis on price as their main sales appeal.
  • Non-store Retailing - Non-store retailing describes sales made to ultimate consumers outside of a traditional retail store setting.
  • Vending machines are another type of nonstore retailing.

• Value of Retailing

  • Retail comes from the Old French word tailer (compare modern French retailler), which means "to cut off, clip, pare, divide" in terms of tailoring (1365).
  • Retailing second hand or used goods, it enables consumers to purchase goods at deeply discounted prices or to borrow against and using the value of the product as collateral against a cash loan.
  • Auctions, estate sales, tag and garage sales are other forms of retailing that help to expose goods to potential buyers and even other retailers.
  • It is not unusual for non-profit organizations to use retailing as a fund raising tool; selling candy bars, magazine subscriptions, food and other item transforms the price paid to a donation or conversely when goods are donated and then retailed to the public by the non-profit organization to raise funds.
  • In most cases the price paid for the goods or the goods donated are often recognized as a tax-deductible item.

• Everyday Low Pricing

  • Everyday low price is a pricing strategy offering consumers a low price without having to wait for sale price events or comparison shopping.
  • Everyday low price (EDLP) is a pricing strategy promising consumers a low price without the need to wait for sale price events or comparison shopping.
  • EDLP saves retail stores the effort and expense needed to mark down prices in the store during sale events, as well as to market these events.
  • One 1992 study stated that 26% of American supermarket retailers pursued some form of EDLP, meaning the other 74% were Hi-Lo promotion-oriented operators.
  • The company has worked hard to manage this economic image of value for its products that competitors, even giant retail stores, are unable to meet.

• Retail Marketing Strategy

  • Retail marketing strategies are dynamic and interactive.
  • Sales tools such as discount coupons, price plus campaigns, up-selling and incentive programs are important components to the retail marketing mix of a plan.
  • They maintain relationships with vendors and wholesalers and use a "cost-plus" pricing technique that adds a markup amount or percentage to the retailer's cost that is, in turn, passed on to the consumer in the selling price.
  • These campaigns can be as simple as discounted pricing or as intricate and involved as contests, giveaways and loyalty programs.
  • Successful retailers are constantly marketing.

• Overview of Merchandising Operations

  • Merchandising is any practice which contributes to the sale of products to a retail consumer.
  • In the broadest sense, merchandising is any practice which contributes to the sale of products to a retail consumer.
  • In Retail commerce, visual display merchandising refers to the process of maximizing merchandise sales using product design, selection, packaging, pricing, and display that stimulates consumers to spend more.
  • While this used to be done exclusively by the stores' employees, many retailers have made substantial savings by requiring it to be done by the manufacturer, vendor, or wholesaler that provides the products to the retail store.
  • Merchandising is any practice which contributes to the sale of products to a retail consumer.

• Channel Integration

  • The integration of marketing channels involves a process known as multi-channel retailing.
  • Multi-channel retailing is the merging of retail operations in such a manner that enables the transacting of a customer via many connected channels.
  • Systems and processes within retail simply facilitate the customer journey to transact and be served.
  • Omni-channel retailing is very similar to, and an evolution of, multi-channel retailing.
  • Omni-channel retailing with the connected consumer uses all shopping channels from the same database of products, prices, promotions, etc.

• Nonstore Retailers

  • Non-store retailing is the selling of goods and services outside the confines of a retail facility.
  • Non-store retailing is the selling of goods and services outside the confines of a retail facility.
  • It is a generic term describing retailing taking place outside of shops and stores (i.e., off the premises of fixed retail locations and of markets stands).
  • Flash deal sites have been the trend of the moment, where consumers generally have a membership with a specific site and are given access to a limited-time price on a good.
  • Vending machines are another type of non-store retailing.