Hnd Retail Management
Discuss how the objectives of the business influence the choice of stock management approaches
INCREASED SALES AND PROFIT MARGINS
Explain the possible sources of information for stock management PAST RETAIL SALES These are appropriate for stock management as they can see which products are preferred and how well they are doing. It can also help by giving Veggie Rocks the data for what consumers may want next month, therefore helping to improve future sales.
CUSTOMER FEEDBACK
Sales are a major objective for any company. Veggie Rocks needs to maximise its sales and by doing this will generate profit. Profit can help the company undergo new training and development to improve sales figures.
MINIMISING STOCK LEVELS AND COSTS
Holding stock can be expensive for any company, and by keeping levels low we can benefit from cheaper insurance, security and maximising warehouse space.
MAXIMUM CUSTOMER SATISFACTION
By performing surveys and questionnaires, Veggie Rocks can find out information from consumers about their visits to departments which have had negative feedback (if any).
EFFECTIVENESS OF SECURITY
Veggie Rocks needs to provide a high level of customer service and provide customers with what they want/need. If successful the customer will pass on their good experience and in turn may create extra customers for Veggie Rocks.
.
This can help to prevent theft in store by customers and staff. We have to take certain measures to prevent this such as: - Installing CCTC in and around the premises - Don’t leave items from deliveries unattended - Perform regular stock checks - Train staff about security systems, disciplines and procedures.
Continued 1 / 2
2/2
Explain the possible approaches to forecasting customer demand The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage.
INCREASED SALES AND PROFIT MARGINS
Explain the possible sources of information for stock management PAST RETAIL SALES These are appropriate for stock management as they can see which products are preferred and how well they are doing. It can also help by giving Veggie Rocks the data for what consumers may want next month, therefore helping to improve future sales.
CUSTOMER FEEDBACK
Sales are a major objective for any company. Veggie Rocks needs to maximise its sales and by doing this will generate profit. Profit can help the company undergo new training and development to improve sales figures.
MINIMISING STOCK LEVELS AND COSTS
Holding stock can be expensive for any company, and by keeping levels low we can benefit from cheaper insurance, security and maximising warehouse space.
MAXIMUM CUSTOMER SATISFACTION
By performing surveys and questionnaires, Veggie Rocks can find out information from consumers about their visits to departments which have had negative feedback (if any).
EFFECTIVENESS OF SECURITY
Veggie Rocks needs to provide a high level of customer service and provide customers with what they want/need. If successful the customer will pass on their good experience and in turn may create extra customers for Veggie Rocks.
.
This can help to prevent theft in store by customers and staff. We have to take certain measures to prevent this such as: - Installing CCTC in and around the premises - Don’t leave items from deliveries unattended - Perform regular stock checks - Train staff about security systems, disciplines and procedures.
Continued 1 / 2
2/2
Explain the possible approaches to forecasting customer demand The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage.
References: www.wikipedia.com www.slideshare.com www.books.google.co.uk