functions of retail management pdf

The process of retail management has evolved from managing a physical store in one location to handling retail outlets around the world, concentrating efforts on virtual shops or online shopping. This adds to the vigor of commercial activities in the economy. In recent years it has changed considerably. It bridges the gap from where we are & where we want to be. organizations’ strategic management. Manufacturer – the one who sources raw materials, land, labor and applies his entrepreneurial skills in the production of goods. Planning is described as one of organizations’ management functions and actually the core function of organization management. I am a serial entrepreneur & I created Marketing91 because i wanted my readers to stay ahead in this hectic business world. These duties include but are not Retail Management is an activity of selling products or services to their end-users. When the retailer orders and stores a large quantity of goods from the manufacturer, he makes sufficient provisions to store it safely for some days. A retailer ensures availability of a wide variety of choices of products for the customers by keeping different varieties at various prices and als… Function of creating place utility. The retailer is rightly placed to gather critical consumer feedback and, Many retailers are present in more than one retail format such as online retail as well as a brick-and-mortar store. The retailers know the complete demand and supply potential due to their years of experience. Retail Management pdf notes book starts with the topics Introduction and Perspectives on Retailing, Store Security, Parking Space Problem at Retail Centre, Store Record and Accounting System, Coding System, Table of Contents. It also introduces you to visual merchandising, retail marketing mix, and e-tailing. It is an exercise in problem solving & decision making… Responsible to perform and supervise housekeeping duties. 4) Stores the goods according to market requirement. This also facilitates consumption and maximizes consumer satisfaction. 2. BBM - Retail Banking Library of 03 Courses 60. MS RMS) BSc/BA in business administration, sales or relevant field; MSc/MA is desirable; Hiring Retail Manager job description Post this Retail Manager job description job ad to 18+ free job boards with one submission. Retail trade, especially the brick-and-mortar models, are human resource-centric establishments. The differentiating factor of retail supply chain management from other supply chain management is in the volume of product movement and the fast-moving nature of the products of the retail industry. In order to attract more customers, a retailer offers a wide range of merchandise at attractive prices. Directly to the consumer:Retail stores are the last channels of distribution where the actual sales to the customer happen. This involves offering sales promotions, setting quotas, or holding contests for employees. The company has, for over 100 years, grown from a small family owned and operated business into a Fortune 300 company — and, as the author will argue, all because of the leadership’s small-town values spanning three generations. 8) Offers wide variety of customers and enticing price range in a product line. Various functions of retailing are sorting, breaking bulk, holding stock, as a channel of communication, storage, advertising and certain additional services. Wholesaler – deploys huge investments in warehousingand stocking of goods bought in bulk quantities from the manufacturer to sell them at a wholesale mark up i.e. The retailer invests his working capital in building a gamut of inventory reflecting market requirements. Some vendors offer highly vertically specific feature sets (e.g. BigCommerce’s Omnichannel Retail Report found that: 80% of respondents ranked shipping cost and speed to be “extremely influential” in where they shopped. HRM is management function that helps managers to recruit, select, train and develop members for an organization. According to KOONTZ, Planning is deciding in advance - what to do, when to do & how to do. Also, there is also a risk of loss of these goods on account of destruction, theft, spoilage etc. It keeps growing by moving retail operations … Required fields are marked *, Copyright © 2020 Marketing91 All Rights Reserved, Above 30 Marketing and strategy models and concepts, Types of Goods: Complete list of 26 Different Types of Goods Explained, 10 different brand colors and what they stand for, Difference between wholesalers retailers and distributors, Cost Control: Definition, Role, Standards and Advantages, Variable Pricing: Definition, Examples, Model and Advantages, What are Staple Goods? A plan is a future course of actions. It is the first stage of running the business. With diverse roles and departments in the retail industry there is a need for distinct types of management to direct and accommodate different areas and departments: Human resource management; Operations management or production management The next level up would be intermediate management that supervises entry level and other staff. Production/Operation function: The set of interrelated management activities which are involved in manufacturing certain products is called production management and for service management, then corresponding set of management activities is called as operation management. Marketing orientation: Retailing is a dynamic industry. 5) Lends a hand in manufacturer’s marketing initiative. 7) Extends credit facilities to the consumers and assumes credit risk. stream Let's stay in touch :), Your email address will not be published. The retail supply chain has to be monitored very closely and has to be free of glitches as the products are always on the move and the cycle time is very low. g�!K��h�D��ں>�cf�4�>��� �������d�ݹx��(��{ Major participants in Production and Distribution cycle, Top 10 Problems for Small Businesses in 2021, Communication Process – Definition, Importance, Components and How to Improve. They require many employees for numerous functions such as stock taking, over the counter selling, packaging, after sales services, floor management etc. The major participants in any commercial cycle are: A retailer is a person who has set up a commercial establishment to sell goods and services in smaller quantities to the end consumers for their personal use. Because the retailer takes over the cumbersome task of distribution of goods manufactured to the target market, the manufacturer is relieved of this responsibility and can divert his resources to manufacturing activities. 50 Chapter 4 Management and Its Basic Functions top levels both constitute management, just as the people directing the efforts of others at numerous intervening levels also belong to management. 2) Is an essential part of the distribution chain. Introduction to Bank Lending Environment Library of 07 Courses 61. 56. Retail Management Tutorial in PDF - You can download the PDF of this wonderful tutorial by paying a nominal price of $9.99. This tutorial introduces you to various concerns of retail business such as retail marketing, space management, and retail operations. @@��tv��vWm}�v7�y�)S_�{~���C�f���7Ȯ���-r��W�u+L�S-�$�� ��\�q�l��&��l��!�K�u�)�;o::�g�o���&��㥸�֧�ث�{ՙ���l>�p~}L�}CTA�. In retail management, planning is what sets the ball rolling. A plan is a proposed method of doing or achieving something. That's because management wears many hats. By making researches A. O. Oparanma, D. I. Hamilton Some of them are as follows: 1) Delivery of the goods to the end consumer. %PDF-1.4 One of the functions of retailing is immediate delivery. Looking ahead into the future and predict possible trends or occurrences which are likely to influence the working situation is the most vital quality as well as the job of a manager.Planning means setting an organization’s goal and deciding how best to achieve them. 3. 10) Offers after sale services, differentiated packaging, giving more information about the use of the product. This arms him with very critical market intelligence enabling the entire commercial fraternity to gear up for the changing economic scenario. right in his store. Definition, Meaning and Examples, Price Elasticity Of Supply: Definition, Types, Formula & Factors Affecting it, 6 Main Types Of Marketing Channels Observed in the Business World. Various parties to the production and distribution of goods play a pivotal role in any economy keeping the robust volume of trade and commerce flowing through the market, leading a nation to prosperity. This involves costs. The main function of merchandising is buying which may be centralized or decentralised. P��,q ���)��r��~(�T��6Oh�;�oS��/�I|W^E�״�-�v�R0:5�g�Z���"��TaJ��X!���i�}5$��BC2�/�2KLLw�ѼdJ�\��_L`Һ�6����b�b��d�@١��BZs �L�H�k�t�����R�����83``_[e}��`�V2����<6�*��߅���2y�$ʎde �$���U+���5��uݥKesX���@Tj��v�ª�����NСl'�rwnp� ��/`�v�cJ��"��|���!�~��֥+k��Ae��������&�k�xHK}ۑ2 �S��q��H���8�A��z�d���p ��6����x�u�����W1�R+�[D�9�ԑ��1�6Oԃ�2�+2bgd��tђ�F�ey��_ߡ���ݕ���� �������$�e':�D

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