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Note for Retail Management - RM By JNTU Heroes

  • Retail Management - RM
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RETAIL MANAGEMENT 14MBAMM302 Module 5: (5 Hours) Retail Pricing: Factors influencing retail pricing, Retail pricing strategies, Retail promotion Strategies Module 6: (9 Hours) Relationship Marketing & International Retailing: Management & Evaluation of Relationships in Retailing, Retail Research in Retailing: Importance of Research in Retailing, Trends in Retail Research, Areas of Retail Research. Customer Audits, Brand Management in retailing, Internationalization of Retailing and Evolution of International Retailing, Motives of International Retailing, International Retail Environment – Socio-Cultural, Economic, Political, Legal, Technological and issues in international retailing Module 7: (6 Hours) Retail Audit and ethics in Retailing Undertaking an audit, responding to a retail Audit, problems in conducting a retail audit. Ethics in retailing, social responsibility and consumerism DEPT. OF MBA /SJBIT Page 2

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RETAIL MANAGEMENT 14MBAMM302 CONTENTS MODULE NO. MODULE NAME PAGE NOS. 1 Introduction & perspectives on retailing 4 - 23 2 Theories of Retailing 24 – 27 3 Retailing strategy for setting up Retail 28 -41 organisation and planning 4 Store management and visual merchandising 42 - 59 5 Retail pricing 60 - 69 6 Relationship marketing & international 70 - 79 retailing 7 Retail audit and ethics in Retailing DEPT. OF MBA /SJBIT 80-84 Page 3

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RETAIL MANAGEMENT 14MBAMM302 Module 1 Introduction and Perspectives on Retailing World of Retailing: Retailing is a global, high-tech industry that plays a major role in the global economy. About one in five U.S. workers is employed by retailers. Increasingly, retailers are selling their products and services through more than one channel—such as stores, Internet, and catalogs. Firms selling services to consumers, such as dry cleaning and automobile repairs, are also retailers. 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 fulfil 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. What is Retailing?  Most common form of doing business  It consists of selling merchandise from a permanent location (a retail store) in small quantities directly to the consumers.  These consumers may be individual buyers or corporate.  Retailer purchases goods or merchandise in bulk from manufacturers directly and then sells in small quantities  Shops may be located in residential areas, colony streets, community centers or in modern shopping arcades/ malls. Meaning of Retailing:  According to Kotler: ´Retailing includes all the activities involved in selling goods or services to the final consumers for personal, non business uses. DEPT. OF MBA /SJBIT Page 4

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RETAIL MANAGEMENT  14MBAMM302 A process of promoting greater sales and customer satisfaction by gaining a better understanding of the consumers of goods and services produced by a company. Characteristics of Retailing: 1. Direct interaction with customers/end customers. 2. Sale volume large in quantities but less in monetary value 3. Customer service plays a vital role 4. Sales promotions are offered at this point only 5. Retail outlets are more than any other form of business 6. Location and layout are critical factors in retail business. 7. It offers employment opportunity to all age Types of Retailers: Store Retailing by Store based Strategy Food Retailers 1. Departmental stores. 2. Convenience Store. 3. Full Line Discount. 4. Conventional Supermarket. 5. Specialty Stores 6. Food Based Superstore 7. Off Price Retailer. 8. Combination Store. 9. Variety Store. 10. Super Centres 11. Flea Market. 12. Hypermarket. 13. Factory Outlet. 14. Limited Line Stores. 15. Membership Club. 1. Department Store Department stores are large retailers that carry wide breadth and depth of products. They offer more customer service than their general merchandise competitors. Department stores DEPT. OF MBA /SJBIT Page 5

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