Retail Management

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Retailing

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Encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household use. It includes every sale to the final consumer.

It is every sale to the final consumer is a retail.

Insurance company is retail because they sell to final consumer, only problem is they don’t have a physical store

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Channel of Distribution

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All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer

Manufacturer--> Wholesaler--> Retailer--> Final Consumer

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Sorting Process

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When retailers collect an assortment from various sources, buy in large quantity, and sell in small amounts

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Multichannel retailing

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A retailer sells to consumers through multiple retail formats. There is consistent pricing on all channels, can buy and return products regardless of channel.

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Exclusive Distribution

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Suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products

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Intensive distribution

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Suppliers sell through as many retailers as possible

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Selective Distribution

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Suppliers sell through a moderate number of retailers

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Retail Strategy

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The overall plan guiding a retail firm.

Influences the firms business activities and its response to market forces. Usually revolves around what your target market and what you are selling. Understand customer needs and cater towards that

EX: Elderly needs glasses, so make font bigger on print items

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Steps in strategic planning

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1. Define the type of business in terms of the goods or services

2. Set long run and short run objectives for sales and profits, market share, image, and so on

3. Determine the customer market to target on the basis of its characteristics and needs

4. Devise an overall long run plan that gives general direction to the firm and employees

5. Implement an integrated strategy that combines such factors as store location, product assortment, pricing, and advertising and displays to achieve objectives

6. Regularly evaluate performance and correct weaknesses or problems when observed

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Customer orientation

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Retailer determines the attributes and needs of its customers endeavors to satisfy these needs to the fullest

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Coordinated Effort

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The retailer integrates all plans and activities to maximize efficiency

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Value Driven

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The retailer offers good value to customers, whether is be upscale or discount, this means having prices appropriate for the level of products and customer service

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Goal Orientation

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The retailer sets goals and the uses its strategy to attain them

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Total retail expierence

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Includes all the elements in a retail offering that encourage or inhibit consumers during their contact with a retailer

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Customer Service

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Refers to the indefinable, but sometimes intangible, activities undertaken by a retailer in conjunction with the basic goods and services it sells

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Relationship Retailing

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Seeks to establish and maintain long term bonds with customers

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Biggest issue in retailing

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Biggest issue is making money that you can keep as profit

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Ideal Candidate for retailing

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Must be a people person (more important than technical knowledge). Technical skills can be taught more easily than people skills.

Must be flexible.

Should be decisive.

Must have analytical skills.

Must have stamina.

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Effective relationship retailing

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​Use a win win approach- its easier to keep existing customers happy than to gain new ones. Develop a customer database- loyalty program. Ongoing customer contact is improved with information on peoples attributes and shopping behaviors.

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Types of Loyalty programs

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Additional discounts at register- not a real loyalty program

1 Free with every item purchased- no customer database

Rebates based on purchases- customer maintains records