3 credit
RETAILING
,module 1
retailing
,CONCEPT OF RETAILING
Retailing is the selling of goods and
services to consumer end users.
Retailing is seen as a contrast to
wholesaling, which typically involves
selling in mass quantities at lower
prices. Retailers frequently buy in bulk
from wholesalers, then repackage
merchandise for individual sale.
, FUNCTIONS
Procurement: Retailers need to identify and source products from manufacturers or
wholesalers. This involves activities such as market research, supplier selection, and
negotiating terms of purchase.
Inventory Management: Retailers must manage their inventory levels effectively to
ensure adequate stock availability while minimizing excess inventory and associated
costs.
Storage and Warehousing: Retailers require facilities to store and manage their inventory
before it is displayed or sold to customers.
Product Assortment and Display: Retailers must create an attractive and enticing product
assortment, arrange merchandise effectively, and design appealing store layouts and
displays.
Pricing: Retailers establish pricing strategies for their products, considering factors such
as costs, competition, and consumer demand.
Promotion and Advertising: Retailers engage in various promotional activities and
advertising campaigns to attract customers and drive sales.
Customer Service: Providing excellent customer service, including product assistance,
returns and exchanges, and post-purchase support, is crucial for building customer
loyalty.
Payment Processing: Retailers must facilitate secure and convenient payment methods
for customers, such as cash, credit/debit cards, mobile payments, and online payments.
RETAILING
,module 1
retailing
,CONCEPT OF RETAILING
Retailing is the selling of goods and
services to consumer end users.
Retailing is seen as a contrast to
wholesaling, which typically involves
selling in mass quantities at lower
prices. Retailers frequently buy in bulk
from wholesalers, then repackage
merchandise for individual sale.
, FUNCTIONS
Procurement: Retailers need to identify and source products from manufacturers or
wholesalers. This involves activities such as market research, supplier selection, and
negotiating terms of purchase.
Inventory Management: Retailers must manage their inventory levels effectively to
ensure adequate stock availability while minimizing excess inventory and associated
costs.
Storage and Warehousing: Retailers require facilities to store and manage their inventory
before it is displayed or sold to customers.
Product Assortment and Display: Retailers must create an attractive and enticing product
assortment, arrange merchandise effectively, and design appealing store layouts and
displays.
Pricing: Retailers establish pricing strategies for their products, considering factors such
as costs, competition, and consumer demand.
Promotion and Advertising: Retailers engage in various promotional activities and
advertising campaigns to attract customers and drive sales.
Customer Service: Providing excellent customer service, including product assistance,
returns and exchanges, and post-purchase support, is crucial for building customer
loyalty.
Payment Processing: Retailers must facilitate secure and convenient payment methods
for customers, such as cash, credit/debit cards, mobile payments, and online payments.
