retail
Retailing VTU notes
PART-B- RETAIL MANAGEMENT
MODULE 5 - RETAIL MANAGEMENT
Retail Management: Definition:
“Retailing consists of activities involved in selling goods and services to ultim ier. Retailers will be interested to assess the working of the supplier on paramerter such as innovation,speed of new product or variant introduction, sampling service, marketing support(advertising and promotion) and handling queries and complaints.
CATEGORY MANAGEMENT:
Category management is the process of managing a retail business with the objective of maximizsing the sales and profits of a category rather than the performance of individual brands or models.
A category is an assortment of items that the customer sees as reasonable substitutes for each other. For example, retailers in ready to wear segment consider female and male clothing as one category.
It systemizes grouping of products into strategic units or category so as to better meet consumer needs and achieve sales and profit goals.Today, the relevance of category management is driven by the emergence of multiple number of brands in each product category. For the success of any category management, retail business requires changes in the merchandising system and organizational commitement.
Advantages of Category Mangement:
1. Increased sales
2. Reduced Inventory management
3. Improved route and warehouse efficiency.
The Essential Elements of Effective Category Mangement:
1. Category should be arranged as if consumers could stock the shelf themselves
2. Category composition should be on the basis of time, space and product benefit
3. Category management shoud drive multiple item purchase
4. Category management is a dynamic, proprietary set of decision, not a standard, universal practice.
5. It is directed to create value for the consumer rather than faciliting relations between supplier and retailer.
6. Category management plan should be based on the overall competitive environment in
PART-B- RETAIL MANAGEMENT
MODULE 5 - RETAIL MANAGEMENT
Retail Management: Definition:
“Retailing consists of activities involved in selling goods and services to ultim ier. Retailers will be interested to assess the working of the supplier on paramerter such as innovation,speed of new product or variant introduction, sampling service, marketing support(advertising and promotion) and handling queries and complaints.
CATEGORY MANAGEMENT:
Category management is the process of managing a retail business with the objective of maximizsing the sales and profits of a category rather than the performance of individual brands or models.
A category is an assortment of items that the customer sees as reasonable substitutes for each other. For example, retailers in ready to wear segment consider female and male clothing as one category.
It systemizes grouping of products into strategic units or category so as to better meet consumer needs and achieve sales and profit goals.Today, the relevance of category management is driven by the emergence of multiple number of brands in each product category. For the success of any category management, retail business requires changes in the merchandising system and organizational commitement.
Advantages of Category Mangement:
1. Increased sales
2. Reduced Inventory management
3. Improved route and warehouse efficiency.
The Essential Elements of Effective Category Mangement:
1. Category should be arranged as if consumers could stock the shelf themselves
2. Category composition should be on the basis of time, space and product benefit
3. Category management shoud drive multiple item purchase
4. Category management is a dynamic, proprietary set of decision, not a standard, universal practice.
5. It is directed to create value for the consumer rather than faciliting relations between supplier and retailer.
6. Category management plan should be based on the overall competitive environment in