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. And, the examples Levy provides form foundations of successful retailers around the world. Amazon is in the news daily, and, fairly or not, many consier the e-commerce giant as a symbol of this disorder. The company merely acknowledges that these products are produced “exclusively for Prime members.”. The retail sector continues to grow all over the world. Lisa and Tom are co-owners of the neighborhood pet store and a movie theater. Keeping a record of all the products coming into the store makes retail management functional. What Are The Best Books On Business Case Studies? The retailer’s inability to find the product in time is reflective of poor management. Retail management includes all the steps required to bring the customers into the store and fulfill their buying needs. Digital disruption has been and continues to be a formidable force on this sector. Please choose the SWAYAM National Coordinator for support. Required fields are marked *. Practical tools and techniques of retail strategy. The acquisition of such products may include covering bodies from the retail stores for their end use. Final score between 50% -59.99%: Grade C. 4. Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied. His current projects include ‘A Dynamic Model for Forecasting in Indian Retail Sector’, ‘Store Atmospherics as a Tool for Retail Productivity’ and ‘Technographic Segmentation of Indian Retail Consumers.’. An effective management limits unnecessary chaos at the store. Effective Management limits shopliftings to a large extent. eval(ez_write_tag([[250,250],'mgtblog_com-box-2','ezslot_1',119,'0','0']));For businesses to function effectively, management plays an integral part. Weightage: 25% weigtage for weekly assignment + 75% weigtage for final exam. As managers they are responsible for selling services and merchandise to customers in their stores. Besides commercial activities, Management is required in all aspects of life and forms. Author Michael Levy in his definitive retail textbook said value-creating functions described by, widely used, Retailing Management, are as follows: Creating value is an important aspect of retail management. According to a recent article published on Wall Street Journal, Amazon controls 20 percent of online retail in the U.S., and 90 percent of U.S. consumers choose Amazon as their online retailer of choice. These value standards include aspects regarding environmental impact, social responsibility, workplace safety and diversity. Retail Management is an activity of selling products or services to their end-users. The key take away would be understanding how a retail business works; the core issues and challenges involved; the key terms and terminologies associated and an appreciation of Indian retail … This course will introduce the basic concepts of retailing to the participants. He has successfully developed and applied many quantitative models and business model frameworks in solving marketing/retailing-related problems. Your email address will not be published. Bringing people together on a common platform seems like a difficult task. The store manager, cashier, department managers, and all other employees should be trained from time to time to take out the best out of them. Retail management is to ensure the customers leave the store with a smile. His area of research involves Retail Productivity Analysis, Retail Atmospherics and Retail Consumer Behaviour. Retail conforms to supply chain management with a bout of marketing, real estate, HR, and accounting. Besides shoplifting is a major issue for retailers. * : By Ashis Mishra   |   It also introduces you to visual merchandising, retail … Final score between 40% -49.99%: Grade D. 3. An well-organized retailer is able to avoid unnecessary searching. A greater awareness of how to develop and sustain a competitive advantage in retail sector. A careful combination of business theory, skilled practice, creativity, and technology is pushing this sector forward. Retail Management. Customers analyzing retailers today are the ones who set value standards. The key take away would be understanding how a retail business works; the core issues and challenges involved; the key terms and terminologies associated and an appreciation of Indian retail sector. A customer looks for products without much assistance and can keep products on a particular category. Introduction to Retail Management. Retailers must keep products on the assigned shelves according to size, color, gender, patterns etc. An effective management avoids unnecessary chaos at the store. They should be well aware of their roles, responsibilities, and customer oriented. Retail Focus/Significance of Retail Business, Manufacturer – Retailer Relationship Change, Philosophy of retail formats classification, Various basis of classification of retail formats, Strategy mix based classification-Food & Grocery, Strategy mix based classification-General Merchandise, Week 3- Retail Competition & Retail Strategy, Week 4- Financial Strategy for retail business, Indian Institute of Management Bangalore (IIMB), An understanding of the retail business model for brick and mortar formats. He has published over 10 papers in various national and international journals of repute. The merchandise needs to be well organized. 5 RETAIL MANAGEMENT MBA 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. However, the retail sector is going through rapid change. Consequently, the retailer then sells the products and services to you, customer, for more than he or she paid. Emulating Costco and others, Amazon started selling its own products — AmazonBasics — and the recent possession of Whole Foods supports a large competitive downside the company had in the grocery category.

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