Scope and importance of retailing pdf

Dec 26, 2018 ecommerce offers many ways retailers can reach consumers and conduct business without the need for a brick and mortar storefront. Pdf the role of store layout and visual merchandising in. Such type of retail uses advanced technology for management information system mis, supply chain management scm, as well as customer relationship management crm. In the last two lessons, we have seen the meaning of retailing, functions and importance of.

Khanchi business economics, also called managerial economics, is the application of economic theory and methodology to business. Executive summary the phenomenon of organized retailing, in spite of its tremendous growth in the last 23 years in india has just seen the tip of the iceberg. New frontiers 2007 pricewaterhousecooperstns retail forward i pricewaterhousecoopers and tns retail forward are pleased to collaborate in bringing you this overview of the retail industry through 2015. Retail management is an activity of selling products or services to their. Consumers benefit from retailing is that, retailers perform marketing functions that makes it possible for customers to have access to a broad. Today, its almost economic suicide for any retailer not to be able to sell online. Visual merchandising vm is the means to communicate a storecompanys fashion value and quality image to prospective customers. Must derive more than 12 of their sales from the ultimate consumer of the product to be classified a retailer less than 12, then they are a wholesaler.

However, before you enter the world of ecommerce, be familiar with the advantages and disadvantages of selling online. The firm that performs this consumer sellingwhether it is a manufacturer, wholesaler, or retaileris engaged in retailing. How do customers rank factors of store choice by importance. Principles of retailing suzanne fernie bsc, tqfe, dms marketing, mba suzanne is a further and highereducation lecturer in retailing and marketing, specialising in retail environment, retail theories and retail change. Solidifying a retail brands private label is the apex of the retail marketing evolutionand the most recent trend in highend retailing. Sep 07, 2016 retailing is a dynamic industry, comprising a vast variety of sectors and home to some of the worlds biggest companies. Electronic retailing, or etailing, can include businesstobusiness b2b and. The scope of organised retailing is much wider as compared to unorganised retailing. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods.

Wholesaling is the buyinghandling of products and services and their subsequent resale to institutional users and in some cases to final consumers. Candidates with the retail management can start career in supervisory, client communication, merchandise shipment, sales, management and administrative services. Ownership based retailing let us see these retailers in detail. There are under construction at present around 325 departmental stores, 300 new malls, and 1500 supermarkets.

Retailers are the final link in the supply chain between manufacturers and consumers. Therefore, it is directly related to industry, commence and trade, industry is concerned with the production of commodities and materials while commerce. This article sets the context and defines the term as well as analyzing the scope and importance of political science. As a major source of employment retailing offers a wide range of career opportunities including. Retailing, the merchandising aspect of marketing, includes all activities required to sell directly to consumers for their personal, nonbusiness use. At present 60% of the indian grocery basket consists of non branded items. A broader definition of business, however, includes. Importance of strategy in process of international retailing. We then present the retailing concept, along with the total retail experience, customer service, and relationship retailing. When manufacturers like dell computers sell directly to the consumer, they also perform the retailing function. It was already indicated that agribusiness is a complex, system of input sector, production sector, processing manufacturing sector and transport and marketing sector. Chapter 17 retailing, class notes university of delaware. Wholesaling assumes many functions in a distribution channel, particularly those in the sorting process.

In the supply chain, the retailers are always at the end. Scope of package good manufacturer control all retail in organized retail industry. Importance of retailing services to wholesalers and producers. By ordering directly from manufacturers and wholesalers only when customers place their orders, you circumvent the need to dedicate capital and space to inventory waiting to be sold. Before we look at the scope and nature of retail marketing, we need to pause for a moment and actually think about what is retailing itself. But there are series of characteristics that make us think about how we apply marketing. Business economics meaning, nature, scope and significance introduction and meaning. Marketing management has gained importance to meet increasing competition and the need for improved methods of distribution to reduce cost and to increase profits. Marketing management today is the most important function in a commercial and business enterprise. They own and run a single shop, and determine their policies independently. The role of store layout and visual merchandising in food. They are the one who comes directly into the contact with the consumers. The growth of scope in the indian retail market is mainly due to the change in the consumers behavior. This is not a new concept for low to midpriced retail outlets, as everything from food to raincoats have been put under their brands name.

Retailing encompasses selling through the mail, the internet, doortodoor visitsany channel that could be used to approach the consumer. Retailing concepts, retail operations types, retailing. The organized retailing sector in india is only 3% and is expected to rise to 25 30% by the year 2010. Fast retailing sustainability report 2019, published by fast retailing co. The key theme in this article is that political science as a field of study has acquired importance in recent years due to the explosion in interest of the matters related to the working of the political economy.

Retail management 4 classification of retailing formats the retailing formats can be classified into following types as shown in the diagram. The purpose of the subject was to explore how certain store attributes affect customer buying behaviour and store traffic. Chapter 1 describes retailing, shows why it should be studied, and examines its special characteristics. Electronics and apparel are the biggest categories in terms of sales. Certainly research in the production, finance, marketing, or management areas of a forprofit corporation is within the scope of business research. The purpose of visual merchandising is to educate the customer. It is more modern as well as customer centric in its approach. This proves that there is a tremendous scope for growth in the indian retail market. Retailing is a fascinating sector, we all interact with retailers when we all shop virtually every day. Formally or informally, organizations and people engage in a huge numbers of activities that could be known as marketing. It is a process through which goods are transported to final consumers. The following are the other factors showing importance of the marketing management. The objectives of the hrm span right from the manpower needs assessment to management and retention of the same. That is when a commodity becomes a finished product.

The wholesaling company consolidates the products from. The branded food industry is trying to enter the india retail industry and to convert indian consumers to branded food users. India has close to 10 million online shoppers and is growing at an estimated 30% cagr visavis a global growth rate of 810%. Apr 18, 2018 in my whole retailing career, i have stuck to one guiding principle. Nature, scope and importance of marketing, marketing management. Lesson 1 business economics meaning, nature, scope and. Oct 18, 2012 retailing has a tremendous impact on the economy. May, 2020 retail is how producers of goods and services get their products to the consumer.

Retailing, though as old as business, trade and commerce has now taken new forms and shapes. It has witnessed steady growth of 5060 % over the years. Definition, scope and importance of political science. Project report on scope of eretailing in india submitted in partial fulfillment of the degree of masters of business administration session 20162017 submitted to. Retailing is important because it allows manufacturers to focus on producing. In the indian retailing industry, food is the most dominating sector and is growing at a rate of 9% annually. Retailing is a process of selling the goods or services to the consumers either by the department store, shopping malls, online retailing. Retailers can also buy products from a middleman, known as a wholesaler or distributor. The role of store layout and visual merchandising in food retail forced itself as an understudied subject. Retailing includes all transactions in which the buyer intends to consume. Decision making means the process of selecting one out of. The scope of the indian retail market have been seen by many retail giants and thats the reason that many. Electronic retailing is the sale of goods and services through the internet. Nature, scope and importance of business policy 5683 words.

Scope of human resource management human resources are undoubtedly the key resources in an organization, the easiest and the most difficult to manage. It discusses the most important issues that need to address while creating a long term dialogue with the customers and enlists data mining. Retailing is a convenient, convincing and comfortable method of selling goods and services. Oct 25, 2018 online retailing offers the advantage of a retail pricing structure with the added boost of drop shipping, if this model makes sense for your business. What is the importance of retailing to the economy of india. For more information, please visit the fast retailing website. Pdf eretailing or online is growing at faster pace in india. Retailers often get their goods directly from the manufacturer. She has taught retailing at every level in further and higher. Retailing 2015 confirms that the retail industry is becoming more complex and changing at an everincreasing speed. For the new generation have preference towards luxury commodities which have been due to the strong increase in income, changing lifestyle, and demographic patterns which are favorable.