The Functions And Features Of Retailing Marketing Essay

Abstract: The paper explain the concept of retailing, its functions and its place in a national economy. As a research methodology, I used the analysis of the definitions given by national and foreign specialists and comparison between them. The article tries to highlight the features of retailing and its importance for the wealth of a nation.

JEL classification: L80, L80

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Introduction in retailing

Retailing has a very complex issue, both in terms of economic activities that it comprises and the system of relationships that are formed. Merriam-Webster dictionary defines it as a form of goods distribution, which consists of buying the products, generally in small quantities for resaling them to consumers or end users. It also can be defined as the activity involving the sale of goods or services to consumers for personal, family or household use.

The American specialist Philip Kotler (1997) has a more pragmatic approach of the concept, considering that it includes all activities involved in the sale of products or services directly to end users, to be used for personal, non commercial use. Kotler highlights the main aspects of the business content, the involved economic agents and forms of sale encountered in the retail activity.

According to the authors Zentes, Morschett and Schramm-Klein (2007), retail refers to those companies that buy goods from other organizations in order to resell them to final consumers, generally without turning them and provide services related to the sale of those products (transport, storage). The process, however, is more complex because it involves the creation of product range, suitable packaging for domestic consumption, providing information, after sales service and others.

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Pradhan (2009) emphasize that today’s retail business is very complex and includes not only products but also services which may be offered to the final consumer. In an era where a customer is a king and market focuses on the consumer, retail can be redefined in the author’s conception, as the first contact with the customer.

2. functions and features of retailing

Retail activity has certain characteristics (Patriche and Stanescu, 1999): most of sold goods are for individual consumption; selling and purchasing take place through money relationships; goods are sold in small bulk, according to a person or family in a given period time; by selling them, the goods leave the area of circulation and enter that of consumption; the transaction value is relatively low.

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Overall evolution of the global economy highlights that, worldwide, retail has become progressively a very dynamic economic sector, commercial system passing through profound changes in all areas: sales methods, forms of distribution, geographical distribution of business management.

The fact that through the developed activity, retail is a link between consumer and producer, as an intermediate linkage, generates a number of its specific functions in the movement of goods (Patriche and Stanescu, 1999). The authors present three most important functions of retail activity.

The first function refers at the fact that retail ensures the purchase of goods in small quantities and then their resell. In the retail business, goods are bought in quantities corresponding to the storage capacity of the distribution units, lots which are then decomposed to be made available to customers in small or very small quantities. This function generates a number of advantages for customers who do not have to invest their earnings but for purchasing quantities of strictly necessary products and do not take care of storage of quantities that would exceed their current consumption.

The second function referes to ensurance of the presence of retail establishments in all areas, populated places and points. Their ubiquity requires placing both units at all points of consumption and their opening, as customer segments require.

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The third function considered important in the retail activity is about ensuring a very diverse assortment, population by providing population a wide range of products made by industrial or agricultural producers. This function takes into account the theoretical possibility of retailers to supply from all manufacturers and wholesalers, but also the goals of major trade areas created just to ensure universality of assortment available to consumers.

Cox and Brittain (2004) enumerate in the work “Retailing: An Introduction”, the functions of retail activity, resulting in the services it generates: convenient location, an adequate assortment of final consumption, packaging in small quantities, processing of goods in more accessible formats, storage of goods, to be permanently available at prices relatively stable, moving goods from producer to final consumer, information of producers and customers, providing guarantees and other after-sales services, credit facilities, etc.

3. retailing role in the national economy

Analysis of the economic role of retail activity is based on the idea that this is essential in the economic life of society, because through this activity, products or services are made available to consumers according to their buying opportunities.

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The role remains the same, either it is about traditional retail, achieved through small shops, or about commercial areas of tens of thousands of square meters (Dayan, 1989). The only issues that come to highlight its importance is the way of supplying the retail units, diversity of assortment, sales methods and services provided to their buyers.

From the view of consumers, retailers ensures them with their needed goods, in the amount they want, where and when the need arises. From the economic point of view, a retailer’s role is to provide a real added value or utility to the customer (Pradhan, 2009); this utility has four perspectives.

The first refers to the utility derived from the shape of the product, which must be acceptable to the consumer. The retailer does not provide raw materials but finished goods and services that customers need. Operators in the retail business provide storage, preserving their retail establishments open, when customers prefer to do most shopping. This provides utility also from time perspective.

By providing an accessible location, it provides utility in terms of their position with consumers. Pradhan believes that a fourth utility is given by the ownership won by clients, after purchasing goods or services from retailers.

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The author emphasizes the usefulness of a retail business for manufacturers, because they provide information about the desires, needs and motivations of customers and, last but not least, they can influence the purchasing decision, especially for products to which customer is not loyal.

Being in a continuous expansion in Romania, the importance of retail business and its role in the national economy is growing, through various formats in accordance with specific conditions and opportunities they are facing on the Romanian market.

Since retailers are becoming bigger and more organized, consumer expectations and government interventions also increase. In the current economic context, the role that large retailers play in stimulating demand is growing. With the recognition of the great players in the retail comes the responsibility that they must have in a national economy. Retailers will need to address not only economic issues, but also social and environmental problems.

Retail industry plays an important role in the world. There is no denying that most developed economies rely on a relatively high retail activity, which acts as a driver of economic growth. Analysts, managers and other stakeholders use data from the retail sector as an indicator for assessing the economic situation and living standards.

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Cox and Brittain (2004) mention among the factors which give importance to the retail sector in the economy of any country that of providing jobs, helping to achieve the country’s gross domestic product and increase revenues through value added tax collection.

Retail specialist, Dr. BR Londhe says in his work Retail and Distribution Management, in 2006 that the retailer is not only an important component of the national economy, but also an essential link between consumer and producer. National economy and economic structure of society are affected by the retail business, which has a strong impact on social life.

The author also enumerates growth factors illustrating the importance of this sector to national economy: the dominant role of retailers in the supply chain, a source of jobs, contributing significantly to GDP growth, the diversity, the close link between consumer and producer, the internationalization of business retail, etc.

According to P. Dunne and R. F. Lusch (2008), retail activity has a significant contribution for the economic wealth of a country. Nations, which have the greatest economic and social progress are those who have a strong retail sector. The author gives the example of Wal-Mart, which in 2004, grew with 1% the American consumers’ discretionary income due to lower prices they charged. Low price strategy has led to lower inflation, so that all Americans have benefited from this great retailer efficiency. Dunne and Lusch put the countries of Eastern Europe at the opposite, sustaining that the reason they have experienced a low rate of growth in the communist period is exactly the lack of a competitive retail structure.

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4. Conclusions

Retailers occupy an important position in the distribution channel, representing the intermediate link between producers and consumers. Retail business success depends largely on the availability of products, the quantity in which they are found and their price. Functions which highlights the importance of the retail sector are: directly interface with the final consumer through the use of modern sales techniques, small quantities of products purchased with greater frequency, variety of offered goods, after-sale services and payment facilities.

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