RETAIL MANAGEMENT

By :AMAAN KHAN

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.

DEFINITION OF RETAILING

“Retailing includes all the activities involved in selling goods or services to the final consumers for personal, non business use”.

RETAIL MANAGEMENT

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.

PURPOSE OF RETAIL MANAGEMENT

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.

FACTORS INFLUENCING RETAIL MANAGEMENT

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.

IMPORTANCE OF RETAIL MANAGEMENT

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.

QUALITY REQUIRED FOR RETAIL PERSONNEL

Be a people person Be flexible Be decisive Have analytical skills Have stamina

TYPES OF RETAIL OUTLETS

Retail outlet

Discount Stores

Warehouse Stores

Super market

Mom and Pop Store

Dollar StoresE Tailers

Malls

Specialty Stores

Department Stores

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.

4. WAREHOUSE STORESA 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. MallsMany 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.

8. E Tailers Online retailing

9. Dollar Stores Dollar stores offer selected

products at extremely low rates but here the prices are fixed.

ADVANTAGES OF RETAIL MANAGEMENT

The fast turn-over of capital investment.

The comparatively small investment required.

The easy control of the business. The absence of styles or seasons.

RETAILERS AND CUSTOMERS - RELATIONSHIP MANAGEMENT

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.

THANK YOU

HAVE A NICE DAY