In What Ways Do Retailers Add Value to Products

question 180

Essay

In what ways do retailers add value to products?

Identify the different facets of social commerce, including social shopping and marketplaces.

Understand niche and micromarkets, and the evolution of marketing strategies to target specialized consumer groups.

Grasp the concept of social influence on purchasing decisions, encompassing social shopping, social purchasing, and collaborative purchasing.

Understand the role and characteristics of blogs as a medium for social publishing.

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Definitions:

Backflush Accounting

A simplification of the accounting system by eliminating the accumulation and transfer of product costs by departments (intermediate departmental work in process accounts), but instead pulls the material and conversion costs directly to finished goods.

Work in Process Inventories

Items in various stages of production but not yet completed, representing a component of a manufacturer's inventory.

Lean Practices

A systematic method for waste minimization within a manufacturing system without sacrificing productivity, focusing on adding value and reducing work that is not of value.

Activity Analyses

A process in business accounting and management used to assess the efficiency and productivity of various operations within a company.