SUBJECT – RETAIL MANAGEMENT
UNIT -1
Introduction to retail management
Retail Management is the process which helps the customers to procure the desired merchandise
form the retail stores for their personal use. It includes all the steps required to bring the customers
into the store and fulfill their buying needs
Retail and Retailing :- The term retail refers to the sale of goods and services to the public
for consumption. Retailing involves all activities required to market consumer goods and
services to consumers who are purchasing for individual or family needs through a point of
purchase.
:-
, Types of retailers
8 Types of Retail Stores
Grocery/Supermarket. Grocery stores and supermarkets provide a general range of food
products. ...
Convenience Store. ...
Big Box/Superstore. ...
Specialty Store. ...
Department Store. ...
Discount Store. ...
Off-Price Retailer. ...
Warehouse.
Retail market strategy :- A retail marketing strategy is a plan to using marketing tools—
digital or otherwise—to get customers into a store and buying a product. This kind of
strategy is particularly useful for marketing ideas for small retail business, who don't have the
far-reaching resources of corporate juggernauts.
Standalone stores :- A stand-alone business or organization is independent and does not
receive financial support from another organization.
Planning and merchandise management for outlets :- Merchandise planning is a
systematic approach to planning, buying, and selling merchandise based upon the market
demands. In layman terms, it means that if I want to buy product X with color Y and size Z from
your shop, you have that available when I come knocking.
Setting objectives for merchandising plan :- The overall objective of merchandise
planning is to satisfy both the customer's merchandise needs and the retailer's financial
requirements. To attain that objective, the retailer must devise merchandise plans that create an
acceptable balance between the merchandise inventories and sales.
Sales forecasting :- Sales forecasting is the process of estimating future revenue by predicting
the amount of product or services a sales unit (which can be an individual salesperson, a sales
team, or a company) will sell in the next week, month, quarter, or year.
Assortment planning process :- Assortment planning is the process of choosing which
“assortment” of products to sell during a certain time period, and how to allot those products
between different locations and/or sales channels to maximize profits.
Unit – 2
Finance and locations strategies for retailing
Activity based costing (ABC) :- Activity-based costing (ABC) is a method of assigning overhead and
indirect costs—such as salaries and utilities—to products and services. The ABC system of cost
accounting is based on activities, which are considered any event, unit of work, or task with a specific
goal. Activity-based costing provides a more accurate method of product/service costing, leading to
more accurate pricing decisions. It increases understanding of overheads and cost drivers; and makes
costly and non-value adding activities more visible, allowing managers to reduce or eliminate them.
UNIT -1
Introduction to retail management
Retail Management is the process which helps the customers to procure the desired merchandise
form the retail stores for their personal use. It includes all the steps required to bring the customers
into the store and fulfill their buying needs
Retail and Retailing :- The term retail refers to the sale of goods and services to the public
for consumption. Retailing involves all activities required to market consumer goods and
services to consumers who are purchasing for individual or family needs through a point of
purchase.
:-
, Types of retailers
8 Types of Retail Stores
Grocery/Supermarket. Grocery stores and supermarkets provide a general range of food
products. ...
Convenience Store. ...
Big Box/Superstore. ...
Specialty Store. ...
Department Store. ...
Discount Store. ...
Off-Price Retailer. ...
Warehouse.
Retail market strategy :- A retail marketing strategy is a plan to using marketing tools—
digital or otherwise—to get customers into a store and buying a product. This kind of
strategy is particularly useful for marketing ideas for small retail business, who don't have the
far-reaching resources of corporate juggernauts.
Standalone stores :- A stand-alone business or organization is independent and does not
receive financial support from another organization.
Planning and merchandise management for outlets :- Merchandise planning is a
systematic approach to planning, buying, and selling merchandise based upon the market
demands. In layman terms, it means that if I want to buy product X with color Y and size Z from
your shop, you have that available when I come knocking.
Setting objectives for merchandising plan :- The overall objective of merchandise
planning is to satisfy both the customer's merchandise needs and the retailer's financial
requirements. To attain that objective, the retailer must devise merchandise plans that create an
acceptable balance between the merchandise inventories and sales.
Sales forecasting :- Sales forecasting is the process of estimating future revenue by predicting
the amount of product or services a sales unit (which can be an individual salesperson, a sales
team, or a company) will sell in the next week, month, quarter, or year.
Assortment planning process :- Assortment planning is the process of choosing which
“assortment” of products to sell during a certain time period, and how to allot those products
between different locations and/or sales channels to maximize profits.
Unit – 2
Finance and locations strategies for retailing
Activity based costing (ABC) :- Activity-based costing (ABC) is a method of assigning overhead and
indirect costs—such as salaries and utilities—to products and services. The ABC system of cost
accounting is based on activities, which are considered any event, unit of work, or task with a specific
goal. Activity-based costing provides a more accurate method of product/service costing, leading to
more accurate pricing decisions. It increases understanding of overheads and cost drivers; and makes
costly and non-value adding activities more visible, allowing managers to reduce or eliminate them.
