Management, Books and Learning

Retail Formats (Classification, Key Features, Advantages and Disadvantages) Retail Formats can be classified into the following categories: Store Based:  Store based formats can be further classified into two formats based on the basis of Ownership or Merchandise offered. Non Store Based Classification:  Non Store retail organizations focus on establishing direct contact with the consumer. This may be both personal (direct personal selling) and nonpersonal TV, the Internet, mail, catalog or phone). Service Based Classification:  Such retailers specialize in providing different kinds of services to the end consumer. The services can be classified as Banking Services, Rentals, Electricity, cooking gas, etc. Various factors like quality of service, how much customization can be provided for meeting the client specific requirements, the uniqueness of the service and delivery within the timelines, usage of innovative technology, etc, are given importance fo...

Retail Management Meaning and its Need What is management ? Management refers to the process of bringing people together on a common platform and make them work as a single unit to achieve the goals and objectives of an organization. Management is required in all aspects of life and forms an integral part of all businesses. Retail management The various processes which help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management . Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs. Retail management makes shopping a pleasurable experience and ensures the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty. Need for Retail Management - Why retail management ? Peter wanted to gift his wife a nice watch on her birthday. He went to the nearby store to check out few o...

Cross Merchandising Retailing refers to the concept of selling merchandise in small quantities to the consumers for their end use. According to retailing, the individual can walk up to any nearby retail store and purchase products as per his need and pocket in small units for his own consumption. The display of merchandise at the store plays an important role in attracting the customers into the store . The display of the products at the retail store goes a long way in influencing the buying behaviour of the consumers. The presentation of the products is essential to create that first impression in the minds of the consumers. Cross Merchandising Cross merchandising refers to the display of opposite and unrelated products together to earn additional revenues for the store . Products from different categories are kept together at one place for the customers to find a relation among them and pick up all. According to cross merchandising: Unrelated products are d...

Retail Mechanism - How does retail work ? Retailing is defined as the process of selling merchandise to the consumers for their end use in small quantities. The retailer sells products to the end-users either in single units or in small quantities as per their need and capability. Retailer .................................. Consumer (End -User) Retailing How does retail work ? Let us now understand the various ways a consumer can purchase goods from the retailer. Largely Retail purchase can be divided in two parts : 1. Counter service/ Sales (Serving customer at our location) OR 2. Delivery Service (Serving customers where they are) Counter service As the name suggests, counter service refers to the process of procuring the merchandise from the counter. The buyer does not have an easy access to the merchandise of the store and he can’t pick up things on his own. In such a mechanism the buyer has to walk up to the counter and ask for his requirements. Exampl...