Retail management assignment solution for students
Assignment help Retail Management
About assignment help for Retail Management: The following article studies the concept of
Retail Management, its functions and advantages for an organization. Students looking for assignment help for Retail Management are assured of our expert help through continuous updates on the course requirements. Our experienced subject experts that meet the assignment requirements and deadlines, design assignment help for Retail Management on the basis of your course and homework requirements assigned by your college for online assistance. With the idea to assist you with our online assignment help platform for Retail Management please find a brief on the subject for easy assistance and concept clarity. By using VAH online assignment help arena you will be guided through the assignment requirements, research, drafting and technical assistance for completing and submitting your assignment.
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A brief highlight on retail management as a subject being taught in colleges and institutions
About: The article throws light information on the concept of retail management along with the reason for its requirement and its consequent advantages.
What is Retail Management?
Retail Management is referred to as managing the process by which customers purchase products that have crossed their production line from retail stores.
Managing the process with effectiveness and delivering the desired products to customers is the core of retail management. With the enormous growth in industries, retail management is becoming a quickly growing concept with tremendous scope.
The main motive of retail management is to deliver the products to the customer that balances their requirements and level of satisfaction.
Who is a retailer?
A person/ groups who practice the concept of retail management i.e. is the last in the product supply chain to deliver the product to the customers. A retailer sells the products to the customer with an aim of earning profits. A market comprises of different types of retailers who sell various kinds of products. The four main kinds of retailers are:
- Hardline retailers- These type of retailers deals in selling cars, furniture and other products such as appliances etc.
- Retailers for Consumable goods: This category of retailers sell products such as clothing items, footwear and others.
- Food: Retailers in this category sell eatable items like bakery products, beverages, etc.
- Art: Retailers under this type sell products like books, art supplies, instruments etc.
Each type of retailer buys products from whole sellers in bulk and then they sell them to customers. The products then finally reach the customer after they purchase them.
Why Retail Management is Needed/ Important?
The main purpose of managing retail activities which is also known as retail management is to satisfy the requirements of customers without any inconvenience
Retail management focuses on applying techniques/ methods that can help in fulfilling the product requirements of customers, because in order for a retail store/ retailer to stay in the market with success: it is essential for him to practice retail management properly. Effective retail management ensures that a customer gets his desired product easily and return back home with satisfaction.
Advantages/ Benefits of retail management
If the retailers manage to successfully carry out their retail stores with proper retail management, they open a floor for all the advantages of retail management for themselves. These advantages are:
- Customers: Retail management revolves around the concept of customer satisfaction. If customers find their required products at a respective retail store conveniently, they tend to come back to the same store and refer it to others.
- Categorizing: Retail management focuses on clear placement of products which make finding the product and shopping easier for customers and benefits the retailers in return with a non- irritable selling.
- Accounting: Retailers are benefited from retail management as accounting their profits and losses becomes easier with proper management.
- Inventory Management: When retail management is practiced properly, all products are clearly set up for convenient visibility of customers. This on the other hand also makes it easier for the retailers to know whether the store is running low on stock or not and makes inventory management easier
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Its the base subject of every organization as without the same the existence of an organization is at risk. It brings together the science of the process, planning & execution in a given organization without having any inclination towards the size of the corporate. Management as a whole has various characteristics: Its universal, goal-oriented, continuous process, multidimensional, involves group activity & dynamic function, which are coordinated for optimum usage.
Management is the summation of men, machine, material, money and methods, which contributes as an encyclopedia for the employees working in the organization while maintaining a coordinated approach towards achieving the vision of the company.
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