115-655: [REDACTED] This article includes a list of references , related reading , or external links , but its sources remain unclear because it lacks inline citations . Please help improve this article by introducing more precise citations. ( June 2018 ) ( Learn how and when to remove this message ) The Kleinhans Company Industry Retail Founded 1893 Defunct 1992 Fate Liquidation Headquarters Buffalo, New York Products Men's clothing Parent Hartmarx Kleinhans , formally The Kleinhans Company ,
230-523: A connection, and nearly half of Americans and people in several other countries used the Internet on a regular basis. However throughout the 1990s, "getting online" entailed complicated configuration, and dial-up was the only connection type affordable by individual users; the present day mass Internet culture was not possible. In 1989, about 15% of all households in the United States owned
345-433: A consumerist culture, where a high level of consumption was attainable for a wide variety of ordinary consumers rather than just the elite. In Medieval England and Europe , relatively few permanent shops were to be found; instead, customers walked into the tradesman's workshops where they discussed purchasing options directly with tradesmen. In the more populous cities, a small number of shops were beginning to emerge by
460-522: A day, and many consumers across the globe have Internet access both at work and at home. The broad pricing strategy is normally established in the company's overall strategic plan. In the case of chain stores, the pricing strategy would be set by head office. Broadly, there are six approaches to pricing strategy mentioned in the marketing literature: operations-oriented, revenue-oriented, customer-oriented, value-based , relationship-oriented , and socially-oriented. When decision-makers have determined
575-517: A dedicated home video game console according to an Entertainment Software Association annual industry report . By 2012, over 2 billion people used the Internet, twice the number using it in 2007. Cloud computing had entered the mainstream by the early 2010s. In January 2013, a majority of U.S. survey respondents reported owning a smartphone . By 2016, half of the world's population was connected and as of 2020, that number has risen to 67%. In
690-618: A dense integrated circuit doubles approximately every two years. By the early 1980s, along with improvements in computing power , the proliferation of the smaller and less expensive personal computers allowed for immediate access to information and the ability to share and store it. Connectivity between computers within organizations enabled access to greater amounts of information. The world's technological capacity to store information grew from 2.6 (optimally compressed ) exabytes (EB) in 1986 to 15.8 EB in 1993; over 54.5 EB in 2000; and to 295 (optimally compressed) EB in 2007. This
805-503: A flexible workforce which is available when needed but does not have to be paid when they are not, part-time workers ; as of 2012 70% of retail workers in the United States were part-time. This may result in financial problems for the workers, who while they are required to be available at all times if their work hours are to be maximized, may not have sufficient income to meet their family and other obligations. Retailers can employ different techniques to enhance sales volume and to improve
920-452: A foothold in an existing market, a prospective retail establishment must overcome the following hurdles : When discussing the impact of technology on shopping and retail, e-commerce is often the first thing that comes to mind for retailers. However, technologies such as big data, artificial intelligence, computer vision and the Internet of Things have used data to transform every part of the shopping experience, from browsing to checkout. It
1035-440: A form of escapism where they are free to indulge fantasy and freedom. Hedonic shoppers are more involved in the shopping experience. Many different shopper profiles can be identified. Retailers develop customised segmentation analyses for each unique outlet. However, it is possible to identify a number of broad shopper profiles. One of the most well-known and widely cited shopper typologies is that developed by Sproles and Kendal in
1150-498: A full service outlet or minimal service outlet, such as no-service in the case of vending machines; self-service with only basic sales assistance or a full service operation as in many boutiques and speciality stores. In addition, the retailer needs to make decisions about sales support such as customer delivery and after sales customer care. Place decisions are primarily concerned with consumer access and may involve location, space utilisation and operating hours. Retailers may consider
1265-460: A human brain has been estimated to lie between 10^15 and 10^17. While this number is impressive, even in 2007 humanity's general-purpose computers were capable of performing well over 10^18 instructions per second. Estimates suggest that the storage capacity of an individual human brain is about 10^12 bytes. On a per capita basis, this is matched by current digital storage (5x10^21 bytes per 7.2x10^9 people). Genetic code may also be considered part of
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#17327867757441380-412: A lack of feedback channels for both parties. In addition, because retail enterprises needed to redevelop client relationships for each transaction, marketing costs were high and customer retention was low. All these downsides to transactional marketing gradually pushed the retail industry towards establishing long-term cooperative relationships with customers. Through this lens, enterprises began to focus on
1495-512: A mix of food products and consumable household items such as detergents, cleansers, personal hygiene products. Retailers selling consumer durables are sometimes known as hardline retailers – automobiles , appliances , electronics , furniture , sporting goods , lumber , etc., and parts for them. Specialist retailers operate in many industries such as the arts e.g. green grocers, contemporary art galleries , bookstores , handicrafts , musical instruments , gift shops . To achieve and maintain
1610-453: A multiple-vendor space, operating under a covered roof. Typically, the roof was constructed of glass to allow for natural light and to reduce the need for candles or electric lighting. Some of the earliest examples of shopping arcade appeared in Paris, due to its lack of pavement for pedestrians. While the arcades were the province of the bourgeoisie, a new type of retail venture emerged to serve
1725-409: A network of networks. The Whole Earth movement of the 1960s advocated the use of new technology. In the 1970s, the home computer was introduced, time-sharing computers , the video game console , the first coin-op video games, and the golden age of arcade video games began with Space Invaders . As digital technology proliferated, and the switch from analog to digital record keeping became
1840-486: A noted business disruption called the retail apocalypse in recent years which several retail businesses, especially in North America, are sharply reducing their number of stores, or going out of business entirely. The distinction between "strategic" and "managerial" decision-making is commonly used to distinguish "two phases having different goals and based on different conceptual tools. Strategic planning concerns
1955-483: A permanent retail shop-front. Research from July 2008 suggests that China exhibited a rich history of early retail systems. From as early as 200 BCE, Chinese packaging and branding were used to signal family, place names and product quality, and the use of government imposed product branding was used between 600 and 900 CE. Eckhart and Bengtsson have argued that during the Song dynasty (960–1127), Chinese society developed
2070-455: A personal computer. For households with children, nearly 30% owned a computer in 1989, and in 2000, 65% owned one. Cell phones became as ubiquitous as computers by the early 2000s, with movie theaters beginning to show ads telling people to silence their phones. They also became much more advanced than phones of the 1990s, most of which only took calls or at most allowed for the playing of simple games. Text messaging became widely used in
2185-706: A product is placed on the shelves has implications for purchase likelihood as a result of visibility and access. Ambient conditions, such as lighting, temperature and music, are also part of the overall retail environment. It is common for a retail store to play music that relates to their target market. Two different strands of research have investigated shopper behaviour. One is primarily concerned with shopper motivations. The other stream of research seeks to segment shoppers according to common, shared characteristics. To some extent, these streams of research are inter-related, but each stream offers different types of insights into shopper behaviour. Babin et al. carried out some of
2300-435: A range of both qualitative and quantitative factors to evaluate to potential sites under consideration. Macro factors include market characteristics (demographic, economic and socio-cultural), demand, competition and infrastructure (e.g. the availability of power, roads, public transport systems). Micro factors include the size of the site (e.g. availability of parking), access for delivery vehicles. A major retail trend has been
2415-402: A range of other supporting services. Retail workers are the employees of such stores. Most modern retailers typically make a variety of strategic level decisions including the type of store, the market to be served, the optimal product assortment, customer service , supporting services, and the store's overall market positioning. Once the strategic retail plan is in place, retailers devise
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#17327867757442530-399: A single MOS chip by the late 1960s. The application of MOS LSI chips to computing was the basis for the first microprocessors , as engineers began recognizing that a complete computer processor could be contained on a single MOS LSI chip. In 1968, Fairchild engineer Federico Faggin improved MOS technology with his development of the silicon-gate MOS chip, which he later used to develop
2645-403: A standard until the mid-2000s outside Japan. The World Wide Web became publicly accessible in 1991, which had been available only to government and universities. In 1993 Marc Andreessen and Eric Bina introduced Mosaic , the first web browser capable of displaying inline images and the basis for later browsers such as Netscape Navigator and Internet Explorer. Stanford Federal Credit Union
2760-448: A strictly legal sense, a store that sells the majority of its merchandise directly to consumers, is defined as a retailer rather than a wholesaler. Different jurisdictions set parameters for the ratio of consumer to business sales that define a retail business. Retail markets have existed since ancient times. Archaeological evidence for trade, probably involving barter systems, dates back more than 10,000 years. As civilizations grew, barter
2875-432: A total known value of US$ 2.255 trillion have been announced. The largest transactions with involvement of retailers in/from the United States have been: the acquisition of Albertson's Inc. for US$ 17 billion in 2006, the merger between Federated Department Stores Inc with May Department Stores valued at 16.5 bil. USD in 2005 – now Macy's , and the merger between Kmart Holding Corp and Sears Roebuck & Co with
2990-412: A value of US$ 10.9 billion in 2004. Between 1985 and 2018 there have been 46,755 mergers or acquisitions conducted globally in the retail sector (either acquirer or target from the retail industry). These deals cumulate to an overall known value of around US$ 2,561 billion. The three major Retail M&A waves took place in 2000, 2007 and lately in 2017. However the all-time high in terms of number of deals
3105-455: A wholesale division that purchases blocks of accommodation, hospitality, transport, and sightseeing which are subsequently packaged into a holiday tour for sale to retail travel agents. Some retailers badge their stores as "wholesale outlets" offering "wholesale prices." While this practice may encourage consumers to imagine that they have access to lower prices, while being prepared to trade-off reduced prices for cramped in-store environments, in
3220-424: A wholesaler, and then sells in smaller quantities to consumers for a profit . Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers . Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of
3335-475: Is a strong relationship between a store's positioning and the socio-economic status of customers. In addition, the retail strategy, including service quality, has a significant and positive association with customer loyalty. A marketing strategy effectively outlines all key aspects of firms' targeted audience, demographics, preferences. In a highly competitive market, the retail strategy sets up long-term sustainability. It focuses on customer relationships, stressing
3450-402: Is important for organizations to embrace digital disruption in order to gain a competitive advantage. When an industry experiences digital disruption, it typically signals that consumer needs are shifting. Retailers enhance their analytics process and make better informed decisions thanks to big data, artificial intelligence, computer vision, and the Internet of Things. The use of data by retailers
3565-417: Is loosely based on the marketing mix , but has been expanded and modified in line with the unique needs of the retail context. A number of scholars have argued for an expanded marketing, mix with the inclusion of two new Ps, namely, Personnel and Presentation since these contribute to the customer's unique retail experience and are the principal basis for retail differentiation. Yet other scholars argue that
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3680-493: Is mostly evident in the following aspects, based on the above-mentioned new technologies: Many leading brands choose to target tourists who specifically travel to shop or spend money while on vacation. According to the Global Retail Tourism Market Report 2019–2023, the value of the global shopping tourism market was estimated to be around $ 1.2 trillion in 2018. The report also forecasts that
3795-399: Is sometimes known as the retail servicescape . The store environment consists of many elements such as aromas, the physical environment (furnishings, layout, and functionality), ambient conditions (lighting, air temperature, and music) as well as signs, symbols, and artifacts (e.g. sales promotions, shelf space, sample stations, visual communications). Retail designers pay close attention to
3910-421: Is the informational equivalent to less than one 730- megabyte (MB) CD-ROM per person in 1986 (539 MB per person); roughly four CD-ROM per person in 1993; twelve CD-ROM per person in the year 2000; and almost sixty-one CD-ROM per person in 2007. It is estimated that the world's capacity to store information has reached 5 zettabytes in 2014, the informational equivalent of 4,500 stacks of printed books from
4025-807: The Analytical Engine , but it was never successfully built, and was largely forgotten by the 20th century and unknown to most of the inventors of modern computers. The Second Industrial Revolution in the last quarter of the 19th century developed useful electrical circuits and the telegraph . In the 1880s, Herman Hollerith developed electromechanical tabulating and calculating devices using punch cards and unit record equipment , which became widespread in business and government. Meanwhile, various analog computer systems used electrical, mechanical, or hydraulic systems to model problems and calculate answers. These included an 1872 tide-predicting machine , differential analysers , perpetual calendar machines,
4140-581: The Deltar for water management in the Netherlands, network analyzers for electrical systems, and various machines for aiming military guns and bombs. The construction of problem-specific analog computers continued in the late 1940s and beyond, with FERMIAC for neutron transport, Project Cyclone for various military applications, and the Phillips Machine for economic modeling. Building on
4255-657: The Industrial Revolution , to an economy centered on information technology . The onset of the Information Age has been linked to the development of the transistor in 1947 and the optical amplifier in 1957. These technological advances have had a significant impact on the way information is processed and transmitted. According to the United Nations Public Administration Network , the Information Age
4370-528: The Intel 4004 , the first single-chip microprocessor. It was released by Intel in 1971, and laid the foundations for the microcomputer revolution that began in the 1970s. MOS technology also led to the development of semiconductor image sensors suitable for digital cameras . The first such image sensor was the charge-coupled device , developed by Willard S. Boyle and George E. Smith at Bell Labs in 1969, based on MOS capacitor technology. The public
4485-566: The LEO being the first commercially available general-purpose computer. Digital communication became economical for widespread adoption after the invention of the personal computer in the 1970s. Claude Shannon , a Bell Labs mathematician, is credited for having laid out the foundations of digitalization in his pioneering 1948 article, A Mathematical Theory of Communication . In 1948, Bardeen and Brattain patented an insulated-gate transistor (IGFET) with an inversion layer. Their concept, forms
4600-609: The Netherlands became the first countries to completely transition from analog to digital television . In September 2007, a majority of U.S. survey respondents reported having broadband internet at home. According to estimates from the Nielsen Media Research , approximately 45.7 million U.S. households in 2006 (or approximately 40 percent of approximately 114.4 million) owned a dedicated home video game console , and by 2015, 51 percent of U.S. households owned
4715-489: The Retail Format (i.e. retail formula) should be included. The modified retail marketing mix that is most commonly cited in textbooks is often called the 6 Ps of retailing (see diagram at right). The primary product-related decisions facing the retailer are the product assortment (what product lines, how many lines and which brands to carry); the type of customer service (high contact through to self-service) and
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4830-472: The T-carrier for long-haul pulse-code modulation (PCM) digital voice transmission. The T1 format carried 24 pulse-code modulated, time-division multiplexed speech signals each encoded in 64 kbit/s streams, leaving 8 kbit/s of framing information which facilitated the synchronization and demultiplexing at the receiver. Over the subsequent decades the digitisation of voice became the norm for all but
4945-420: The abacus , astrolabe , equatorium , and mechanical timekeeping devices. More complicated devices started appearing in the 1600s, including the slide rule and mechanical calculators . By the early 1800s, the Industrial Revolution had produced mass-market calculators like the arithmometer and the enabling technology of the punch card . Charles Babbage proposed a mechanical general-purpose computer called
5060-401: The digital technology that would follow decades later to replace analog microform with digital imaging , storage , and transmission media , whereby vast increases in the rapidity of information growth would be made possible through automated , potentially- lossless digital technologies. Accordingly, Moore's law , formulated around 1965, would calculate that the number of transistors in
5175-567: The earth to the sun . The amount of digital data stored appears to be growing approximately exponentially , reminiscent of Moore's law . As such, Kryder's law prescribes that the amount of storage space available appears to be growing approximately exponentially. The world's technological capacity to receive information through one-way broadcast networks was 432 exabytes of (optimally compressed ) information in 1986; 715 (optimally compressed) exabytes in 1993; 1.2 (optimally compressed) zettabytes in 2000; and 1.9 zettabytes in 2007,
5290-485: The information revolution . Now that sequencing has been computerized, genome can be rendered and manipulated as data. This started with DNA sequencing , invented by Walter Gilbert and Allan Maxam in 1976-1977 and Frederick Sanger in 1977, grew steadily with the Human Genome Project , initially conceived by Gilbert and finally, the practical applications of sequencing, such as gene testing , after
5405-479: The journal Trends in Ecology and Evolution in 2016 reported that: Digital technology has vastly exceeded the cognitive capacity of any single human being and has done so a decade earlier than predicted. In terms of capacity, there are two measures of importance: the number of operations a system can perform and the amount of information that can be stored. The number of synaptic operations per second in
5520-419: The planar process developed by Jean Hoerni . In 1963, complementary MOS (CMOS) was developed by Chih-Tang Sah and Frank Wanlass at Fairchild Semiconductor . The self-aligned gate transistor, which further facilitated mass production, was invented in 1966 by Robert Bower at Hughes Aircraft and independently by Robert Kerwin, Donald Klein and John Sarace at Bell Labs. In 1962 AT&T deployed
5635-521: The 100 fastest-growing U.S. retailers based on increases in domestic sales. Since 1951, the U.S. Census Bureau has published the Retail Sales report every month. It is a measure of consumer spending , an important indicator of the US GDP . Retail firms provide data on the dollar value of their retail sales and inventories. A sample of 12,000 firms is included in the final survey and 5,000 in
5750-606: The 13th century. Outside the major cities, most consumable purchases were made through markets or fairs. Market-places appear to have emerged independently outside Europe. The Grand Bazaar in Istanbul is often cited as the world's oldest continuously operating market; its construction began in 1455. The Spanish conquistadors wrote glowingly of markets in the Americas. In the 15th century, the Mexica ( Aztec ) market of Tlatelolco
5865-482: The 18th century, the typical retail store had no counter, display cases, chairs, mirrors, changing rooms, etc. However, the opportunity for the customer to browse merchandise, touch and feel products began to be available, with retail innovations from the late 17th and early 18th centuries. By the late 18th century, grand shopping arcades began to emerge across Europe and in the Antipodes. A shopping arcade refers to
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#17327867757445980-528: The 1990s, the spread of the Internet caused a sudden leap in access to and ability to share information in businesses and homes globally. A computer that cost $ 3000 in 1997 would cost $ 2000 two years later and $ 1000 the following year, due to the rapid advancement of technology. The world's technological capacity to compute information with human-guided general-purpose computers grew from 3.0 × 10 MIPS in 1986, to 4.4 × 10 MIPS in 1993; to 2.9 × 10 MIPS in 2000; to 6.4 × 10 MIPS in 2007. An article featured in
6095-456: The Atlantic to experiment with catalogue sales. In the post-war period, an American architect, Victor Gruen developed a concept for a shopping mall; a planned, self-contained shopping complex complete with an indoor plaza, statues, planting schemes, piped music, and car-parking. Gruen's vision was to create a shopping atmosphere where people felt so comfortable, they would spend more time in
6210-606: The Scientific Age and the Industrial Age all, ultimately, induced discontinuous and irreversible changes in the economic, social and cultural elements of the daily life of most people. Traditionally, these epochs have taken place over hundreds, or in the case of the Neolithic Revolution, thousands of years, whereas the Information Age swept to all parts of the globe in just a few years, as a result of
6325-685: The United States Companies based in Buffalo, New York Defunct companies based in New York (state) Hidden categories: Articles lacking in-text citations from June 2018 All articles lacking in-text citations Retail Retail is the sale of goods and services to consumers , in contrast to wholesaling , which is the sale to business or institutional customers . A retailer purchases goods in large quantities from manufacturers , directly or through
6440-404: The United States; their first survey showed that 8.2% of all U.S. households owned a personal computer in 1984, and that households with children under the age of 18 were nearly twice as likely to own one at 15.3% (middle and upper middle class households were the most likely to own one, at 22.9%). By 1989, 15% of all U.S. households owned a computer, and nearly 30% of households with children under
6555-467: The advanced one. The advanced estimated data is based on a subsample from the US CB complete retail and food services sample. Retail is the largest private-sector employer in the United States, supporting 52 million working Americans. In 2011, the grocery market in six countries of Central Europe was worth nearly €107bn, 2.8% more than the previous year when expressed in local currencies. The increase
6670-466: The advent of the Imagination Age . The digital revolution converted technology from analog format to digital format. By doing this, it became possible to make copies that were identical to the original. In digital communications, for example, repeating hardware was able to amplify the digital signal and pass it on with no loss of information in the signal. Of equal importance to the revolution
6785-459: The age of 18 owned one. By the late 1980s, many businesses were dependent on computers and digital technology. Motorola created the first mobile phone, Motorola DynaTac , in 1983. However, this device used analog communication - digital cell phones were not sold commercially until 1991 when the 2G network started to be opened in Finland to accommodate the unexpected demand for cell phones that
6900-406: The availability of support services (e.g. credit terms, delivery services, after sales care). These decisions depend on careful analysis of the market, demand, competition as well as the retailer's skills and expertise. Customer service is the "sum of acts and elements that allow consumers to receive what they need or desire from [the] retail establishment." Retailers must decide whether to provide
7015-470: The basis of CMOS and DRAM technology today. In 1957 at Bell Labs, Frosch and Derick were able to manufacture planar silicon dioxide transistors, later a team at Bell Labs demonstrated a working MOSFET. The first integrated circuit milestone was achieved by Jack Kilby in 1958. Other important technological developments included the invention of the monolithic integrated circuit chip by Robert Noyce at Fairchild Semiconductor in 1959, made possible by
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#17327867757447130-440: The broad approach to pricing (i.e., the pricing strategy), they turn their attention to pricing tactics. Tactical pricing decisions are shorter term prices, designed to accomplish specific short-term goals. Pricing tactics that are commonly used in retail include discount pricing, everyday low prices , high-low pricing, loss leaders , product bundling , promotional pricing, and psychological pricing . Two strategies to entice
7245-399: The buyer, money back guarantee and buy one get one free , were devised by 18th-century retail entrepreneur Josiah Wedgwood . Retailers must also plan for customer preferred payment modes – e.g. cash, credit, lay-by, Electronic Funds Transfer at Point-of-Sale (EFTPOS). All payment options require some type of handling and attract costs. Contrary to common misconception , price is not
7360-549: The chief executive officer. The profit margins of retailers depend largely on their ability to achieve market competitive transaction costs. The strategic retail analysis typically includes following elements: At the conclusion of the retail analysis, retail marketers should have a clear idea of which groups of customers are to be the target of marketing activities. Not all elements are, however, equal, often with demographics, shopping motivations, and spending directing consumer activities. Retail research studies suggest that there
7475-419: The choice of policies aiming at improving the competitive position of the firm, taking account of challenges and opportunities proposed by the competitive environment. On the other hand, managerial decision-making is focused on the implementation of specific targets." In retailing, the strategic plan is designed to set out the vision and provide guidance for retail decision-makers and provide an outline of how
7590-605: The city to build the Kleinhans Music Hall . Hart Schaffner & Marx (later Hartmarx ) purchased the company in 1967 and operated the chain until it closed December 30, 1992. References [ edit ] Rizzo, Michael F. (2007) Nine Nine Eight: The Glory Days of Buffalo Shopping Lulu Enterprises, Inc.; Morrisville, North Carolina. ISBN 978-1-4303-1386-1 . Retrieved from " https://en.wikipedia.org/w/index.php?title=Kleinhans&oldid=1187185625 " Categories : Defunct retail companies of
7705-494: The complexity of the Z1 and Z2 , German inventor Konrad Zuse used electromechanical systems to complete in 1941 the Z3 , the world's first working programmable, fully automatic digital computer. Also during World War II, Allied engineers constructed electromechanical bombes to break German Enigma machine encoding. The base-10 electromechanical Harvard Mark I was completed in 1944, and
7820-418: The consumer's store choice and addresses the consumer's expectations. At its most basic level, a retail format is a simple marketplace , that is; a location where goods and services are exchanged. In some parts of the world, the retail sector is still dominated by small family-run stores, but large retail chains are increasingly dominating the sector, because they can exert considerable buying power and pass on
7935-425: The current competitive retail market, and are also the future of retail enterprises. Presentation refers to the physical evidence that signals the retail image. Physical evidence may include a diverse range of elements – the store itself including premises, offices, exterior facade and interior layout, websites, delivery vans, warehouses, staff uniforms. The environment in which the retail service encounter occurs
8050-453: The customer experience, such as Add-on, Upsell or Cross-sell; Selling on value; and knowing when to close the sale. Transactional marketing aims to find target consumers, then negotiate, trade, and finally end relationships to complete the transaction. In this one-time transaction process, both parties aim to maximize their own interests. As a result, transactional marketing raises follow-up problems such as poor after-sales service quality and
8165-849: The discovery by Myriad Genetics of the BRCA1 breast cancer gene mutation. Sequence data in Genbank has grown from the 606 genome sequences registered in December 1982 to the 231 million genomes in August 2021. An additional 13 trillion incomplete sequences are registered in the Whole Genome Shotgun submission database as of August 2021. The information contained in these registered sequences has doubled every 18 months. During rare times in human history, there have been periods of innovation that have transformed human life. The Neolithic Age ,
8280-460: The earlier month. For the first 10 months of 2022, retail sales increased by 15.5% by measuring the exact time of 2021. Among its bordering countries, on retail trade percentage of GDP, Armenia ranks more increased than Turkey, but it is still lower than Georgia. Digital age The Information Age is a historical period that began in the mid-20th century. It is characterized by a rapid shift from traditional industries, as established during
8395-426: The earliest investigations into shopper motivations and identified two broad motives: utilitarian and hedonic. Utilitarian motivations are task-related and rational. For the shopper with utilitarian motives, purchasing is a work-related task that is to be accomplished in the most efficient and expedient manner. On the other hand, hedonic motives refer to pleasure. The shopper with hedonic motivations views shopping as
8510-481: The early department stores were more than just a retail emporium; rather they were venues where shoppers could spend their leisure time and be entertained. Retail, using mail order, came of age during the mid-19th century. Although catalogue sales had been used since the 15th century, this method of retailing was confined to a few industries such as the sale of books and seeds. However, improvements in transport and postal services led several entrepreneurs on either side of
8625-613: The end of the twentieth century, stores were using labels such as "mega-stores" and "warehouse" stores to reflect their growing size. The upward trend of increasing retail space was not consistent across nations and led in the early 21st century to a 2-fold difference in square footage per capita between the United States and Europe. As the 21st century takes shape, some indications suggest that large retail stores have come under increasing pressure from online sales models and that reductions in store size are evident. Under such competition and other issues such as business debt, there has been
8740-400: The environment, thereby enhancing opportunities for purchasing. The first of these malls opened at Northland Mall near Detroit in 1954. Throughout the twentieth century, a trend towards larger store footprints became discernible. The average size of a U.S. supermarket grew from 31,000 square feet (2,900 m ) square feet in 1991 to 44,000 square feet (4,100 m ) square feet in 2000. By
8855-408: The following year. In 2002, a majority of U.S. survey respondents reported having a mobile phone . In late 2005 the population of the Internet reached 1 billion, and 3 billion people worldwide used cell phones by the end of the decade. HDTV became the standard television broadcasting format in many countries by the end of the decade. In September and December 2006 respectively, Luxembourg and
8970-404: The front of the store, which is known as the decompression zone . In order to maximize the number of selling opportunities, retailers generally want customers to spend more time in a retail store. However, this must be balanced against customer expectations surrounding convenience, access and realistic waiting times. The way that brands are displayed is also part of the overall retail design. Where
9085-626: The groundwork for the advent of civilization. The Scientific Age began in the period between Galileo 's 1543 proof that the planets orbit the Sun and Newton 's publication of the laws of motion and gravity in Principia in 1697. This age of discovery continued through the 18th century, accelerated by widespread use of the moveable type printing press by Johannes Gutenberg . The Industrial Age began in Great Britain in 1760 and continued into
9200-438: The idea of retail is often associated with the purchase of goods, the term may be applied to service providers that sell to consumers. Retail service providers include retail banking, tourism, insurance, private healthcare, private education, private security firms, legal firms, publishers, public transport, and others. For example, a tourism provider might have a retail division that books travel and accommodation for consumers plus
9315-448: The importance of added value, customer satisfaction and highlights how the store's market positioning appeals to targeted groups of customers. A retail mix is devised for the purpose of coordinating day-to-day tactical decisions. The retail marketing mix typically consists of six broad decision layers including product decisions, place decisions, promotion, price, personnel and presentation (also known as physical evidence). The retail mix
9430-426: The information equivalent of 174 newspapers per person per day. The world's effective capacity to exchange information through two-way Telecommunications networks was 281 petabytes of (optimally compressed) information in 1986; 471 petabytes in 1993; 2.2 (optimally compressed) exabytes in 2000; and 65 (optimally compressed) exabytes in 2007, the information equivalent of six newspapers per person per day. In
9545-466: The largest retail market in the world in 2016. In 2016, China became the largest retail market in the world. In the Republic of Armenia, retail trade has been increasing recently. In October 2022, it increased by 23.1% year by year, which was the most considerable rise since April 2021, faster than the 20.7 per cent increase recorded a month earlier. Retail dropped by 1.9% after accumulating 2.1%in
9660-440: The last mile (where analogue continued to be the norm right into the late 1990s). Following the development of MOS integrated circuit chips in the early 1960s, MOS chips reached higher transistor density and lower manufacturing costs than bipolar integrated circuits by 1964. MOS chips further increased in complexity at a rate predicted by Moore's law , leading to large-scale integration (LSI) with hundreds of transistors on
9775-700: The late 1980s, less than 1% of the world's technologically stored information was in digital format, while it was 94% in 2007, with more than 99% by 2014. It is estimated that the world's capacity to store information has increased from 2.6 (optimally compressed) exabytes in 1986, to some 5,000 exabytes in 2014 (5 zettabytes ). Library expansion was calculated in 1945 by Fremont Rider to double in capacity every 16 years where sufficient space made available. He advocated replacing bulky, decaying printed works with miniaturized microform analog photographs , which could be duplicated on-demand for library patrons and other institutions. Rider did not foresee, however,
9890-522: The late 1990s worldwide, except for in the United States of America where text messaging didn't become commonplace till the early 2000s. The digital revolution became truly global in this time as well - after revolutionizing society in the developed world in the 1990s, the digital revolution spread to the masses in the developing world in the 2000s. By 2000, a majority of U.S. households had at least one personal computer and internet access
10005-552: The latter countries, this fraction is an increase over 1970, but there are other countries where the sector has declined since 1970, sometimes in absolute terms, where other sectors have replaced its role in the economy. In the United States the sector has declined from 19% of GDP to 14%, though it has risen in absolute terms from $ 4,500 to $ 7,400 per capita per year. In China the sector has grown from 7.3% to 11.5%, and in India even more, from 8.4% to 18.7%. Emarketer predicts China will have
10120-429: The market will grow at a compound annual growth rate (CAGR) of 6.7% from 2019 to 2023. In 2023 Kogan Page published a critically acclaimed book " Leading Travel and Tourism Retail ", which researched in depth the travel retail sector post COVID . Among retailers and retails chains a lot of consolidation has appeared over the last couple of decades. Between 1988 and 2010, worldwide 40,788 mergers and acquisitions with
10235-755: The meaning of the word retail (in English, French, Dutch, German and Spanish) refers to the sale of small quantities of items to consumers (as opposed to wholesale ). Retail refers to the activity of selling goods or services directly to consumers or end-users. Some retailers may sell to business customers, and such sales are termed non-retail activity. In some jurisdictions or regions, legal definitions of retail specify that at least 80 percent of sales activity must be to end-users. Retailing often occurs in retail stores or service establishments, but may also occur through direct selling such as through vending machines , door-to-door sales or electronic channels. Although
10350-596: The mid-1980s. Sproles and Kendall's consumer typology has been shown to be relatively consistent across time and across cultures. Their typology is based on the consumer's approach to making purchase decisions. Some researchers have adapted Sproles and Kendall's methodology for use in specific countries or cultural groups. Consumer decision styles are important for retailers and marketers because they describe behaviours that are relatively stable over time and for this reason, they are useful for market segmentation. Retail formats (also known as retail formulas ) influence
10465-409: The mid-19th century. The invention of machines such as the mechanical textile weaver by Edmund Cartwrite, the rotating shaft steam engine by James Watt and the cotton gin by Eli Whitney , along with processes for mass manufacturing, came to serve the needs of a growing global population. The Industrial Age harnessed steam and waterpower to reduce the dependence on animal and human physical labor as
10580-426: The modern era. In the digital age , an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing . Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include the provision of credit, delivery services, advisory services, stylist services and
10695-476: The most important factor for consumers, when deciding to buy a product. Because patronage at a retail outlet varies, flexibility in scheduling is desirable. Employee scheduling software is sold, which, using known patterns of customer patronage, more or less reliably predicts the need for staffing for various functions at times of the year, day of the month or week, and time of day. Usually needs vary widely. Conforming staff utilization to staffing needs requires
10810-448: The needs of the working poor. John Stuart Mill wrote about the rise of the co-operative retail store, which he witnessed first-hand in the mid-19th century. The modern era of retailing is defined as the period from the industrial revolution to the 21st century. In major cities, the department store emerged in the mid- to late 19th century, and permanently reshaped shopping habits, and redefined concepts of service and luxury. Many of
10925-589: The new standard in business, a relatively new job description was popularized, the data entry clerk . Culled from the ranks of secretaries and typists from earlier decades, the data entry clerk's job was to convert analog data (customer records, invoices, etc.) into digital data. In developed nations, computers achieved semi-ubiquity during the 1980s as they made their way into schools, homes, business, and industry. Automated teller machines , industrial robots , CGI in film and television, electronic music , bulletin board systems , and video games all fueled what became
11040-484: The process from transaction to relationship. While expanding the sales market and attracting new customers is very important for the retail industry, it is also important to establish and maintain long term good relationships with previous customers, hence the name of the underlying concept, "relational marketing". Under this concept, retail enterprises value and attempt to improve relationships with customers, as customer relationships are conducive to maintaining stability in
11155-429: The product and service mix will optimize customer satisfaction. As part of the strategic planning process, it is customary for strategic planners to carry out a detailed environmental scan which seeks to identify trends and opportunities in the competitive environment, market environment, economic environment and statutory-political environment. The retail strategy is normally devised or reviewed every three to five years by
11270-1332: The rapidly advancing speed of information exchange. Between 7,000 and 10,000 years ago during the Neolithic period, humans began to domesticate animals, began to farm grains and to replace stone tools with ones made of metal. These innovations allowed nomadic hunter-gatherers to settle down. Villages formed along the Yangtze River in China in 6,500 B.C., the Nile River region of Africa and in Mesopotamia ( Iraq ) in 6,000 B.C. Cities emerged between 6,000 B.C. and 3,500 B.C. The development of written communication ( cuneiform in Sumeria and hieroglyphs in Egypt in 3,500 B.C. and writing in Egypt in 2,560 B.C. and in Minoa and China around 1,450 B.C.) enabled ideas to be preserved for extended periods to spread extensively. In all, Neolithic developments, augmented by writing as an information tool, laid
11385-528: The retail mix which includes product, price, place, promotion, personnel, and presentation. The word retail comes from the Old French verb retaillier , meaning "to shape by cutting" ( c. 1365 ). It was first recorded as a noun in 1433 with the meaning of "a sale in small quantities" from the Middle French verb retailler meaning "a piece cut off, shred, scrap, paring". At present,
11500-567: The savings in the form of lower prices. Many of these large retail chains also produce their own private labels which compete alongside manufacturer brands. Considerable consolidation of retail stores has changed the retail landscape, transferring power away from wholesalers and into the hands of the large retail chains. In Britain and Europe, the retail sale of goods is designated as a service activity . The European Service Directive applies to all retail trade including periodic markets, street traders and peddlers. Retail stores may be classified by
11615-623: The shift to multi-channel retailing. To counter the disruption caused by online retail, many bricks and mortar retailers have entered the online retail space, by setting up online catalogue sales and e-commerce websites. However, many retailers have noticed that consumers behave differently when shopping online. For instance, in terms of choice of online platform , shoppers tend to choose the online site of their preferred retailer initially, but as they gain more experience in online shopping, they become less loyal and more likely to switch to other retail sites. Online stores are usually available 24 hours
11730-402: The type of product carried. Softline retailers sell goods that are consumed after a single-use , or have a limited life (typically under three years) in they are normally consumed. Soft goods include clothing , other fabrics , footwear , toiletries , cosmetics , medicines and stationery . Grocery stores , including supermarkets and hypermarkets , along with convenience stores carry
11845-478: The zeitgeist of the 1980s. Millions of people purchased home computers, making household names of early personal computer manufacturers such as Apple , Commodore, and Tandy. To this day the Commodore 64 is often cited as the best selling computer of all time, having sold 17 million units (by some accounts) between 1982 and 1994. In 1984, the U.S. Census Bureau began collecting data on computer and Internet use in
11960-639: Was a high-end men's clothing store located in Buffalo, New York . Edward Kleinhans and his brother Horace opened the store in 1893, and shortly after located in the Brisbane Building at Main and Clinton Streets on Lafayette Square in Downtown Buffalo. The store would eventually grow to be 54,000 square feet (5,000 m), and was said to be the largest men's clothing store in the country. Edward Kleinhans died in 1934, and left his estate to
12075-625: Was also invented in the late 1980s. Disney's CAPS system (created 1988) was used for a scene in 1989's The Little Mermaid and for all their animation films between 1990's The Rescuers Down Under and 2004's Home on the Range . Tim Berners-Lee invented the World Wide Web in 1989. The first public digital HDTV broadcast was of the 1990 World Cup that June; it was played in 10 theaters in Spain and Italy. However, HDTV did not become
12190-486: Was becoming apparent in the late 1980s. Compute! magazine predicted that CD-ROM would be the centerpiece of the revolution, with multiple household devices reading the discs. The first true digital camera was created in 1988, and the first were marketed in December 1989 in Japan and in 1990 in the United States. By the early 2000s, digital cameras had eclipsed traditional film in popularity. Digital ink and paint
12305-500: Was first introduced to the concepts that led to the Internet when a message was sent over the ARPANET in 1969. Packet switched networks such as ARPANET, Mark I , CYCLADES , Merit Network , Tymnet , and Telenet , were developed in the late 1960s and early 1970s using a variety of protocols . The ARPANET in particular led to the development of protocols for internetworking , in which multiple separate networks could be joined into
12420-653: Was formed by capitalizing on computer miniaturization advances, which led to modernized information systems and internet communications as the driving force of social evolution . There is ongoing debate concerning whether the Third Industrial Revolution has already ended and if the Fourth Industrial Revolution has already begun due to the recent breakthroughs in areas such as artificial intelligence and biotechnologies. This next transition has been theorized to harken
12535-575: Was generated foremost by the discount stores and supermarket segments, and was driven by the skyrocketing prices of foodstuffs. This information is based on the latest PMR report entitled Grocery retail in Central Europe 2012 National accounts show a combined total of retail and wholesale trade, with hotels and restaurants. in 2012 the sector provides over a fifth of GDP in tourist-oriented island economies, as well as in other major countries such as Brazil, Pakistan, Russia, and Spain. In all four of
12650-553: Was in 2016 with more than 2,700 deals. In terms of added value 2007 set the record with the US$ 225 billion. Here is a list of the top ten largest deals (ranked by volume) in the Retail Industry: As of 2016, China was the largest retail market in the world. The National Retail Federation and Kantar annually rank the nation's top retailers according to sales. The National Retail Federation also separately ranks
12765-472: Was replaced with retail trade involving coinage. Selling and buying are thought to have emerged in Asia Minor (modern Turkey) in around the 7th-millennium BCE. In ancient Greece , markets operated within the agora , an open space where, on market days, goods were displayed on mats or temporary stalls. In ancient Rome , trade took place in the forum . The Roman forum was arguably the earliest example of
12880-474: Was the ability to easily move the digital information between media, and to access or distribute it remotely. One turning point of the revolution was the change from analog to digitally recorded music. During the 1980s the digital format of optical compact discs gradually replaced analog formats, such as vinyl records and cassette tapes , as the popular medium of choice. Humans have manufactured tools for counting and calculating since ancient times, such as
12995-514: Was the first financial institution to offer online internet banking services to all of its members in October 1994. In 1996 OP Financial Group , also a cooperative bank , became the second online bank in the world and the first in Europe. The Internet expanded quickly, and by 1996, it was part of mass culture and many businesses listed websites in their ads. By 1999, almost every country had
13110-585: Was the largest in all the Americas . By the 17th century, permanent shops with more regular trading hours were beginning to supplant markets and fairs as the main retail outlet. Provincial shopkeepers were active in almost every English market town. As the number of shops grew, they underwent a transformation. The trappings of a modern shop, which had been entirely absent from the 16th- and early 17th-century store, gradually made way for store interiors and shopfronts that are more familiar to modern shoppers. Prior to
13225-527: Was to some degree improved with inspiration from Charles Babbage's designs. In 1947, the first working transistor , the germanium -based point-contact transistor , was invented by John Bardeen and Walter Houser Brattain while working under William Shockley at Bell Labs . This led the way to more advanced digital computers . From the late 1940s, universities, military, and businesses developed computer systems to digitally replicate and automate previously manually performed mathematical calculations, with
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