249 : moodle.nct.edu.om a ... wuestion IU 1 Not yet answered Marked out of 1.00 OBSD Flag question UNIVERSITY OF TECHNOLOGY AND APPLIED SCIENCES, NIZWA DEPARTMENT OF BUSINESS STUDIES BAMK 2204 Retail Management Chapter No 1 An electronic shop sells 16 mobiles. The purchases made by the electronic shop are given below. Calculate the value of closing inventory using FIFO method. Outcomes covered: 1. Define the important terms in retailing 2. Illustrate how retailing fundamentals are applied in real world decision making situations Purchases No of mobiles purchased Cost/Unit December 1 8 40 December 8 6 76 December 18 12 50 Topics covered: 1. What is retailing? 2. Need for retailing? 3. Principles of retailing 4. Functions of retailing 5. Characteristics of retailing 6. Factors that affect retailing in real world decision making situations 7. Retail mix elements 8. Types of retailers 9. Types of ownership 10. Opportunities and trends in global retailing O a. 904 RO Course tutor: Dr. Renjith Kumar R O b. 500 RO O c. 472 RO Definition Retailing involves the business activities involved in selling goods and services to consumers for their personal, family or household use. It includes sale of goods and services to the final consumer Barry & Joel Retailing is the set of business activities that adds value to the products and services sold to O d. 876 RO the customers for their personal or family use Levy & Weitar Retailing includes all the activities involved in selling goods or services to the final consumers for personal, non-business use (Philip Kotler) Retailers-are-a key component in a supply chain that links manufacturers to consumers. Question 17 (Manufacturer Wholesaler Retailer Consumer Not yet answered Marked out of 1.00 P Flag question Need for retailing Retailers perform various activities that increase the value of products and services for customers. These include: 1. Providing an assortment of produets and services: Supermarkets typically carry 20,000 to 30,000 items made by more than 500 companies. Offering an assortment enables the customers to choose from a wide selection of products, brands, sizes, and primatone Incution