DEPARTMENT OF BUSINESS ADMINISRATION DR.P.KAVIMANI

Transcript:DEPARTMENT OF BUSINESS ADMINISRATION DR.P.KAVIMANI:
DEPARTMENT OF BUSINESS ADMINISRATION DR.P.KAVIMANI SUBJECT : RETAIL MARKETING CLASS: III YEAR RETAILING Retailing – a set of business activities that adds value to the products and services sold to consumers for their personal or family use. The Four P’s of Marketing Product Distribution Price Promotion According to Philip Kotler “Retailing includes all the activities involved in selling goods or services directly to final consumers for personal, non business use” SCOPE OFRETAIL MARKETING Merchandising: Merchandising and buying is the key function of any retailer as this department is responsible for the procurement of merchandise to be sold in the stores by sourcing it from vendors or manufacturers Marketing: In retail marketing, functions may be centralized and may include different departments like advertising, sales promotion, public relations etc. Store Operations: Retail professionals in the store operations area have to monitor the overall store operations and profits. They may occupy positions including Head of Store Operations, Regional Manager and District Manager. Sales: Areas in sales include responsibilities of a sales associate, cashier, store stock associate and stock receiver. Factors Involve for Growing Importance of Retail Sector Large and increasing contribution to GDP Economic importance more visible Major Employer Retailers as Gatekeepers Retailers diversifying their activities Organization growing on an international scale Size of Operations allowing for supply chain control Blurring of areas of retail to include wider area of business activity Activities of Retailer The value creating activities of Retailer are: Providing an Assortment of Products and Services – Big retailers carry large number of items made by several companies. Offering an assortment enables the customers to choose from the wide selection of brands, designs, sizes, colours etc. at one location. Breaking Bulk - Retailers offer products in smaller quantities tailored to individual consumers’ and households’ consumption patterns Holding Inventory – Retailers keep inventory, broken into user – friendly sizes so that products will be available when consumers want them. Providing Services – Retailers provide services that make it easier for customers to buy and use products. Increasing the Value of Products and Services - Thus by providing assortments, breaking bulk, holding inventory and providing services, retailers increase the value that consumers receive from their products and services. RETAIL STORE CLASSIFICATION Retail stores could be classified in the following ways: • By service or product retailing; • By type of merchandise e.g., food, apparel, automotive, drug etc., • Departmental specialty retailing •