Retail Management Notes, Basics of Retail Management, Classification of Retailers, Types of Retailers, Scope of Retailing, Functions of Retailers, Role of Retailers in Distribution Channel, Indian retailscape, organized and Unorganized Retailers,
Retail Management Notes, Basics of Retail Management, Classification of Retailers, Types of Retailers, Scope of Retailing, Functions of Retailers, Role of Retailers in Distribution Channel, Indian retailscape, organized and Unorganized Retailers,
This Value Chain Analysis or VCA is based on a case about a fashion house from the book on Corporate Strategy:
http://www.calameo.com/books/0001753384f5567f56713
Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
This Value Chain Analysis or VCA is based on a case about a fashion house from the book on Corporate Strategy:
http://www.calameo.com/books/0001753384f5567f56713
Key measure of the retailer’s success is selling as much merchandise as possible at the highest profit margin.
Retailers can no longer depend on random sourcing / buying in the hope that they will sell them all.
There are two major areas of profit leakage in retail. Firstly - lost sales resulting from lack of stock, and secondly - forced margin reductions (markdown) due to excessive stock.
There are processes and solutions in order to reduce and eliminate excess inventory and maximise profit. That is "Merchandise Planning".
Merchandise Planning is "A systematic approach by the retailer, aimed at maximising return on investment, through sales & inventory planning, in order to increase profitability”.
Main goal of Merchandise planning is to maximize the use of assets, and resources a company owns.
In the long run, effective merchandise planning can save time, help streamline business processes and objectives, and optimize and mobilize inventory to get it off the shelves into the hands of the consumers for the right price.
Analytics have become a vital element in grocery retailers’ toolboxes, helping them to hone in on best practices in order to improve customer service. From space management and promotion planning to price optimization and assortment planning, analytics are delivering the insights that help grow the business and improve the bottom line.
Retailers around the world are finding success with insight-driven analytics. Representing the largest grocery cooperative in Finland, Ilkka Alarotu from the S Group will share his expertise and experiences with analytics in an upcoming webinar.
Joining Alarotu during the webinar, industry consultant Jim Hertel from Willard Bishop will discuss his perspective on the benefits of analytics; and Cyndy Renfrow from SAS will share grocery case studies highlighting innovation and analytics.
The goal of the project was to analyze the retail stores sales, inventory and product data to accurately forecast the demand to optimize the inventory management
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The Impact of Inventory Management on Manufacuring Industryinventionjournals
Inventory is generally considered to comprise in three main areas which are raw materials, work in progress and finished goods. Where these are held and in what quantities, and how they are managed will vary significantly from one organization to another. The activities of inventory management involves are identifying inventory requirements, setting targets, providing replenishment techniques and options, monitoring item usages, reconciling the inventory balances, and reporting inventory status. In order to have clear inventory management, a company should not only focus on logistic management but also on sales and purchase management. Inventory management and control is not only the responsibility of the accounting department and the warehouse, but also the responsibility of the entire organization. Actually, there are many departments involved in the inventory management and control process, such as sales, purchasing, production, logistics and accounting. All these departments must work together in order to achieve effective inventory controls. Inventory includes raw material in progress, finished products, general Suppliers and equipment etc. inventory control may defined as systematic location, storage and Recording of goods in such a way that desired degree of service can be made to the operating shops at minimum ultimate cost. The need for inventory control is to maintain stock of goods and ensure Manufacturing according to the production schedule based on sale requirement and the lowest possible ultimate cost to the customer. Every enterprise needs inventory for smooth running of activities, it serves as link between production and distribution process and there is general time lag between the recognition of a need and its fulfillment. The greater time lag, the higher the requirement for inventory. The unforeseen fluctuation in demand and supply of goods also necessitate the need for inventory as it provides cushion for future price fluctuation. This paper includes the concept of inventory management, nature of inventory management, materials management techniques and inventory accounting
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No of digital banking products available in market and their uses.
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Thanks
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June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
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Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
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Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
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The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
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Knowledge and skills frameworks, generally called competency frameworks, for ELT teachers, trainers and managers have existed for a few years now. However, until I created one for my MA dissertation, there wasn’t one drawing together what we need to know and do to be able to effectively produce language learning materials.
This webinar will introduce you to my framework, highlighting the key competencies I identified from my research. It will also show how anybody involved in language teaching (any language, not just English!), teacher training, managing schools or developing language learning materials can benefit from using the framework.
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1. Retail
Merchandise
Management
By-
Anuj Singh
Kapil Dev Aggarwal
Lokesh Khandelwal
Swati Sharma
Jaipuria Institute of Management, Jaipur-
1/29/2012
Retail Management
2. Basis of Retail Merchandising
• Product and merchandising management is key activity in the
management of retail business.
• The primary function of the retailing is to sell Merchandise.
• One of the most strategic aspects of the retail business is to decide
the merchandise mix and quantity to be purchased .
• Merchandising can be termed as the planning, buying and the
selling of merchandising
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
3. Retail Merchandise Management
The analysis, planning, acquisition, handling and control of
merchandise investments of a retail operation.”
Analysis: because retailers must be able to correctly identify their
customers before they can ascertain consumer desires and their
needs/requirements for making a good buying decision.
Planning is important because merchandise to be sold in the future
must be bought now.
Acquisitions because the merchandise needs to be procured from
others, either distributors or manufactures.
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
4. Retail Merchandise Management
• Handling involves seeing that the merchandise is where It
is needed and in the proper condition to be sold.
• Control is required since the function of merchandise
involves spending money for acquiring products it is
necessary to control the amount of money spent on
buying
• The planning involved in marketing the right
merchandise at the right place at the right time in the
right quantities at the right price.
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
5. Factors Affecting the Merchandising Function
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
6. Merchandising Management System
Integrated Flow
Merchandise Management
Distribution into Hand of the
Retail Logistic Buying
store Consumer
System
Merchandise
Buying
3 Sub System Ordering
Handling
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
7. Merchandise Buying
Identify Contact
Merchandise
sources of sources of
Buying
supply supply
Evaluate Negotiate with
sources of sources of
supply supply
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
8. Buying Process
Some considerations:
Manufacturer versus Wholesaler as vendor
Determine suitability of product - quality, colors,
durability, etc.
Determine suitability of Distribution - available,
order time, consistency, etc.
Price
Promotional support
Service support
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
9. Methods of Merchandise Planning
Gross margin Return
on Inventory (GMROI)
Merchandise Planning
Inventory Turnover
Basic Stock Method
Method
Percentage Variation
Method
Weeks’ supply Method
Stock to Sales Method
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
10. Methods of Merchandise Planning
Gross margin Return on Inventory (GMROI)
GMROI = Gross Margin Percent x sales to stock ratio
= (gross margin/net sales )x
(net sales/average inventory at cost)
= gross margin/average inventory at cost
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
11. Methods of Merchandise Planning
Inventory Turnover
Inventory turnover = Net Sales/Average inventory at retail
Inventory turnover = Cost of goods sold/Average inventory
at cost
Average inventory = Month1 + Month2 + Month 3
+…/Number of months
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
12. Methods of Merchandise Planning
Basic Stock Method
Average monthly sales for the season = Total planned sales for the
season/Number of months in the season
Average stock for the season = Total planned sales for the
season/Estimated inventory turnover rate for the season
Basic stock = Average stock for the season – Average monthly sales
for the season
Beginning-of-Month (BOM) = Basic stock + Planned monthly sales
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
13. Methods of Merchandise Planning
Percentage variation method (PVM)
The (PVM) can be calculated as follows:
BOM stock =Average stock for season X ½[1 + (Planned
sales for the month/Average monthly sales)]
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
14. Methods of Merchandise Planning
Weeks’ supply method (WSM):
Number of weeks to be stocked = Number of weeks in the
period/Stock turnover rate for the period
Average weekly sales = Estimated total sales for the
period/Number of weeks in the period
BOM stock = Average weekly sales X Number of weeks to be
stocked
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
15. Methods of Merchandise Planning
Stock-to-sales method (SSM)
Average BOM stock-to-sales ratio for the season = Number
of months in the season/Desired inventory turnover rate
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
16. Determinants of Merchandise Mix
Merchandise Mix
Breadth
Constraints
Depth
Finances Space Turnover Market
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
17. Merchandise Ordering
Traditional Purchase Order System (often adversarial relationship)
Quick Response System - uses computer technology (partnership
of vendor and retailer)
Electronic Data Interchange - technology connecting retailer and
vendor in a quick response system
Just-in-Time Delivery Systems - Reduces inventory requirements
Direct Store Delivery (DSD) - no warehouse; vendor delivers
directly to store
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
18. Merchandise Handling
Stocking of merchandise can be at store or at warehouse
In either case, receiving function must inspect, verify and log in
deliveries and compare to vendor invoice
Price marking of product must be performed, if required
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
19. Visual merchandising
Can be termed as the orderly, systematic, logical and intelligent
way of putting stock on the floor”
VM is the art of presentation, which puts the merchandise in
focus. It educates the customers, creates desire and finally augments
the selling process.
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management
20. Retail Management System
Retail Management System
1/29/2012 Jaipuria Institute of Management, Jaipur-Retail Management