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MS – 612 - Retail
Management
1. (a) What do you understand by the term Retailing? Discuss the major
activities performed by a retailer in the Indian Context.
Answer : Retail is the sale of something in general.
Retailing is a distribution
channel function, where one organisation buys products from supplying firms or
manufactures products themselves, and then sells these directly to consumers.
In majority of retail situations,
the organisation, from whom a consumer buys, is a reseller of products obtained
from others, and not the product manufacturer. However, some manufacturers do
operate their own retail outlets in a corporate channel arrangement.
Retailers offer many benefits to
suppliers and customers as resellers. Consumers, for instance, are able to
purchase small quantities of an assortment of products at a reasonably affordable
price. Similarly, suppliers get an opportunity to
(b) Explain “Wheel of Retailing” with suitable
illustrations
Answer : Most of the retail
businesses start on low cost, low price and low margins but as their sales
start increasing they quickly shift to a high cost, high revenue model.
Example
A restaurant started in a
temporary location would be offering a limited number of items at low price. It
looks to develop its client base but as soon as the construction is completed
or final, it starts providing a lot more variety and introduces a number of new
services (free home deliver y, boarding , and lodging ) it also starts increasing its prices on its
earlier items. This is done to recover its fixed cost quickly and have an early
breakeven
2. (a) Who is an retail
customer? Briefly list out the characteristics of a retail customer and the
various consumer behavior patterns that you are familiar with
Answer : A person most likely to
be waiting for a partner or on a lunch break, quickly passing through the
store, had the least probability of buying something, and was also the least
likely to be converted into a buyer. The pleasure Seeker : It is the most important
consumer, as he/she is the easiest to influence. They spend the longest time in
store, slowly move through the department, and touch more than 40 products
compared to
(b) Explain the process of
choosing a store location and elaborate the various criteria for evaluating
location aspects in the following situation
Answer : A poor location or a poorly
negotiated lease can cripple a wonderful business. Every business has its own
location criteria. In this session you will define your criteria, learn how to
select the right location, create a site model, and recognize the important
aspects of a lease agreement.
Process of choosing a store location:
Population and Your Customer
If you are choosing a city or
state to locate your retail store, research the area thoroughly before making a
final decision. Read local papers and speak to other small businesses in the
area. Obtain location demographics from the local library
(a) a chain of hair dressing salon for the elite.
Answer : various criteria for evaluating location aspects in a chain of hair
dressing salon for the elite:
Each retail and commercial
business has its own criteria. For example, a donut shop should be located on
the "going-to-work" side of the street. On the other hand, a liquor
store should be on the side of the street with traffic going home from work.
(b) Multi brand footwear retailer
Answer : Visibility and signage: Customers must know you are there. They
should be able to see your store. Usually the end or corner location is better,
which is why the rent for those spaces is higher. Get the biggest sign you can.
Tell the public clearly what you are selling. Examples: Travel, Gifts, Pets,
tell the products. Both your
(c) PDS for lower income group by the government
Answer : Public Distribution System (PDS) providing foodgrains at affordable
prices is one of the key elements of the Government's Food Security system. In
spite of obvious limitations PDS did play a role improving in regional food
security specially in drought prone areas. In an attempt to improve
availability of food to population living in most vulnerable areas (remote,
tribal and drought-prone regions) the revamped public distribution
3. (a) What constitute Retail
Mix? Discuss various considerations to be kept in mind which planning for store
merchandise
Answer : Retailing mix refers to
the various features of retail strategy planning. Also often called "the 6
Ps," retailing mix details a retail business' approach to its products,
promotion efforts, personnel, presentation, place and price. Retailing mix
helps a business define its strategy and carry out operations according to its
goals.
Various considerations to be kept in mind which planning for store
merchandise :
Ask a dozen retailers "What
is merchandise planning?" and you will get at least a dozen different
definitions. This is because it can be
(b) Explain the term
sourcing and discuss the challenges associated in sourcing merchandise by the
following retailers
In business, the term word
sourcing refers to a number of procurement practices, aimed at finding,
evaluating and engaging suppliers of goods and services.
1.
Grocery
Retailer
Despite the
economic downturn, the internationalization of the grocery retailing industry
remains in an early stage of development and most leading players have
considerable scope to expand their international operations through various
untapped channels.
Global retailers
are expected to
4.
(a) Enumerate and discuss the various issues that impact retail business
in India.
Answer : The organised retail
sector in India has been witnessing various issues and challenges which are
proving to be a hurdle for its fast-paced growth. Even though the organised
retail sector is in a very nascent stage in India, it provides ample
opportunities for retailers, and mitigation of a few challenges will help the
sector attain higher economies of scale and growth. Elucidated below are the
challenges and risks that the sector faces:
·
Global economic slowdown
·
Competition from the unorganised
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