MS – 612 - Retail Management

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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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