Planning for System Implementation
Planning is the first step involved in system implementation. It is the very basic function which describes effectively the very basic questions of how, where and when the objectives can be realized or it serves as a guiding framework. Planning equally involves a careful assessment of the available resources and the challenges which the team […]
Why Does the Stock Market Crash?
February 2018 has been a bad month for the United States stock market. In just two consecutive trading days, the market crashed by more than 1500 points. As a result, all the incremental gains that were made in January 2018 were simply wiped out within these two days. It would be incorrect to say that […]
5 Principles of Forex Trading Systems
Forex trading is a complicated affair. The complication largely arises because of the innumerable factors that are at play in the Forex market. However, this is further exacerbated by human emotions of greed and fear. Let’s see how forex trading systems can help simplify Forex trading for the average Joe. What is a Forex Trading […]
Quality Control Techniques
Introduction Quality of product and services determines success or failure of the organization. Consumers expect the company to maintain high-level of quality and consider it an important aspect of satisfaction. Quality management, therefore, becomes very important as far as any organization is concerned. Quality management can be accomplished through various quality control techniques. Quality assurance […]
What is Productivity and Why it is Important to Corporates, Nations, and Professionals?
What is Productivity and Why it is so Important? We often hear the term Productivity, bandied about in economics and management textbooks and the popular press. Indeed, not a day goes by without this term popping up in myriad contexts. Further, when experts talk about falling or rising productivity, they stress its importance to everything […]
The retailer acts as a link between the customer and the marketer, who is responsible for selling the ultimate products and services to the customers.
In the entire complicated process of marketing, retailer acts an intermediary in the complex marketing & distribution channel. Though manufacturers can directly sell their products and services to the end customers ultimately, it may result in high expenses, inconvenience and time-consuming process.
In the present business scenario, social responsibility and increasing importance are being given to driving the functions of marketing functions with a sense of social responsibility. This has resulted in retail organizations paying a great deal of attention towards the social responsibilities which they have towards their customers.
Regulation and control from various pressure groups such as social activists, social workers, and consumer activists compel the retailers in implementing their marketing programmes restrictively and communicating the true picture about the benefits or harms of using a product.
The retail fraternity should give importance to the cultural differences and also the differences in the values, beliefs, and faith of people while formulating their marketing strategies and business development plans. This will be helpful in meeting the demands of the consumers by understanding their expectations.
The marketing department of retail companies is engaged in identifying the opportunities and threats to the business of the company by analyzing the socio-cultural trends and the buying preferences of the consumers.
The retailers play the role of sales specialists and also as agents of purchase for their customers and suppliers respectively. Retailers handle the entire gamut of roles and functions aiming at understanding customer requirements and anticipating the demand, gathering information about the market trends through strong market intelligence and making product related assortments and discovering financing opportunities.
It is relatively easier to become a retailer, as large investment is not required, procurement of production equipment is not required, and a retailer can procure merchandise on the basis of credit.
The retail sector in the present scenario is witnessing a fierce competition as a large number of retail players have entered in the same market segment with similar product offerings. The only differentiating factor which may provide a winning edge in the competitive race is by providing better value to the consumers and satisfying the consumers with their offerings. Besides this, a retailer should also be providing justice to the producers and also to the wholesalers by ensuring that their products are sold to the ultimate consumers.
For expansion of business opportunities globally and tapping larger business prospects, large retailers have been diversifying their business formats by way of mergers or acquisitions to cater to the growing needs of a diverse and a larger customer segment.
Moreover, the retail industry has been impressive regarding generating large-scale employment opportunities worldwide which is expected to grow at a much faster rate in comparison with the other sectors performance in future as well.
The retail sector has opened newer job avenues for people having different areas of specialization with diverse skills and qualification backgrounds. These opportunities could be in the areas of Finance & Accounting, Retail Operations, Commercial Operations, Inventory & Warehousing, SCM & Logistics, HRM, Distribution Systems, Marketing & Brand Management, IT, New Products Development & Market Research/Business Analysis.
Retailing career can be quite rewarding right from the start of the career for a person as it may require bearing a handling a lot of challenges and responsibilities right from the beginning. Moreover, retailing has given rise to entrepreneurial opportunities, and few of the wealthiest entrepreneurs are involved in the retail business.
Your email address will not be published. Required fields are marked *
