Retail started as early as when barter began i.e., exchange of goods for goods. There is no value addition to the goods. Similarly every customer is benefited as any commodity he desires is readily available with retailer, Customer need not bother of buying the product in bulk and keeping the stock in his home. The reason behind this is lack of knowledge of business operations and their management. Products are created for consumption and satisfaction of the people. 0000007400 00000 n
Privacy Policy 9. At some point of time some quantity will remain unsold. 0000087938 00000 n
It is estimated that India has around 40 cr. Since retailer has personal contact with his customers he can influence their buying behavior by suggesting the product that matches their taste. Retail marketing ensures efficient and economical use of resources and inputs. Retail management saves time and ensures the customers easily locate their desired merchandise and return home satisfied. ii. Benefits both of them by sharing necessary information that gives profit to manufacturer by manufacturing goods that are liked by the people. Surplus goods with one another were exchanged for others goods. First of all, you should understand the concept of strategy. The first self-service store by name ‘PIGGLY – WIGGLY’ was started in 1916, in Memphis, Tennessee of the US. Bringing about operational efficiency at this … These departmental stores were catering to the needs of people living in big cities like New York, London, Paris etc. Identify the customer and understand his needs. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. The word retail means cut size ‘small piece’ or break the bulk. Lithuanian Sports University, Kaunas, Lithuania . Visits of travelers like ‘Huentsang’ to the Vijayanagar Kingdom’ explain the trading activities during those period. Standard of living is measured by consumption of comforts and luxury goods. 0000130459 00000 n
Goods are designed and delivered to match the taste of people and satisfy their desire and thereby ensuring customer delight. Production on large scale needed distribution on large scale where in the existing system traditional retailing was not enough. 0000002594 00000 n
The exposure to TV, Internet has made people to know life style of western people. Retailer undertakes promotion of products by giving publicity and advertisement in the local media. Upload; Login; Signup; Submit Search. It is said that he gets only 1/3 of selling price. He has to design strategy like discount sales, offer etc. It creates desire in the minds of people to demand for quality goods. It involves high annual sales and employment. Organised retailing or retailing is not an activity of just a sale. These further creating new opportunities in retail education and development. Service to Manufactures and Middlemen: A retailer provides verities of services to manufacturers and middlemen by sharing customers information i.e. Labour productivity is only 6% compared American productivity; business of retailing is controlled by family that has limitation of capital, technology and managerial abilities which are hindering the progress of Indian retail industry. Discount and other offers which are important sales promotion strategies. Retailer is the person or institution who delivers goods to final consumer in the channel of distribution. to undertake stock clearance, or else he has to suffer the loss. Retail marketing is application of marketing functions in distribution of goods to the customers. It is a marketing activity. 12. Goods/or service are offered to the convenience and comfort of the consumer. Prohibited Content 3. 0000097873 00000 n
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Selling risk of all the variety that he has stocked. The business of selling goods to final consumer is done in an organized Systematic manner to deliver the goods desired by people. Indirect job opportunities are created in logistics that is warehousing, transportation, banking that support retail marketing. With globalisation emergence of MNC’s, easy convertibility of currencies of different countries and use of Bit coins for trading, retailing is experiencing revolutionary changes that are trying to meet increasing needs of people. 0000088070 00000 n
They should the reach people for whom they are meant for. Following figure may illustrate the activity of sorting: Retailer has wide variety of customers who have different requirements. Marketing functions like transportation banking insurance, ware housing are undertaken to create and deliver goods to satisfaction of people. With Globalisation process, entry of MNC’s, development in the field of I-T sector has made marketing of services more popular and developing. Goods and service sold for consumption, may be for domestic or household use or industrial use are classified as retail transaction. They do not have free time to go for shopping. People will be induced to enjoy comforts and luxuries that will increase their standard of living. Retailing started assuming organised format through ‘Bazars (weekly market) and Jatras’ where temporary shops were erected to seller to the people who congregate or assemble during that. 0000010335 00000 n
v. Provides services like home delivery, quality assurance, offer of sale service etc.
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