| |
The book Retail Management in New Dimension presents the subject of retailing from both academic and pragmatic points of view. It discusses retail concepts and practices through contemporary examples to provide insights to students and managers. The author provides a balanced treatment of strategic, ‘how to,’ and conceptual material, in a highly readable and interesting format. This edition continues its coverage on the latest developments in retailing including retail institutions and institutional change; choosing a retail location; store management system; merchandise and assortment planning; retail human resource management; merchandise purchasing systems; retail financial strategy; merchandise pricing; retail marketing strategy; understanding consumer buying behaviour; retail promotion, selling and services; retail information system and logistics; ethical and legal issues in retailing; careers in retail industry; and present scenario and trends of retail in India. In decision-making orientation, these chapters provide a real-world approach focusing on large and small retailers. Many chapters have been designed to capture the diversity, varied perspectives, and current spirit of retailing. The author has also made a sincere effort in evaluating the role of retailing in different environmental settings in the operation of business in a successful manner. The book is the most original, comprehensive and critical investigation of retail environment in the age of technology.
CONTENTS
PREFACE (V) 1. INTRODUCTION TO RETAILING 1 Definition and Scope 2 Evolution of Retailing 2 Types of Retail 4 • Market Place 4 Important Terms in Retail 6 Retailer’s Role in Distribution Channels 8 • Participants in the Distribution Channel 9 • The Need for Distribution Channels 10 Trends in Retailing Industry 15 Trends in Retail Trade 17 • Description of Trends 17 Benefits of Retailing 21 • Types and Benefits of Wholesalers 22 Retailing Environment 23 • Nature of Retailing 23 • Assessment and Identification of Competition in Retailing 24 • Factors Behind the Change of Indian Retailing Industry 25 Summary 26
UNIT—I: RETAIL ORGANISATION
2. RETAIL INSTITUTIONS 31 Theory of Retail Institutional Change 31 • A Critical Review of the Retail Change Theories 32 • Exploring a General Theory of Retail Change 33 • Discussing the Future Retail Change 38 • Retail Accordion 39 • Retailer Strategies 43 Classification of Retailers by Ownership 51 • Consumers’ Cooperative 53 Planning a Retail Strategy Mix 55 • The Retail Life Cycle 55 • Basis of the Merchandise Offered 56 Non-Store Retailing 64 • Direct-Response Marketing 68 Summary 70 3. CHOOSING A RETAIL LOCATION 72 Factors to be Considered 73 • Types of Consumer Goods 74 • Retail Compatibility 75 • Merchants’ Associations 75 • Responsiveness of the Landlord 76 • Zoning and Planning 77 • Leases 77 • Other Considerations 78 Shopping Centres 78 • What are Your Chances? 79 • What can the Centre do for You? 79 • Types of Shopping Centres 81 • How to make a Traffic Count 82 • Pedestrian Traffic Count 83 • Estimate of Store Sales 83 • Automobile Traffic Count 84 • Help in Choosing A Location 84 • Locate in Haste, Repent at Leisure 84 Summary 85 4. STORE MANAGEMENT SYSTEM 86 Managerial Staff 86 • Store Personnel 87 • Store Manager 87 Initial Store Requirements Gathering 88 • Retail Management Business Analysis 89 Store Layout 90 Store Design 91 • Powerful Store Image 91 • Unmistakable Storefronts Traffic-Stoppers 92 Visual Merchandising in Retail Stores 95 • The Early Stores 95 • The Development of Arcades 95 • The Establishment of the Grand Expositions 96 • The Rise of the Department Store 96 Setting financial Objectives 97 • Introduction and Objectives 97 • Financial Objectives 98 • Gross Margin Return on Investment 100 Summary 105 5. MERCHANDISE AND ASSORTMENT PLANNING 107 • What is Retail Merchandising? 108 Category Management 109 • Definition of Category Management 109 • Rationale for Category Management 110 • 8 Step Process of Category Management 110 Sales Forecasting 111 • Reasons for Undertaking Sales Forecasts 111 • Types of Forecasting 112 • Creating the Sales Forecast for a Product 112 • Obtaining Information on Existing Market Demand 113 Assortment Planning 115 • Assortment Planning Process 116 Summary 117 6. RETAIL ORGANISATION AND HUMAN RESOURCE MANAGEMENT 118 Organisational Structure 118 • Defining Organisational Objectives 119 • Organisational Design 119 • What Delegation? 125 • Span of Control 126 Types of Retail Outlets 128 • Independent Retail Shops 128 • Chain Store Organisation 128 Legal Forms of Retail Organisation 137 • Types of Retail Organisation 137 Retail Store Operations 145 • Cash Register vs. Point of Sale (POS) System 146 • Emergency Supplies for the Retail Store 147 • Setting Store Policies 148 Human Resource Management in Retail 149 • Specific Tasks among Channel Members and Customers 150 • The Special Human Resource Environment of Retailing 150 • The Process of Human Resource Management in Retailing 151 Summary 152
UNIT—II: RETAIL PURCHASING AND PRICING
7. MERCHANDISE PURCHASING SYSTEMS 155 Purchase Order Management 155 • Merchandise Purchasing 156 • Open-to-buy 158 • Open-to-Buy Planning 160 • Analysing the Merchandise Performance 161 Branding Strategies 162 • Types of Brand 163 Global Sourcing Decisions 164 • Country of Origin 164 • Tariff 165 • Free Trade Zone 168 • Transportation Cost 172 Merchandise Handling Processes 174 • Reordering Merchandise 176 Legal and Ethical Issues 176 • Slotting Allowances 176 • Counterfeit 177 • Grey Market 178 • Tying Contracts 179 Summary 182 8. RETAIL FINANCIAL STRATEGY 183 Strategic Profit Model 183 • Income Statement 183 • The Sales and Marketing Relationship 186 • Cost of Goods Sold 188 Balance Sheet 196 • Types 196 • Public Business Entities Balance Sheet Structure 197 • Asset 200 • Inventory Turnover 204 • Accounting 206 • Shareholders’ Equity 207 • Liability 207 Strategic Profit Model 209 • Return on Assets 211 • Financial Performance 211 • Debt Management 213 Performance Measurement 213 • Challenges in Performance Measurement 215 • Performance Measurement Guidelines 216 • Organisational Performance Targets 217 • Performance Targeting Pitfalls 218 • Strategic Performance Analytics GMROI,GMROS and GMROL, The Key ‘Retail Measure’ 220 Summary 223 9. MERCHANDISE PRICING 224 Pricing Objectives 224 Pricing Strategies 225 • Every Day Low Pricing 226 • Every Day Low Pricing 227 • Competition-based Pricing 228 • Cost-plus Pricing 228 • Price Skimming 228 • Limit Pricing 229 • Loss Leader 229 • Market-oriented Pricing 229 • Psychological Pricing 230 • Dynamic Pricing 230 • Target Pricing 231 • Marginal-cost Pricing 231 • Price Markdown 231 Retail Pricing Strategies 231 • Mark-up Pricing 232 • Vendor Pricing 232 • Competitive Pricing 232 • Psychological Pricing 232 • Other Pricing Strategies 233 Retail Method Terminology 233 Retail Method Revisited 233 • Question: How can I value my Inventory if Lost in a Fire? 235 TIP: Figuring Sales Tax when it is Included in Gross Sales 236 Summary 237
UNIT—III: RETAIL MARKETING AND PROMOTION
10. RETAIL MARKETING STRATEGY 241 Nature and Scope 241 • What is Strategy 241 • Different Levels of Strategy 242 • Strategic Management 242 • Strategic Analysis 243 • Target Market 243 • Retail Formats 244 Building a Sustainable Competitive Advantage 245 • Customer Loyalty 245 • Distribution and Information Systems 245 Strategic Positioning 249 Growth Strategies 251 • Market Penetration 251 Relationship Marketing 252 • Development 252 • Scope 253 • Approaches 254 • Application 256 Retailers and Relationship Marketing 257 • Field of Dreams 257 • The Change Imperative for Retailers 258 • Should Retailers Care? 259 • How to Conduct Relationship Marketing 260 • Adding New Dimensions 260 • Learning from the Transaction 261 • Controlling Testing 261 Marketing Strategy 263 • Key Part of the General Corporate Strategy 263 • Tactics and Actions 264 • Types of Strategies 264 • Strategic Models 265 • Real-life Marketing 266 Retail Research 266 • Auditing in the Retail Industry 266 Case Study 267 Summary 268 11. UNDERSTANDING THE RETAIL CUSTOMER 270 Retail Market 270 Population Analysis 271 • Ethnicity and Race 271 • Immigration 272 Demographic Analysis 276 • Demographic Analysis in Institutions and Organisations 278 • Ageing Around the World 280 • Income 280 Consumer Behaviour 286 • Consumer Buying Behaviour 287 • Types of Consumer Buying Behaviour 287 • Customer Relationship Management 288 • Buying Centre 294 • Consumer Buying Process 294 Summary 299 12. RETAIL PROMOTION MIX 300 Retail Promotion Programme 301 • Methods for Communication with the Customers 301 • Advertising 302 • Sales and Personal Selling 304 • Public Relations 308 • Direct Marketing 310 Communication Methods and Efficiency 310 • Planning of Retail Communication Programme 312 Promotional Budget 315 • Implementing the Advertising Programme 316 • Advertising Agencies 317 • Advertising Media 317 • Frequency and Timing of the Advertising 318 Retail Advertising Sales 318 • Planning a Retail Advertising Programme 318 • Start with the Retail Advertising Sales Budget 318 • Retail Advertising Budget 319 • Profile Yourself and Your Customers 320 Retail Advertising Media 320 • Newspapers 320 • Radio 321 • Direct Mail 321 • Benefit from Cooperative Retail Advertising Policies of Suppliers 321 • Goodwill Advertising 322 • Use Promotional Ideas in Your Advertising 322 • The Growing Power of Consumer Protection 323 Evaluating the Effectiveness of Advertising 324 • Evaluating Advertising Results 324 • Planning for Advertising Results 326 • When You Use Several Media 329 Implementing and Controlling the Sales Promotion 330 • Evaluating the sales Promotion Result 330 • Major Decision in Publicity 331 Implementing Publicity Programmes 332 Summary 333 13. RETAIL SELLING 334 Retail Sales People Role 334 • Paying Your Dues 335 • Associated Careers 335 • Significant Points 335 • Training, Qualifications, and Advancement 336 • Employment 337 Role of Personal Selling 339 • When to Use Personal Selling 340 • Sellers’ Agents 341 • Types of Sales Positions 341 • Steps in Completing a Sale 341 • Improving the Reputation of Personal Selling 343 Requirement for Effective Selling 343 • Listening 343 • Pretending Ignorance: Smart is Dumb 345 • Selling is Solving Problems 345 • Interpreting and Nonverbal Communication 347 Retail Selling Process 352 • Prospecting the Customer 352 • The Knowing Customer 352 • Handling Objection 358 • Closing and Following up the Sale 358 • Negotiating the Sale 360 • Following up the Sale 360 • Building the Client Relationship 361 • Programme Planning and the Utilisation of Plant & Labour - Work Plan 365 • Estimating 366 Summary 368 14. CUSTOMER SERVICE 369 Customer Service 370 • Types of Customer Services 370 • Service Quality Evaluation System 370 Service Quality Gaps 371 • Elements of the Model 371 • A Synthesized SQG Model 372 Service Recovery 378 • The Pyramid of Service Recovery Progression 379 Summary 380
UNIT—IV: INFORMATION, ETHICS AND CAREER PLANNING
15. RETAIL INFORMATION SYSTEM AND LOGISTICS 383 Acquiring and Using Information Strategies 383 • Information Traffic in Retail 383 • Informational System in Retail 385 Technology in Retail 386 • Customer Interfacing Systems 386 • Operation Support Systems 387 • Applications of Information Technology in Retailing 387 • Retail’s Complexity: the Information Technology Solution 389 • Data Cleansing and Architecture Improvement 390 Information Sources 392 • Information Sources in Buyer Decision-Making 393 Information System in Retail Logistics 393 • Future Group 396 • Agriculture Produce Marketing Cooperatives in India 398 Data Mining 408 • Research and Evolution 409 • Process 410 • Notable Uses 411 Data Warehouse 416 • Data Warehouse Architecture 416 • Normalised Versus Dimensional Approach for Storage of Data 416 • Top-down Versus Bottom-up Design Methodologies 417 • Data Warehouses Versus Operational Systems 418 • Evolution in Organisation use of Data Warehouses 419 • Benefits of Data Warehousing 419 • The Future of Data Warehousing 420 • Business Intelligence 421 The Role of Information in Retail Information Systems 421 • Pedagogy 423 Retail Information Systems 425 • Selecting the Right System 425 • Retail System Suppliers 427 • How Much will it Cost? 428 • Reference Checks 429 • Return on Investment (ROI) 430 Summary 433 16. ETHICAL AND LEGAL ISSUES IN RETAILING 435 Dealing with Ethical Issues 435 • Moral Philosophy 436 • Compliance and Ethics Programme 437 Social Responsibility 444 • Socially Responsible Businesses 445 Environmental Orientation 445 • Waste Reduction 445 • Recycling 446 • Packaging 447 • Supplier Relationships 447 • Consumer Relation 448 • Employee Relations 449 Waste Reduction at Retail Stores 450 • The Potential 450 • Reduce 450 • Reuse 450 • Recycle 451 • Buy Recycled Products 451 • Malls 451 Behaviour and Behavioural Intentions 452 • Intention and Behaviour 452 • Past Behaviour 452 • Method 454 • Discussion 454 Summary 455 17. CAREERS IN RETAILING 457 Retail Industry 457 • Retailing Career? 458 Personality Types Needed for a Retail Career 458 • Good Communicators 458 • Staying Calm Under Pressure 458 • Being Creative 458 • Being Trustworthy 459 • Being Efficient 459 • Good Negotiation Skills 459 Employment Aspects of a Retailing Career 460 • Job Options 460 • Salaries 461 • Facts and Trends 462 Employment Opportunities 464 Planning for Human Resources 465 Summary 466
UNIT—V: RETAILING IN INDIA
18. RETAILING IN INDIA 469 Evolution and Trends in Organized Retailing 469 • Evolution of the Indian Retail Market 470 • Growth 470 • Indian Retail Market 471 • Major Indian Retailers 471 • Entry of MNCs 472 • Challenges 473 Indian Organised Retail Market 473 • Growth Factors in Indian Organised Retail Sector 474 • Opportunities in Indian Organised Retail Sector 474 • Challenges facing the Indian Organised Retail sector 475 • Role of Supply Chain in Indian Organised Retail 476 • Employment Generation by Indian Organised Retail Sector 476 • Indian Organised Retail Sector’s Impact on Lifestyles 477 • Emerging Trends in Indian Organised Retail Sector 478 Growth of Retail Companies in India 479 • Evolution of Indian Retail 479 FDI in Indian Organised Retail Sector 482 • Need for Larger FDI 482 • Challenges Facing Larger FDI 483 • Benefits of Larger FDI 484 • Political Impact of Larger FDI 484 • Social Impact of Larger FDI 485 Formats in Indian Organised Retail Sector 486 • Consumer Durables Retail 487 Retail Scenario in India 488 • Industry Characteristics 488 • Business Opportunities 488 • Indian Retail Vs World Retail 489 • India most Attractive Market for Retail Investment 490 Future Trends of Retail in India 490 • Present Scenario 490 • Retailing in the 21st Century 491 • Retail in India - The Future 491 • Indian Retail Landscape 493 • Change Accelerators 493 • Competition for Future Market Leader 494 • Conclusion 494 Summary 495 BIBLIOGRAPHY 497 INDEX 501
ISBN - 9788182203600
|
| |
|