2. INTRODUCTION
Retail management is to rightly manage all the
activities needed to carry out to make products or
services available to customers from vendor for
personal or family use. It carries all the activities that
are being done in a business like raising capital, buying
products and services, deploying accounting and
management information system for control activities,
managing warehouses and distribution, developing new
products and also the marketing activities. Managing all
these activities in retail is what we call retail management.
3. “Retailing includes all the activities
involved in selling goods or services to the
final consumers for personal, non business
use”.
4. Retail management includes all the steps required to
bring the customers into the store and fulfill their
buying needs.
The various processes which help the
customer to procure the desired merchandise from the
retail stores for their end use refer to retail
management.
5. Retail management saves time and ensures
the customers easily locate their desired
merchandise and return home satisfied.
An effective management avoids
unnecessary chaos at the store.
6. Social - how consumers, households and communities behave
and their beliefs.
Economical - how the economy affects a business in terms of
taxation, government spending, general demand, interest rates,
exchange rates and European and global economic factors.
Technological - how the rapid pace of change in production
process and product innovation affect an organization
Political - how changes in government policy might affect the
business
Legal - the way in which legislation in society affects the
business.
7. It breaks the bulk that comes from vendor into small
manageable forms for customer
It provides an assortment of products to customer.
Not only products is what customers want, they also want
service that is being provided to customer
Sometimes it also manage the inventory and warehouses
It also studies customer's needs and wants and provides the
sales pattern to the customer
It acts as a link between vendor and the end user
It provides information as well as convenience to the
customers.
8. Best customer service with fair profit
Heavy competitive environment where customer
have too many choice
Retention of customers
9. Be a people person
Be flexible
Be decisive
Have analytical skills
Have stamina
10. Managing time.
Recruiting and supervising staff.
Building skilled and motivated sales and service
teams.
Managing change.
No manager can be effective in just one of these
areas. They are interrelated and interdependent.
12. 1. DEPARTMENT STORES
A department store is a set-up which offers wide
range of products to the end-users under one roof.
2. DISCOUNT STORES
Discount stores also offer a huge range of products
to the end-users but at a discounted rate.
3. SUPERMARKET
A retail store which generally sells food products
and household items, properly placed and arranged in
specific departments is called a supermarket.
13. 4. WAREHOUSE STORES
A retail format which sells limited stock in bulk at a
discounted rate is called as warehouse store.
5. MOM AND POP STORE
Mom and Pop stores are the small stores run by individuals in
the nearby locality to cater to daily needs of the consumers staying in
the vicinity.
6. SPECIALTY STORES
Specialty stores sell only selective items of one particular brand
to the consumers and primarily focus on high customer satisfaction.
7. Malls
Many retail stores operating at one place form a mall. A mall
would consist of several retail outlets each selling their own
merchandise but at a common platform.
14. 8. E Tailers
Online retailing
9. Dollar Stores
Dollar stores offer selected products at extremely low rates
but here the prices are fixed.
15. The fast turn-over of capital investment.
The comparatively small investment required.
The easy control of the business.
The absence of styles or seasons.
16. It can be smoothly maintained by:
control over channel
profit allocation
number of competing retailers
product displays
promotional support
payment terms
operating flexibility
17. Seek to establish and maintain long-term bonds with
customers, rather than act as if each sales transaction is
a completely new encounter
Use a win-win approach
Develop a customer database.
