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Assortment strategies are used by retailers in brick-and-mortar and ecommerce to decide on a daily basis how to allocate inventory to their stores as part of their merchandise planning processes. Such strategies are integral for retailers because they directly affect how their customers interact with their merchandise, and therefore, their brand.
The main characteristics of a company's product assortment are: [4] (1) the length or number of products lines the number of different products carried by a store (2) the breadth refers to the variety of product lines that a store offers. It is also known as product assortment width, merchandise breadth, and product line width.:
Category management lacks a single definition thus leading to some ambiguity even among industry professionals as to its exact function. Three comparable mainstream definitions are as follows: "a process that involves managing product categories as business units and customizing them [on a store by store basis] to satisfy customer needs" (Nielsen).
In the 18th and 19th centuries, and particularly by the 1880s, these stores were plentiful throughout the United States. Many of these stores were drug stores or general stores selling everything from groceries and fabrics to toys and tools. People during this time were also expanding settlements across the country and creating new towns.
By supplying a wide assortment in a single category for lower prices a category killer retailer can "kill" that category for other retailers. [7] A category killer is a specialist store that dominates a given category. Toys "R" Us, established in 1957, is thought to be the first category killer, dominating the children's toys and games market. [8]
Distribution (or place) is one of the four elements of the marketing mix: the other three elements being product, pricing, and promotion. Decisions about distribution need to be taken in line with a company's overall strategic vision and mission. Developing a coherent distribution plan is a central component of strategic planning. At the ...
As of 1988, Price Club was the leader of the warehouse club industry, with over 40 warehouses operating across the United States and Canada. [1] Stephen F. Mandel, Jr., then a Goldman Sachs analyst, called the warehouse club "the greatest revolution in retailing in the last 10 years." [1]
In 1877, John Wanamaker opened what some claim was the United States' first "modern" department store in Philadelphia: the first to offer fixed prices marked on every article and also introduced electrical illumination (1878), the telephone (1879), and the use of pneumatic tubes to transport cash and documents (1880) to the department store ...