M.COM. SEMESTER - IV(CBCS)
RETAIL MANAGEMENT
Q.1 Define retailing and explain the features of Retailing.
ANS:
DEFINITION
It is most typical way of conducting business It entails selling goods in modest quantities to customers directly from a fixed location (a retail store). These customers could be business or private buyers. Retailers buy products or items directly from manufacturers in bulk before reselling it in smaller amounts. Shops may be found on neighborhood streets, colony streets, community centers, or contemporary shopping centers.
According to Kotler: ´Retailing includes all the activities involved in selling goods or services to the final consumers for personal, non-business uses.
CHARACTERISTICS OF RETAILING :
In the context of emerging markets, retailers are essential participants. To serve India's expanding middle class, big brands are racing to enter the desired retail formats. Retailers perform numerous responsibilities such supplying assortments, sorting, breaking the bulk, rendering services, bearing risk, serving as a conduit of communication, transportation, advertising and holding inventory. They make a substantial contribution to boosting the worth of the product and ensuring client satisfaction. The duties of a retailer are listed below.
1. Sale to Final Consumer
The fact that retailing involves selling goods or services to end users is its most crucial feature. An advertising approach or a person or entity that uses or consumes something can both be considered end consumers. It implies that the subject consumes something. They don't buy it, sell it, and then give it to someone else. The ultimate consumer is what we refer to as.
2. Various Channels
The downstream process, which addresses the issue of "How do we get our product to the consumer," includes distribution networks. As opposed to this, the upstream procedure, also referred to as the supply chain, provides an answer to the query "Who are our suppliers?" A distribution channel is the route that all products and services must take to reach their target customers. On the other hand, it also specifies the payment route that customers take to pay the original provider.
3. Small Order Size
Minimum order requirements are very sensible from the supplier's perspective because they help them sell their inventory more quickly, generate more money, and weed out customers who are just looking for a deal. The wholesalers' cost of inventory is used to determine the minimum order amounts, which helps them maintain a profit while also boosting free cash flow. Even though wholesalers might not favor this approach, there are times when they are left with little options since manufacturers have minimum order requirements.
4. Large Number of Orders
The retailer caters to many orders dealing with its local business, this even generates lots of employment and bridge the gap between producer to consumer.
5. Keeps a large assortment of Goods
In retailing, an assortment strategy refers to the quantity and variety of goods that are available for consumer purchase in stores. This strategic technique, often known as a "product selection strategy," is used by merchants to control and boost sales. There are two main parts to the strategy:
The breadth of products a store offers or the number of varieties it carries (e.g. how many sizes or flavours of the same product).
how many various types of things a store carries, or the breadth (width) of its product diversity.
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