Retail Management

• It means communicating with shoppers and viewing their desires as critical to the firm's sucess.

  A: Retailing
• They own and run a single shop, and determine their policies independently.

  A: Independent retailers
• Offer and keep similar merchandise.

  A: Chain stores
• Stores that run business ynder an established brand name or a particular format by an agreement between franchiser and a franchisee.

  A: Franchise
• Owned and run by consumers with the aim of providing essentials at reasonable cost as compared to market rates.

  A: Consumer Co-operative stores
• Are small stores generally located near residentail premises l, and are kept open till late night or 24/7.

  A: Convenience stores
• Large stores with high volume and low profit margin.

  A: Supermarkets
• Are one-stop shopping retail stores with atleast 3000 sq. ft selling space.

  A: Hypermarkets
• Retail stores offer a particular kind of merchandise such as home furnishing, domestic electronic appliances, computers and related products.

  A: Specialty stores
• It is a multi- level, multi- product retail store. It offers selling space in the range of 10% to 70%for food, clothing and household items.

  A: Departmental stores
• Retail store which sell items that are produced in excess quantity at doscounted price.

  A: Factory Outlets
• Retail outlets keep catalogue of the products for the consumers to refer.

  A: Catalogue Showrooms
• It is form of retailing where the retailer is in direct contact with consumer ate the workplace or at home.

  A: Non-store based retailing
• Type of retailer is often the most complex offering a wide range of products and can appear as a collection of smaller retail stores managed by one company.

  A: Department store
• Type of retailer concentrates in supplying a range of food and beverage products.

  A: Supermarkets
• Type of retailer is usually situated in retail or Business Park and where premises rents are lower.

  A: Warehouse retailer
• Type of retailer is able to offer the customer expert knowledge and a high level of service.

  A: Specialty Retailers
• Type of retailer enables customer to shop on line via the internet.

  A: E- tailer
• Type of retailer offers limited range of products and premium prices due to the added value of convenience.

  A: Convenience retailer
• Type of retailer offers a variety of discounted products.

  A: Discount retailer
• Physical and Psychological space where business interact with customers to sell products and services.

  A: Retail Environment
• ACTORS IS THE RETAIL MICRO ENVIRONMENT

  1. suppliers
  2. intermediaries
  3. competitors
  4. customers
• The sphere of influence outside the company that shapes how companies do business.

  A: Macro environment
• Forces in retailer's macro environment

  • Demographic environment
  • Political/Legal environment
  • Social/Cultural environment
  • Economic Environment
  • Technological environment
• Retail Life cycle

  • Innovation stage
  • accelerated development
  • maturity
  • decline
• is the process which helps the customers to procure their desired merchandised form the retail stores for their personal use.

  A: Retail management
• Provides merchandising services and solutions for major real outlets.

  A: Retail dynamics
• The Five step process are:

  1. Need recognition or Problem recognition
  2. Information search
  3. Evaluation of alternatives
  4. Purchase decision
  5. Post purchase decision
• Independent firms which assist in the flow of goods and services from producers to end-users.

  A: Marketing Intermediaries
• A person or organization that represents a business or product and is responsible for promoting and selling it to potential customers.

  A: Agent
• refers to the movement of finished goods from the company's distribution and fulfillment networks to end user.

  A: Physical distribution
• is a process of storing goods in a warehouse for the purpose of distribution, sale or manufacturing.

  A: Warehousing
• also call stock control, is the proces of ensuring the right amount of supply is available in an organization.

  A: Inventory control
• means managing and fulfilling customers orders.

  A: Order processing
• the process of receiving and processing orders from customers and then delivering the products to them.

  A: Retail fulfillment
• movement of goods form one point to another, such as moving of merchandise from the warehouse to the customer.

  A: Shipping
• typically describes an establishment that completes and facilitates monetary transactions, such as loans, mortages and deposits.

  A: Financial Instituions
• Types of Financial Institutions

  • banks
  • credit unions
  • community development financial institutions
  • utilities
  • government lenders
  • specialized lenders
• an institutions that deals in money and its subsititutes and provides other money-related services.

  A: Banks
• are private sector financial institutions that focus primarilyon personal lending.

  A: Credit Development Financial Institution(CDFI)