Retail Management is an activity of selling products or services to their tutorial introduces you to various concerns of retail business such as retail marketing. Manufacturers engage in retailing when they make direct-to-consumer sales of . class being separated from others in management, accounting and location. 𝗣𝗗𝗙 | Retailing has come to occupy a prominent position in today's modern society. In spite of the Indian retail revolution it is said that over.
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PDF Drive is your search engine for PDF files. As of today we The Journal of Business and Retail Management Research The Journal of Business and Retail. School of Distance Education. Retail Management. Page 3. Retailing. Module 1 including; store management, merchandising and owning a retail business. Management in Retailing – Manpower planning – recruitment and training Retail Management System targets small and midsize retailers seeking to automate.
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Retail pricing The pricing technique used by most retailers is cost-plus pricing. This involves adding a markup amount or percentage to the retailer's cost.
Another common technique is suggested retail pricing. This simply involves charging the amount suggested by the manufacturer and usually printed on the product by the manufacturer. In Western countries, retail prices are often called psychological prices or odd prices. Often prices are fixed and displayed on signs or labels. Alternatively, when prices are not clearly displayed, there can be price discrimination, where the sale price is dependent upon who the customer is.
Another example would be the practice of discounting for youths, students, or senior citizens. Transfer mechanism There are several ways in which consumers can receive goods from a retailer: Counter service, where goods are out of reach of downloaders and must be obtained from the seller. This type of retail is common for small expensive items e. It was common before the s in the United States and is more common in certain countries like India.
Mail order from a printed catalog was invented in and was common in the late 19th and early 20th centuries. Ordering by telephone is now common, either from a catalog, newspaper, television advertisement or a local restaurant menu, for immediate service especially for pizza delivery.
Direct marketing, including telemarketing and television shopping channels, are also used to generate telephone orders. Door-to-door sales, where the salesperson sometimes travels with the goods for sale. Self-service, where goods may be handled and examined prior to download. Challenges To achieve and maintain a foothold in an existing market, a prospective retail establishment must overcome the following hurdles: Regulatory barriers including - Restrictions on real estate downloads, especially as imposed by local governments and against "big-box" chain retailers; - Restrictions on foreign investment in retailers, in terms of both absolute amount of financing provided and percentage share of voting stock e.
Sales techniques Behind the scenes at retail, there is another factor at work. Corporations and independent store owners alike are always trying to get the edge on their competitors.
One way to do this is to hire a merchandising solutions company to design custom store displays that will attract more customers in a certain demographic. The nation's largest retailers spend millions every year on in-store marketing programs that correspond to seasonal and promotional changes.
As products change, so will a retail landscape.
Retailers can also use facing techniques to create the look of a perfectly stocked store, even when it is not. A destination store is one that customers will initiate a trip specifically to visit, sometimes over a large area. These stores are often used to "anchor" a shopping mall or plaza, generating foot traffic, which is capitalized upon by smaller retailers. Customer service Customer service is the "sum of acts and elements that allow consumers to receive what they need or desire from your retail establishment.
When a customer enters the store, it is important that the sales associate does everything in his power to make the customer feel welcomed, important, and make sure he leave the store satisfied. Giving the customer full, undivided attention and helping him find what he is looking for will contribute to the customer's satisfaction. Consolidation, increasing competition, market saturation, increasing customer demands and accelerating product cycles are among the things retailers now have to navigate to remain successful.
Despite todays complexities however, the fundamentals of retail economics remain the same. In fact, the most basic principles of retail economics have not changed since the th Venetian merchants of the 13 century. An admittedly simplified, but potent view of retail economics holds as true today as it did in ancient Venice: Develop a concept that appeals to customers such that goods can be bought for less and sold for more Add locations Cover overhead Accepting this basic view of retail economics, the primary task for a successful retailer is to get the economics of the box store working.
If the retail concept is working, each store produces acceptable gross margins on product sold.
These margins cover the cost of store labor and other store overhead, and the store overall contributes margin to cover corporate overhead. This is the fundamental building block of healthy retail economics, and without it, all other strategies will eventually wither. If the economics of the box work, the next question is one of profitable scale. How many stores are required to support the corporate overhead?
How fast can the store base grow? When and how are investments made to streamline corporate overhead and make it scale more efficiently? If all three concepts are working, a retailers economics are sound. If one aspect isnt working, it is sometimes possible to temporarily cover up for it using the other levers: Adding more stores can cover up for declining margins.
Reducing overhead can cover up for slow growth. Having an exceptionally good year at picking merchandise covers up for excesses in overhead expenses. But none of these cover-ups lasts forever. Only the retailer that successfully manages its economics holistically can expect to win in the long run.
Hypermarket - Is larger version of Super Market with at least 25 check-outs, wider aisles, large parking, better customer service and deep discount.
Discount Store - everything is cheaper. C Store - is miniature supermarket. Super Center - Huge store 3 lakh sq. Warehouse Club - means a sort of wholesaler who sells in bulk at the cheapest possible rate only to members. Department Store - Non- Food outlet of at least 10, sq ft, with 5 different product categories and the trust is garments. A conglomerate of retailer were certain common services like parking, security, elevators, lifts, toilets, drinking water, seating arrangement etc are given by the developer of a mall.
It is not a retail format but format in which retailing is done 3. Anchor Tenants 4. Retail Mix Non Store Retailing 1. Tele- shopping 2. Direct selling 4. Catalogue Shopping] 5.
Vending Machines World of Retailing Largest industry in the world 6. Biggest Employer More than 15 lakh employees. Net profit more than crores Smallest store is sq.
The top retailer in the U. Australia Woolworths Ltd.: Canada Loblaw Companies Ltd.: China Bailian Group: France - Carrefour Fortune Germany - Metro AG Fortune Russia X5 Retail Group N.
United Kingdom Tesco: Cash-and-Carry Wholesale Trading per cent FDI is allowed in wholesale trading which involves building a large distribution infrastructure to assist local retailers and manufacturers. Joint Ventures International firms can enter into agreements with domestic players, and set up base in India. The share of the multinational is restricted to 49 per cent in this route. Manufacturing International retailers can set-up manufacturing units for their products in India.
Entry through this route entails the company the rights to retail the products in India through individual retailing outlets. It opened its first Indian outlet in Yeshwanthpur, Bangalore in on a sprawling 6, square metres area and added one more centre there. METRO provides quality products and business solutions at the lowest possible prices".
In keeping with our motto "From professionals for professionals," we offer an extensive range of high-quality food and nonfood products at competitive prices. With efficient logistics and a business concept that can be adapted flexibly to the requirements of diverse markets and locations, we are actively setting the stage for sustainable growth.
The corporate group is composed of high-performance, operationally independent companies and businesses. Otto Beisheim: Business Concept: Depending on size and type, the outlets offer as many as 20, different food products and up to 30, nonfood products.
In addition, restaurants, hotels, caterers and food retailers profit from a large range of fresh goods. Specific store architectures to meet professional standards.
Classic, Junior and ECO. The sales area of a Classic wholesale outlet is 10, to 16, square meters. This format is mainly used in Western European countries. In Eastern Europe and Asia, smaller Classic stores so called Junior stores of 7, to 9, are generally built.
ECO stores for example, in France and Italy have sales areas of 2, to 4, square meters. While the Classic outlets offer a comprehensive range of up to 50, food and nonfood products, ECO stores are concentrated on food, especially perishables.
With ranges comprising 90 percent food products, ECO stores are mainly geared toward hotel and catering industry customers requiring large amounts of fresh, high-quality food on a daily basis. Corporate Culture: Focused on professional customers Efficient store concept designed for professional needs One-stop shopping Advanced customer service Enhanced customers competitiveness Excellence in supply chain and quality management Strengthening of local suppliers Development of national infrastructures Career opportunities Internationally transferable concept Internationalization Business principle and success factors In advance of market entry - A team of specialists analyzes all aspects relevant to operations, such as downloading, sales and marketing, laws, human resources and logistics.
Local staff a priority - The objective is to staff a new store as quickly as possible with local employees Expanding the business concept in Europe - continued to expand in Southern and Western Europe. A leap across the Mediterranean - jump across the Mediterranean was successfully carried out with stores in Turkey and Morocco. These Centres offer the benefit of quality products at the best wholesale price to over , businesses in Bangalore.
The store Manager Mr. All the stores look alike to each other. Meaning you need not tie up your money in stock that does not sell quickly. This will save your time as compared to downloading from a variety of sources.
Also receive instant alerts through e-mail and SMS. All your download information is available on a single invoice, enabling you to manage your stocks better. About the Card Personalised cards are issued to the representative of the business to facilitate business downloads at any of the METRO Distribution Centre across the globe.
Product Variety Available 1. Food The store offers a wide array of over food items. These include among other things: General Grocery: Sweets, Candies hard boiled - lollipops, orange candy etc. Non Food The store offers a wide array of over 10, non-food items. These include, among other things: Laundry Detergents Washing powders, Bars etc.
Office equipment: Guaranteed quality at a very attractive price. Products under this brand primarily cater to Hotels, Restaurants and Caterers. An exclusive collection of leather products that includes luggage, shoes, belts and other accessories. For all your office requirements. Quality, wide range and the best price in the market.
Guarantee and Warranty If you change your mind METRO will give you cash or credit refund for the products returned within 7 days from the date of download in the original packaging. For any problems, please contact customer entrance at our Distribution Centres. We will be happy to assist you. METRO strives at all times to ensure the best services. Transport Solutions To help you with the delivery of your downloads to your business premises we have partnered with Relogistics.
There are various delivery solutions at competitive rates that you can avail of at the delivery counter at our distribution centres. Now pay in installments! Because you are paying in cash, we can keep our prices low. There is no need to negotiate. We do not hide credit charges in our selling prices.
Choose from a variety of financing option from 12 upto 24 monthly installments. The downloading center or decision making unit is a useful tool which answers the questionWho are involved in downloading decision in an industrial organisation? It is defined as a body of all the individuals or groups participating in the downloading decision process and who have interdependent objectives and share common risks.
Before identifying the individuals and groups involved in the downloading-decision process. Understanding the downloading centre roles helps industrial marketers to develop an effective promotion strategy. downloading Centre Roles There are six roles of downloading centre members. These are: This category includes individuals who first recognise a problem or a need, which could be resolved by download of a product or a service. The initiators could be any individuals in the downloading firm.
The major roles or responsibilities of downloaders are a obtaining quotations or offers from suppliers, b supplier evaluation arid selection, c negotiation, d Processing download orders, e expediting deliveries, and generally, f implementing downloading policies of the organisation.
Usually, they are the download or materials officers and executives. This includes individuals who use the product or service that is to be downloadd.
Often users play the role of the initiators. The influence of the users in downloading decisions may vary from minor to major. They may define the specifications of the needed product. They are the individuals who could influence the downloading decision. Generally, technical people such as design engineers, quality control engineers have a substantial influence on download decisions. Sometimes individuals outside the organisation, who are experts or consultants, play the role of influencers by drawing specifications of products or services.
Deciders The actual downloading decisions are made by the deciders. The deciders may be one or more individuals involved in the downloading decision. It s very important to identify the deciders, although at times it may be a difficult task. Generally, for routine downloads the downloader or download executive may be the decider. But, for high-value and technically complex products, senior executives are the deciders. They are the individuals who could control or filter the flow of the information regarding products and services to the members of the downloading center.
Sometimes the gatekeepers may control sales peoples meetings with the members of the downloading center. Gatekeepers are often the assistants or junior persons attached to download or materials manager. Industrial marketers, after understanding the roles of the downloading-center members, must identify the individuals and groups who are the members of downloading center. The emphasis in the downloading ccntcr is on the organisational groups, that is, the functional areas, which participate in the downloading decision process.
These areas are explained in the following section. Selection of a city 2. Selection of an area within city 3.