A consortium ( pl. consortiums or consortia ) is an association of two or more individuals , companies , organizations , or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for achieving a common goal.
109-575: A travel agency is a private retailer or public service that provides travel and tourism -related services to the general public on behalf of accommodation or travel suppliers to offer different kinds of travelling packages for each destination. Travel agencies can provide outdoor recreation , arranging logistics for luggage and medical items delivery for travellers upon request, public transport timetables , car rentals , and bureau de change services. Travel agencies can also serve as general sales agents for airlines that do not have offices in
218-474: A fee to the end users. Hotel owners and tour operators typically pay a higher commission rate to travel agencies, whereas airlines typically pay no commission. The customer is normally not made aware of how much the travel agent is earning in commissions and other benefits. A 2016 survey of 1,193 travel agents in the United States found that on average 78% of their revenue was from commissions and 22%
327-602: 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 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
436-566: A bank account. Outside the United States, these savings clubs can be formal and have proper legislation. In some countries, like Brazil, consórcios are an integral part of the traditional banking system, where there are clubs for purchasing real estate and cars, and even for plastic surgery costs. Over seven million people have engaged in these formal savings associations over the past years, adding to over U$ 10 billion in credit. Since these clubs have up to thousands of members, products purchased are awarded through lottery and bidding processes and
545-467: A common fund. On every installment the common fund reaches the goal value and someone is awarded this sum and from this point forward this person own the association the remaining amount, just as in a loan. This process repeats until every member is awarded the entire sum. These informal associations are specially popular among immigrants since they are a cheaper alternative to traditional financing and usually require no formal papers, credit history or even
654-466: A consortium to cooperate on areas non-strategic for their core businesses. They prefer to reduce their costs on these non-strategic areas and compete on other areas where they can differentiate better. For example, the GENIVI Alliance, now called COVESA, is a not-for-profit consortium between different car makers in order to ease building an In-Vehicle Infotainment system. Another example is
763-433: 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
872-522: 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
981-503: 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
1090-508: 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
1199-485: A for-profit consortium is a group of banks that collaborate to make a loan—also known as a syndicate . This type of loan is more commonly known as a syndicated loan . In England it is common for a consortium to buy out financially struggling football clubs in order to keep them out of liquidation . Alyeska Pipeline Service Company , the company that built the Trans-Alaska Pipeline System in
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#17327804412641308-440: 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
1417-498: 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
1526-1155: A host agency. This is a popular model in the United States, with surveys show anywhere from 43-85% of leisure agencies now booking under a host agency. Travel agencies use the services of the major computer reservations systems , also known as global distribution systems (GDS), including: Amadeus CRS , Galileo GDS , Sabre , and Worldspan , which is a subsidiary of Travelport , which allow for comparison and sorting of hotel and flight rates with multiple companies. Bookings made via travel agents, including online travel agents, may or may not be confirmed instantly. Unlike online travel agencies, metasearch engines and scraper sites , such as Skyscanner , Kayak.com , Rome2rio , and TripAdvisor , travel agencies may or may not have their own booking engine, and instead provide results for search queries and then divert traffic to service providers or online travel agencies for booking. Travel agents may also work with airline consolidators . Some companies use technology to promote sustainable tourism and bring carbon-neutrality . Travel agencies can be multinational companies , referred to as "multiples" in
1635-412: 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
1744-512: 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
1853-453: 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
1962-453: A new company, Airbus SAS. In return, they got 80% and 20% shares respectively. BAE would later sell its share to EADS. The Tornado was developed and built by Panavia Aircraft GmbH, a tri-national consortium consisting of British Aerospace (previously British Aircraft Corporation), MBB of West Germany, and Aeritalia of Italy. The aircraft first flew on 14 August 1974 and was introduced into service in 1979–1980. Due to its multi-role design, it
2071-486: 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
2180-985: 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, 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
2289-483: 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
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#17327804412642398-706: 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
2507-659: A rally in Loughborough in exchange for a commission. He formed Thomas Cook & Son , which later became The Thomas Cook Group . It filed bankruptcy and underwent liquidation in 2019. In 1871, Dean and Dawson was founded in the United Kingdom and in the 1950s, it was acquired by Thomas Cook. In 1870, the Polytechnic Touring Association was founded in the United Kingdom. In 1887, Walter T. Brownell established Brownell Travel,
2616-435: 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
2725-401: A segment of the regular activities of these entities, based on an unnamed contract and characterized by a temporary nature, minimization of institutionalization, and lack of separate property , the need to specify how the parties participate in the joint venture and the intention not to establish a "community" with partly own interests (the partnership as such). According to this concept, despite
2834-469: A specific region. A travel agency's main function is to act as an agent , selling travel products and services on behalf of a supplier. They are also called Travel Advisors. They do not keep inventory in-hand unless they have pre-booked hotel rooms or cabins on a cruise ship for a group travel event such as a wedding , honeymoon , or other group event. Travel agencies often receive commissions and other benefits and incentives from providers or may charge
2943-448: 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
3052-550: A strong side-line in travel at the back of the Baldwins Stationery shop at 27 Grosvenor Road. In 1905, Nippon Travel Agency became the first travel agency in Japan . Originally, travel agencies largely catered to middle and upper-class customers but they became more commonplace with the development of commercial aviation . In 1923, after being treated badly by a British travel agency, K. P. Chen formed what became
3161-451: A structure simply referred to as the "consortium." In the Polish legal system, the legal nature of the consortium agreement is disputed. According to the prevailing approach, a consortium is a form of cooperation, different from a civil law partnership, undertaken between economically independent entities already operating on the market in order to implement a specific undertaking that is
3270-432: 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
3379-412: 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
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3488-455: 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
3597-406: Is a purely contractual cooperative contract that does not entail the creation of a third party. The consortium has no legal personality or legal capacity . The contract is concluded between two or more natural or legal persons who undertake to carry out certain works in order to implement a joint project which consortium members would not be able to carry out themselves. The consortium agreement
3706-475: 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
3815-426: Is an example of a franchised travel agency, giving agents access to internal systems for product and bookings. While most point-to-point travel is now booked online, traditional agents specialize in niche markets such as corporate travel, luxury travel, cruises, complicated and important trips, and specialty trips. Other niche markets for traditional travel agencies include travelers with disabilities, travelers over
3924-402: 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
4033-417: 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
4142-493: 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
4251-559: Is not explicitly regulated by the French legislator, but it is admissible in the light of the principle of freedom of contract interpreted from articles 6 and 1134 of the French Civil Code . Neither consortium nor joint venture have a legal definition in U.K. law . The second term is usually used to describe various types of agreements where two or more parties cooperate in conducting business activities. This manifests e.g. in
4360-399: 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
4469-672: The Abreu Agency was established in Porto by Bernardo Abreu, becoming the world's first agency to open its services to the public. In 1841, Thomas Cook , a Baptist preacher who believed that alcohol was to blame for social problems, reached an agreement with the Midland Railway to organize the transportation of 500 members of his temperance movement from the Leicester Campbell Street railway station to
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4578-545: The Airlines Reporting Corporation in the United States also serve those purposes. ABTA – The Travel Association the Association of Canadian Travel Agencies (ACTA) The American Society of Travel Advisors (ASTA), represent travel agencies in the United Kingdom, Canada, and the United States respectively. In 1758, Cox & Kings became the first travel agency in modern history. In 1840,
4687-656: The China Travel Service , the first travel agency in China . The industry suffered during World War II . However, the Post–World War II economic expansion in mass-market package tours resulted in the proliferation of travel agencies catering to the working class . In 1929, Intourist was formed as the official state travel agency of the Soviet Union , with the goal of convincing outsiders to visit
4796-489: 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
4905-470: The United Kingdom . They can also be medium-sized organizations, referred to as "miniples" in the United Kingdom, or can be independent, small companies. They can be structured as a limited liability company , a sole proprietorship , or can be set up as a host, franchising , or consortium structure. A traditional travel agent may work for a travel agency or work freelance . Helloworld Travel
5014-766: The University of Massachusetts Amherst . Another example of a successful consortium is the Five Colleges of Ohio of Ohio: Oberlin College , Ohio Wesleyan University , Kenyon College , College of Wooster and Denison University . The aforementioned Claremont Consortium (known as the Claremont Colleges) consists of Pomona College , Claremont Graduate University , Scripps College , Claremont McKenna College , Harvey Mudd College , Pitzer College , and Keck Graduate Institute . These consortia have pooled
5123-857: The World Wide Web Consortium (W3C) , which is a consortium that standardizes web technologies like HTML , XML and CSS . The Institute for Food Safety and Health is a consortium consisting of the Illinois Institute of Technology , the Food and Drug Administration 's Center for Food Safety and Applied Nutrition , and members of the food industry . Some of the work done at the institute includes, "assessment and validation of new and novel food safety and preservation technologies, processing and packaging systems, microbiological and chemical methods, health promoting food components, and risk management strategies." Commonly known in
5232-521: 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
5341-606: 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
5450-482: 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
5559-405: The 1970s, initially was a consortium of BP , ARCO , ConocoPhillips , Exxon , Mobil , Unocal , and Koch Alaska Pipeline Company. Airbus Industries was formed in 1970 as a consortium of aerospace manufacturers. The retention of production and engineering assets by the partner companies in effect made Airbus Industries a sales and marketing company. This arrangement led to inefficiencies due to
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#17327804412645668-406: The 2022 income for travel agents that earn salary + commissions (25% of travel advisor employees) at $ 88,909, those that earn salary/hourly only at $ 50,792 (44% of employee travel agents), and commission only travel employees at $ 21,932 (31%). However, job prospects should be best for travel agents who specialize in specific destinations or particular types of travelers. Several reports show that
5777-456: 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
5886-894: The Midwest and Mid-Atlantic U.S., Claremont Colleges consortium in Southern California, Five College Consortium in Massachusetts, and Consórcio Nacional Honda are among the oldest and most successful higher education consortia in the world. The Big Ten Academic Alliance , formerly known as the Committee on Institutional Cooperation, includes the members of the Big Ten athletic conference. The participants in Five Colleges, Inc. are: Amherst College , Hampshire College , Mount Holyoke College , Smith College , and
5995-408: The United States as a rotating savings and credit association (ROSCA) and also called Savings Clubs, Christmas clubs , sousou or even money circles, they are typically informal associations of people saving money together with a commonly shared goal: buying something with the same value. In this association its members contribute by paying equal amount installments (usually monthly or weekly) towards
6104-467: 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
6213-532: The age of 60, women traveling alone, LGBT tourism , or a particular group interested in a similar activity, such as a sport . Other examples of travel niches include StudentUniverse , which specialize in youth travel , or CWT , which caters to corporate travel. Many traditional travel agencies are now home-based to reduce overhead. Agents can act as "travel consultants" with extensive knowledge of destination regions and specialize in topics like nautical tourism or cultural tourism . Many traditional agents prefer
6322-402: The airlines, that was decided on appeal in 2009. In 2007, the launch of the iPhone and related mobile apps increased travel bookings made online. In 2008, the launch of Airbnb created an online marketplace for spare bedrooms and apartments. In 2011, the launch of HotelTonight highlighted instantaneous same-day hotel room booking. In 2021, travel agency Baldwins Travel Group, which
6431-406: 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
6540-440: 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
6649-399: 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
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#17327804412646758-549: 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
6867-419: 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
6976-509: The common fund administrators charge a fixed fee in order to take responsibility and guarantee the integrity of the process. In France , the consortium, considered a sub-type of joint venture , has important theoretical and practical significance. The French legal system does not provide a definition and does not explicitly use the concept of a joint venture or consortium ( groupements momentanés d’entreprises ). The consortium agreement in France
7085-406: The consortium and the pool. Cooperation agreements concluded under German law are not of a uniform legal nature. There is a great wealth of legal forms of cooperation that could be cautiously qualified as consortium agreements. This is in particular a civil law partnership in its internal and occasional variants ( Gelegenheitsgesellschaft ), as well as a partnership of building contractors ( ARGE ) and
7194-418: 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
7303-876: The country. In 1931, the US trade organization ASTA (originally the American Steamship and Tourist Agents Association, now the American Society of Travel Advisors) was created. During the Cold War , travel agents were used by people from Western countries to travel behind the Iron Curtain . In 1951, the precursor to Helloworld Travel became one of the first travel agencies in Australia . In 1955, Henderson Travel Service in Atlanta , Georgia became
7412-425: 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
7521-453: 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
7630-525: 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. Consortium Consortium is a Latin word meaning " partnership ", "association", or "society", and derives from consors ("shared in property"), itself from con- ("together") and sors ("fate"). The Big Ten Academic Alliance in
7739-426: 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
7848-481: 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
7957-613: 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
8066-400: 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
8175-428: The first African-American-owned travel company and the first to take large groups of black American tourists to Africa. In the early 1980s, American Airlines ' Sabre unit created a direct-to-consumer booking tool for flights, hotels and cars called eAAsySabre. In 1989, with the liberalization of travel for South Koreans , Mode Tour became the first travel agency in the country. In 1991, Hotel Reservations Network,
8284-553: The first airline ticket via the World Wide Web. In October 1996, Expedia.com , funded with hundreds of millions of dollars by Microsoft launched as the first large online travel agency. At the same time, Cheapflights started as a listing service for flight deals from consolidators. In 1998, Lastminute.com was founded in the United Kingdom. In 1999, Expedia went public on the Nasdaq stock exchange. From 1999 to 2006,
8393-526: The first travel agency in the United States, and led 10 travelers on a European tour setting sail from New York on the SS Devonia . In 1895, Baldwins Travel was founded by Alfred K Baldwin, originally a printer, bookbinder and publisher in Tunbridge Wells. Baldwins begins selling railway tickets and helping friends to travel to Europe and beyond. News spreads and the former printers slowly build
8502-404: 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
8611-891: The general law of contract, similar to an ordinary partnership agreement , does not create a separate entity. In Germany the view prevails that the consortium is a type of internal civil law partnership (§ 705–740 of the BGB ). In external relations, consortium members may decide on joint and several liability regulated by § 421 BGB, while internally there is sometimes a release from this liability. Joint ventures often include credit syndicates (Kreditkonsortien), securities issuing consortia, including mainly shares ( Emissionskonsortien ), construction consortia ( Baukonsortien ) also referred to as investment ( Investitionskonsortien ) and profit pools ( Ergebnispools ). Sometimes, special purpose partnerships established to jointly use construction facilities ( Planungsgesellschaften ) are listed in one category with
8720-438: 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
8829-448: 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
8938-644: The inherent conflicts of interest that the four partner companies faced; they were both shareholders of, and subcontractors to, the consortium. The companies collaborated on development of the Airbus range, but guarded the financial details of their own production activities and sought to maximize the transfer prices of their sub-assemblies. In 2001, EADS (created by the merger of French, German and Spanish Airbus partner companies) and BAE Systems (the British partner company) transferred their Airbus production assets to
9047-433: The joint distribution of profit, sharing cash, assets, knowledge or abilities. As there are no legal provisions regulating in detail the consortium or joint venture, the relations between the parties participating in this type of agreement—when choosing a joint venture as a collaboration agreement or a special partnership —are subject to common law or the provisions of the partnership law . A consortium agreement governed by
9156-466: 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
9265-552: 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
9374-429: 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
9483-596: 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
9592-476: 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
9701-448: 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
9810-412: The number of people using travel agents to book travel has been increasing. Retailing 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 a wholesaler, and then sells in smaller quantities to consumers for
9919-411: The number of travel agents in the United States plunged from 124,000 to 88,000 as many Americans switched to making their own travel arrangements online. Also in 1999, European airlines began eliminating or reducing commissions, while Singapore Airlines did so in parts of Asia . In 2002, several airlines in the United States did the same, which led to an unsuccessful lawsuit alleging collusion among
10028-478: 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 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
10137-410: The precursor of Hotels.com , was founded. At first, hotels did not pay much in commissions. With the advent of the internet , travel agencies migrated online and underwent disintermediation by the reduction in costs caused by removing layers from the package holiday distribution network. In 1994, Travelweb.com launched as the first online directory of hotels. In 1995, Internet Travel Network sold
10246-484: 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
10355-429: 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
10464-488: The region ( University of Kentucky , University of North Carolina , University of Tennessee , West Virginia University , University of Virginia , and Virginia Tech ) are affiliated with the ACA. These institutions assist the ACA in reviewing grant and fellowship applications, conducting workshops, and providing technical assistance. The ACA works to serve higher education in the rural regions of these five states. An example of
10573-789: The resources of their member colleges and the universities to share human and material assets as well as to link academic and administrative resources. An example of a non-profit consortium is the Appalachian College Association (ACA) located in Richmond, Kentucky . The association consists of 35 private liberal arts colleges and universities spread across the central Appalachian mountains in Kentucky , North Carolina , Tennessee , Virginia , and West Virginia . Collectively these higher education institutions serve approximately 42,500 students. Six research universities in
10682-567: 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
10791-623: 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
10900-585: The term "travel advisor" as opposed to "travel agent" to emphasize their advice, expertise, and connections that are of great value. In many countries, all travel agencies are required to be licensed by the International Air Transport Association (IATA). Many are also bonded and represented by IATA, and, for those that issue air tickets, the Air Travel Organisers' Licensing (ATOL) in the United Kingdom, and
11009-402: 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
11118-403: 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 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,
11227-471: Was able to replace several different fleets of aircraft in the adopting air forces. The Royal Saudi Air Force (RSAF) became the only export operator of the Tornado in addition to the three original partner nations. Including all variants, 992 aircraft were built. Coopetition , deriving from a portmanteau of cooperation and competition, is the word used when companies otherwise competitors collaborate in
11336-567: Was founded in 1895 was bought by business group Inc & Co. According to the United States Bureau of Labor Statistics , in 2022, there were 66,300 people who were employed as travel agents for their full-time jobs . That number is projected to increase by 3% over the next 10 years. In 2022, the BLS lists the median travel agent salary as $ 46,400 per year. Host Agency Reviews lists employee salaries by compensation structure, listing
11445-575: 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
11554-405: Was generated from fees. Travel agencies are recognized by vendors through their accreditation numbers. In the United States, the main accreditation numbers are issued by Airline Reporting Corporation , Cruise Lines International Association , International Air Transport Association . If more than one travel agency is booking under the same accreditation number, the agency of record is called
11663-553: 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
11772-472: 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
11881-585: 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
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