Introduction to retail Management (TYBMS)

Introduction to Retail

1. TYBMS Retail Management Kirti College, BMS priyanka Jinagouda

2. Retail Management Modules at a Glance Kirti College, BMS priyanka Jinagouda

3. Objectives Kirti College, BMS priyanka Jinagouda

4. What is Retailing? Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal or family use. A retailer is a business that sells products and/or services to consumers for personal or family use Kirti College, BMS priyanka Jinagouda

5. Distribution Channel Kirti College, BMS priyanka Jinagouda

6. WHOLESALER OF A & B Manufacturer of A Manufacturer of B Manufacturer of C Manufacturer of D WHOLESALER OF C & D RETAILER OF A, B, C, D RETAILER OF A, B, C, D RETAILER OF A, B, C, D Kirti College, BMS priyanka Jinagouda

7. RETAILER OF A, B, C, D CUSTOMER OF PRODUCT B CUSTOMER OF PRODUCT A CUSTOMER OF PRODUCT C CUSTOMER OF PRODUCT D Kirti College, BMS priyanka Jinagouda

8. Retail comes from….. A French word To cut off, clip off, divide. Kirti College, BMS priyanka Jinagouda

9. Characteristics of retailing Direct end user interaction Sales are in smaller unit size but on frequent bases. Location is a critical factor. Services are as important as core products. They offer an assortment of products. Large number of retail outlet in comparison to other members of the chain. Kirti College, BMS priyanka Jinagouda

10. Characteristics of retailing The average amount of sales transaction for retailers is much small . Final consumer makes many unplanned or impulse purchase. Retail customer usually visit a store even if website sales exists. Kirti College, BMS priyanka Jinagouda

11. What is Retailing? Any business that directs its marketing efforts towards satisfying the final consumer based upon the organization of selling goods and services as means of distribution Kirti College, BMS priyanka Jinagouda

12. What is Retailing? It Encompasses the Business Activities Involved in Selling Goods And Services To Consumers For Their Personal , Family, Or Household Use. It Includes Every Sale To Final Consumer Ranging From Cars To Apparel To Meals At Restaurants To Movie Tickets. Retailing Is The Last Stage In The Distribution Channel Kirti College, BMS priyanka Jinagouda

13. Functions Breaking bulk Providing assortment of products Holding inventory Providing services Channel of communication Transport & advertising functions PoS , In store Communication Creation of utilities Form, Time, Place, ownership Kirti College, BMS priyanka Jinagouda

14. Providing an assortment of products Provide a large variety of products. The same as well as different brands Consumers thus have a wide range to choose from. Retailers balance the demand from both sides. They may specialize in one kind of assortment. Kirti College, BMS priyanka Jinagouda

15. Breaking The Bulk Producers sell in large quantities and consumers buy in small quantities. Kirti College, BMS priyanka Jinagouda

16. Holding stock Holds stock for the manufacturers Maintain an inventory for instant availabilty of products for consumer. This helps to keep prices stable. Kirti College, BMS priyanka Jinagouda

17. Regulate production ENABLING MANUFACTURER TO REGULATE PRODUCTION. HELPS CONSUMERS TO KEEP PRODUCTS IN SMALL QUANTITIES Kirti College, BMS priyanka Jinagouda

18. Providing services Credit to consumers Display of products , consumers can see and test them Sales people to answer questions and additional information. Home delivery. Kirti College, BMS priyanka Jinagouda

19. Why producers need retailers? Why consumers need retailers? Flipped Classroom Importance of retailers Kirti College, BMS priyanka Jinagouda

20. Retail Management The process of bringing the ultimate user to the main producer through a series of stages where retailing is the last one. It is not limited to quantities but to the exact requirement of last user. Bringing about operational efficiency at this last stage and making an environment so compelling that the consumer looks no where else. Kirti College, BMS priyanka Jinagouda

21. How Retailers Add Value Breaking Bulk -Buy it in quantities customers want Holding Inventory -Buy it at a convenient place when you want it Providing Assortment -Buy other products at the same time Offering Services -See it before you buy, get credit, layaway Kirti College, BMS priyanka Jinagouda

22. Effective retail management Variables for Retailers Customer Service Store Design and Display Merchandise Assortment Communication Mix Location Pricing Retail Strategy Kirti College, BMS priyanka Jinagouda

23. Effective retail management The retailer must keep a record of all the products coming into the store. The products must be well arranged on the assigned shelves according to size, color, gender, patterns etc. Plan the store layout well. The range of products available at the store must be divided into small groups comprising of similar products. Such groups are called categories. A customer can simply walk up to a particular category and look for products without much assistance. Kirti College, BMS priyanka Jinagouda

24. Effective retail management A unique SKU code must be assigned to each and every product for easy tracking. Necessary labels must be put on the shelves for the customers to locate the merchandise on their own. Don’t keep the customers waiting. Make sure the sales representatives attend the customers well. Assist them in their shopping. Greet them with a smile The retailer must ensure enough stock is available at the store. Kirti College, BMS priyanka Jinagouda

25. Effective retail management Make sure the store is kept clean. Don’t stock unnecessary furniture as it gives a cluttered look to the store. The customers must be able to move freely. The store manager, department managers, cashier and all other employees should be trained from time to time to extract the best out of them. They should be well aware of their roles and responsibilities and customer oriented. They should be experts in their respective areas.

26. Effective retail management The store manager must make daily sales reports to keep a track of the cash flow. Use softwares or maintain registers for the same. Remove the unsold merchandise from the shelves. Keep them somewhere else. Create an attractive display. Plan things well in advance to avoid confusions later on. Kirti College, BMS priyanka Jinagouda

27. Factors influencing Retail Mgmt Range of merchandise Quality & range of assortment Durables, books, music, apparel and lifestyle products Convenience of shopping Time to travel Socio-economic background and culture Stage in family life cycle Kirti College, BMS priyanka Jinagouda

28. Factors influencing Retail Mgmt Range of merchandise Convenience of shopping Grocery, fruits, chemists Time to travel Socio-economic background and culture Stage in family life cycle Kirti College, BMS priyanka Jinagouda

29. Factors influencing Retail Mgmt Range of merchandise Convenience of shopping Time to travel Metros, big cities- High travel time, traffic, distance Local shopping areas to facilitate shopping Multi brand outlets, malls, supermarkets are seen in many Indian cities Socio-economic background and culture Stage in family life cycle Kirti College, BMS priyanka Jinagouda

30. Factors influencing Retail Mgmt Range of merchandise Convenience of shopping Time to travel Socio-economic background and culture Determines consumers lifestyle Influences type of stores as per his comfort Merchandise mix, communication strategy depends on socio-economic background of consumer Stage in family life cycle

31. Factors influencing Retail Mgmt Range of merchandise Convenience of shopping Time to travel Socio-economic background and culture Stage in family life cycle It determines the needs Young bachelor, teen, elderly Retailer should be clear about target market Retailer cannot be everything to everybody Kirti College, BMS priyanka Jinagouda

32. Scope Category Management CRM Store Management Supply chain Management Inventory Management Vendor Management Kirti College, BMS priyanka Jinagouda