14 Nov The purpose of this project is to demonstrate your understanding of the following course concepts: 1. Create and modify tables. 2. Create and manage reference lists. 3. Insert illustrations a
The purpose of this project is to demonstrate your understanding of the following course concepts:
1. Create and modify tables.
2. Create and manage reference lists.
3. Insert illustrations and text boxes.
4. Create and modify charts.
5. Modify graphic elements.
6. Create and modify reference elements.
For this assignment, you will be formatting a document to include a table, a chart and an image. You will also conduct additional research and cite your sources and include a reference list.
1. Download the Report.docx file that is attached to this assignment and save it as: LastName_Newsletter.docx. replacing “LastName” with your own last name. (Example: Henry_Newsletter). It is a good idea to save your work periodically.
2. Formatting Requirements
a. Insert a Title Page and include the following: Your name, Project name, and Instructor’s name.
b. Document must use 1-inch margins, 12-point professional font, double-space, automatic page numbering, Reference page.
a. Convert the text after “The top ten are listed in the table below” and before “The Retail Industry” heading into a table. Separate text at Tabs.
b. Sort the table in ascending order by retailers.
c. Apply any table style.
a. Insert any image with a shopping cart and insert the image into the document at the beginning of the first paragraph (It starts with “Retailing is important to understand”).
b. Apply a square text wrap and move the image so it is aligned with the right side of the document.
c. Appropriately resize the image.
a. Locate the phrase “You can view the number of jobs and retail presence in your state at the National Retail Federation (NRF)” in your document. Add a hyperlink to “that leads to this website: https://nrf.com/retails-impact.
a. On the “National Retail Federation (NRF)” website, review the “Retail Impact” for the state in which you reside (if residing outside of the US, choose a state of your liking).
b. Create and insert a chart that depicts the “Direct Employment and GDP Value by major industry” for your state for the following employment:
i. Retail trade (including food services and drinking places).
ii. Arts, entertainment, and recreation.
iv. Educational services.
v. Healthcare and social assistance.
vi. Finance and insurance.
c. Place the chart after the last paragraph and apply a chart type and style of your choice.
7. Additional Research
Conduct additional research on the “Importance of the retail industry” and include at least two paragraphs (not less than four fully constructed sentences each) with your results.
Place these paragraphs after your chart. The title for this section should be: “Additional Research”.
Include at least two professional/scholarly sources for your research using APA citations format citing the sources in-text and creating a Reference list at the end. Note: The Reference list must be on a separate page.
NOTE 1: Please do not use unprofessional sources such as Wikipedia, About.com, Answers.com, Dictionary.com, How.com, or anything remotely similar. Examples of scholarly sources include textbooks, articles, academic journals, and conference proceedings. Scholarly resources are written by experts in their fields, grounded in research, and often refereed (reviewed and edited by researchers in the field). Examples of professional sources include: trade journals or magazines. Professional sources are written for a specific audience that works in certain field. They are not research-based. You can also use our course content (e.g. Read & Watch resources) as a source as well. UMGC has a top-notch, extensive online library. You can find many scholarly and professional sources there.
Please submit the following to your Assignments Folder:
1. The completed Word Newsletter.docx file.
2. Submit a Project Reflection (see below).
Answer the following questions when you submit your assignments files.
1. Were there any challenges encountered while completing this assignment? If so, what were the challenges and how did you overcome them?
2. How closely did you follow the parameters of the assignment?
3. What new information did you learn from completing this assignment?
Please submit your Project Reflection as a Microsoft Word document or just copy and paste your answers in your Assignments Folder's text box when you submit your assignment along with the rest of the required project files.
Retailing is important to understand for two main reasons. First, most channel structures end with a retailer. While products may pass through a wholesaler or involve a broker or agent, they also include a retailer. Second, retail offers an immense number of job opportunities. Today in the U.S., there are 3,793,621 retail establishments that support 42 million jobs. Retail also contributes $2.6 trillion to the U.S. gross domestic product.
One of the reasons the retail industry is so large and powerful is its diversity. For example, stores vary in size, in the kinds of services that are provided, in the assortment of merchandise they carry, and in their ownership and management structures.
The U.S. Census Bureau indicates that 94.5 percent of retail companies have only one location or store. More than one million retail businesses in the U.S. have fewer than one hundred employees. Most retail outlets are small and have weekly sales of just a few hundred dollars. A few are extremely large, having sales of $500,000 or more on a single day. In fact, on special sale days, some stores exceed $1 million in sales.
You can view the number of jobs and retail presence in your state at the National Retail Federation (NRF).
Who are these retailers? The NRF posts an annual list of the top one hundred retailers by retail sales. The top ten are listed in the table below.
1 Walmart Stores Bentonville, Arkansas $343,624,000
2 The Kroger Co. Cincinnati, Ohio $103,033,000
3 Costco Issaquah, Washington $79,694,000
4 The Home Depot Atlanta, Georgia $74,203,000
5 Walgreen Deerfield, Illinois $72,671,000
6 Target Minneapolis, Minnesota $72,618,000
7 CVS Caremark Woonsocket, Rhode Island $67,974,000
8 Lowe’s Companies Mooresville, North Carolina $54,805,000
9 Amazon.com Seattle, Washington $49,353,000
10 Safeway Pleasanton, California $36,330,000
The Retail Industry
The retail industry covers an enormous range of consumer needs. The retail industry is designed to create contact efficiency—allowing shoppers to buy what they want efficiently with a smaller number of transactions. This design doesn’t come from a master retail plan. It’s driven by market forces. When a retailer sees an opportunity to expand its offering to increase purchases from customers in one location, it will expand its offering to meet the opportunity. When Barnes & Noble adds Starbucks coffee shops to its locations, customers visit more frequently and stay longer, increasing the chance of additional purchases. Costco recognized that busy holiday shoppers would rather buy a Christmas tree as part of a larger convenience purchase than have a focused (and less convenient) buying experience at a Christmas tree lot. Such opportunities cause retailers to expand their offerings, creating greater contact efficiency for consumers.
Given this logic and opportunity, why doesn’t every retailer become a Walmart Super Store filled with every possible product? Like all organizations that market effectively, retailers shape their offerings to a target buyer. Retailers must also consider the particular shopping experience a buyer is seeking in that moment or context. One experience isn’t right for everyone at the same time; nor are all “experiences” compatible. For example, a buyer is expecting a different buying experience when she fills her car’s gas tank and when she stays at a luxury resort.
Retailers define their target buyer segments, identify the service outputs that those segments require, and match their offerings to provide value to each target segment.
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