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Retail Management, Essay Example

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Wal-Mart and Victoria’s Secret

Founded in 1962 by Sam Walton, Wal-Mart has grown to become a worldwide icon for low-priced consumer goods. In 2003, the retail chain’s earnings topped $244 billion, making it the largest corporation in the world (Funding Universe, 2010).  Wal-Mart buildings, signage, and retail ambiance are all consistent with the company’s tagline “Always Low Prices.”

Wal-Mart stores in the US are typically located within large, free-standing, unassuming buildings with huge parking lots.  The company’s logo has changed five times in its history with the most current version being rolled out in 2008.  The new logo abandoned uppercase lettering in favor of lower case, eliminated the hyphen, and added generic-looking yellow sunburst.  Business Week contributor Jana (2008) quotes a typography expert as saying; “Lowercase letters tend to be interpreted as more casual and approachable.”  No-one really knows what the sunburst means, but Jana suggests it might be a casual statement about the company’s evolving “green” policies.

The inside of a Wal-Mart store is typically well-lit with high ceilings and devoid of any particular color or branding décor.  The ambiance is not as industrial-looking as “warehouse” stores, but the high ceilings and sheer size of the space suggests to shoppers that they are in a big store with lots of products at low prices.  Wal-Mart floors are usually polished concrete with patches of carpeting and laminate flooring providing “separate” shopping areas for clothing and other items.  Some Wal-Mart stores use vinyl-composition tile (VCT) in the food section mimicking the flooring generally found in supermarkets.

The fixtures and flooring found in Wal-Mart departments are virtually identical to those found in specialty stores selling similar products.  People are accustomed to shopping for clothes on carpeted floors with chrome clothes racks, mirrors on end-caps, and attended dressing rooms.  Wal-Mart sells clothing in precisely the same atmosphere.

The same strategy applies to other departments within the store.  With VCT flooring, glass-front refrigerators, deep shelving, deli counters and island-refrigerators, Wal-Mart’s grocery department has the “feel” of a standalone supermarket.  As the largest grocery retailer in the US, Wal-Mart wisely configures this department on a far side of the store thus requiring customers to pass by a host of household, clothing, jewelry and other items on their way to the milk isle.

Wal-Mart’s target customers are middle-class consumers to whom price and value are important.  The atmosphere in Wal-Mart stores is clean, well-organized, but not fancy.  The company’s growth strategy over the years has included an emphasis on placing stores in small towns rather than large metropolitan areas, and being a one-stop-shop for local residents.

Wal-Mart services can include automotive shops, vision centers, beauty salons, photography studios, pharmacies, health clinics, restaurants and banks.  Combine these services with a wide variety of retail goods and groceries, and a customer might never need to shop anywhere else.  Wal-Mart has obviously excelled in the concept of one-stop-shopping.  A Wal-Mart Supercenter is much like a modern-day general store on steroids.

There are some things Wal-Mart does not provide that it perhaps could.  For example, Wal-Mart does not sell wedding apparel.  However, given the company’s strategy of selling a vast range of high volume low-cost items, products like wedding dresses or tuxedos would fall outside that model.  Wal-Mart thrives on high inventory turns with tight margins.

There is however, one service that Wal-Mart does not offer but might be capable of.  This is an outside-the-box idea and perhaps one that would make some cringe.  Wal-Mart is the world’s leader in logistical efficiency and widespread cost control.  Given the nation’s current “crisis” in this area, one wonders about the job Wal-Mart could do in opening a chain of branded healthcare facilities.  It sounds a little crazy, but the concept of high volume products and services at low costs might make a “Wal-Care HMO” just what the doctor ordered.

Victoria’s Secret

Typically located in major shopping malls, Victoria’s Secret is to say the least, gender-specific. A person walking through the mall in search of anything but women’s intimate apparel or fragrances would not give the Victoria’s Secret portal a second glance. The store is quintessentially feminine.

The first Victoria’s Secret was launched in San Francisco in 1977 by Roy Raymond who felt that lingerie was too personal a product to be sold in a department store.  According to FragranceX (2010) Raymond wanted to “establish a cozy, inviting atmosphere similar to that of a Victorian boudoir.”  The company was purchased in 1982 by Limited Brands.  The new owners kept the concept of highly personalized service but changed the image of the brand from Victorian to “tres chic.”

Victoria’s Secret stores are modern and sophisticated with an avant-garde ambiance.  The Formica and chrome fixtures found in most clothing stores are replaced with glass shelving adorned with mirror-strips.  Lighting is bright and progressive often using indirect lighting on white coffered ceilings along with wall wash effects.  The walls are dotted with racy black-and-white photos of slim, sexy, young women wearing lingerie and lacy bras.  As the company’s signature color, pink is prominent throughout the stores.

Mannequins have played a significant role in the company’s product display.  In her article, Hansen (2003) stated that the company withdrew from the usual bust-displays and worked with a mannequin company to “develop realistic mannequins with sexy, provocative poses.”  Much like the controversy over Abercrombie and Fitch’s provocative advertising, Victoria’s Secret gained notoriety and criticism regarding their lifelike scantily-clad displays.  The company capitalized on this controversy by hosting sexy fashion shows and using supermodels minimally adorned with Victoria’s Secret apparel.  While the company has recently “toned-down” its highly sexualized displays, stores still have a sexy, chic ambiance without making the customer feel uncomfortable.

While the company does produce some of its lines in “plus sizes” their primary target demographic are young attractive women and the men who buy lingerie and fragrances for them.

Sales associates do not wear uniforms of any kind, but are dressed in attractive business type clothes.  Customers are greeted warmly and made to feel comfortable.  Personal service is paramount for this retailer.  When purchasing bras or other apparel, women can consult with a sales person in relative privacy.  Men purchasing apparel or fragrances for their significant other are also welcomed with a professional deportment, easing their anxiety.

While customers consult with sales staff in “relative privacy” there are still no totally private places to talk about matters that may be uncomfortable for some.  If for example a man is purchasing an intimate apparel item for someone, much of the sales process happens on the floor.  Having a private consultation room or cubicle might make the initial process more inviting.

While the protests of some regarding the store’s overtly sexy mannequins helped to popularize the brand, the fact that most stores are located in family-friendly shopping malls has prompted the company to become more conservative in this area.  This trend is evidence of a marketing strategy that is customer-sensitive should be continued.

In essence, Victoria’s Secret sells sexy underwear and nice fragrances that are, like most apparel and perfumes, manufactured abroad.  A consumer could purchase similar products at any number of other retailers for far less.  The company’s store designs shout “high-end.”  This keeps Victoria’s Secret in the relatively small club of companies selling veblen goods.  Like Starbucks and Mercedes, the very fact that Victoria’s Secret products are expensive insures continued patronage by “exclusive” customers.

Victoria’s Secret should continue to present itself as being the premier brand in its market.  Maintaining that status (and the markups that come with it) will require a constant finger on the pulse of the market and a willingness to continually update its store image to keep on top of current trends.

Fragrancex. (2010). History and background of Victoria’s Secret. Retrieved from http://www.fragrancex.com/products/_bid_Victoria–Secret-am-cid_perfume-am-lid_V__brand_history.html

Funding Universe. (2010). Wal-Mart Stores Inc . Retrieved from http://www.fundinguniverse.com/company-histories/WalMart-Stores-Inc-Company-History.html

Hansen, A. (2003, March 31). Victoria’s Secret . Retrieved from http://vmsd.com/content/victorias-secret

Jana, R. (2008, July 4). What does Wal-Mart’s new logo mean? Business Week, . Retrieved from http://articles.moneycentral.msn.com/Investing/Extra/WhatDoesWalMartsNewLogoMean.aspx?page=1

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What is Retail Management?

Retail management is the backbone of the flourishing retail industry—a dynamic field pivotal to delivering consumer satisfaction and driving business success.

RETAILBOSS provides well-curated, research-driven news and insights into the trends…

Retail management is the backbone of the flourishing retail industry—a dynamic field pivotal to delivering consumer satisfaction and driving business success. This multifaceted discipline encompasses a range of activities that ensure customers not only walk into a store or visit an online platform but also leave with their needs fulfilled and intentions to return.

It’s about crafting a seamless shopping experience through meticulous planning, strategic merchandising, effective marketing, and superior customer service. Moreover, it involves financial acumen, adept handling of supply chains, and proficient staff management. Today's retail managers must blend traditional practices with innovative strategies to stay ahead of the curve, catering to the fast-paced changes in consumer behavior and the continuous shift towards digitization in shopping.

Join us as we unlock the secrets to thriving in retail manager. From developing a strong brand presence to adapting to changing consumer behaviors, we will equip you with the tools necessary to succeed. Get ready to master the art of retail management and achieve unparalleled success in the competitive marketplace.

Retail management refers to the process of bringing consumers into a store and fulfilling their buying needs. It involves managing all aspects of a retail business, from planning and strategizing to execution. The goal of retail management is to increase sales and customer satisfaction while efficiently managing the retail operations.

Key functions of retail management include, but are not limited to:

• Store Operations : Overseeing the everyday running of the store, which includes staff management, stock control, and ensuring that the store environment is safe and welcoming for customers.
• Merchandising: This involves product management, inventory management, and visual merchandising – the latter being the strategy of designing and arranging products in a store to increase customer flow and sales.
• Marketing and Promotion: Developing strategies to promote products and the brand to drive traffic to the store or website, which may involve advertising campaigns, loyalty programs, and in-store promotions.
• Customer Service: Ensuring a high level of customer satisfaction through excellent service, including dealing with complaints and feedback, managing returns or exchanges, and ensuring customers have a positive shopping experience.
• Sales Management: Achieving sales targets through analyzing sales figures, forecasting future sales volumes to maximize profits, and making sure the sales team is motivated and well-informed about the products they are selling.
• Financial Management: Managing the financial aspects such as pricing, budgets, expenses, and revenue to ensure the profitability of the retail operation.
• Supply Chain Management: Coordinating with suppliers and logistics to make sure that products are delivered on time and inventory levels are maintained to meet consumer demand without overstocking.
• Human Resources: Recruiting, training, and retaining a skilled workforce, handling payroll, and designing an organizational structure that supports the retail operation’s objectives.

Retail management is critical as it directly impacts customer experience, sales, and ultimately the success of the retail business. With the advent of e-commerce, retail management also increasingly involves online sales and omnichannel strategies that blend physical and online shopping experiences.

Key Strategies for Successful Retail Management

Successful retail management requires a holistic approach that encompasses various components. These components work together to create a seamless and exceptional customer experience, drive sales, and optimize operational efficiency. Let's explore some of the key components of successful retail management.

1. Understanding Customer Behavior: To effectively manage a retail business, it is essential to understand your target customers. By analyzing their preferences, shopping habits, and motivations, you can tailor your product offerings and marketing messages to resonate with them. This can be done through market research, customer surveys, and analyzing data from your point-of-sale systems.

2. Analyzing Market Trends and Competition: Keeping a pulse on market trends and understanding your competition is crucial in the retail industry. By staying informed about the latest consumer preferences, emerging technologies, and industry developments, you can adapt your strategies to stay ahead. Regularly conducting competitor analysis can also provide valuable insights into their strengths and weaknesses, allowing you to differentiate yourself in the marketplace.

3. Developing a Retail Marketing Plan: A well-executed marketing plan is essential for driving customer traffic and generating sales. It should encompass various marketing channels, such as digital advertising, social media, email marketing, and traditional advertising. Your marketing plan should be tailored to your target audience, utilize compelling messaging and visuals, and leverage data-driven insights to optimize campaign performance.

4. Effective Inventory Management Techniques: Inventory management plays a crucial role in retail success. It involves forecasting demand, replenishing stock, and minimizing stockouts or overstock situations. By implementing inventory management best practices, such as ABC analysis, just-in-time inventory, and demand forecasting, you can optimize your inventory levels, reduce carrying costs, and ensure product availability when customers need it.

5. Building a Strong Team and Manage Staff: Your retail team is the face of your business and plays a vital role in delivering exceptional customer experiences. Building a strong team involves hiring the right talent, providing comprehensive training, and fostering a positive work environment. Effective staff management includes setting clear expectations, providing regular feedback, and recognizing and rewarding outstanding performance.

6. Utilizing Technology in Retail Management: Technology has revolutionized the retail industry, enabling businesses to streamline operations and enhance the customer experience. From point-of-sale systems and inventory management software to customer relationship management (CRM) tools and e-commerce platforms, leveraging technology can help you automate processes, gain valuable insights, and stay connected with your customers across multiple channels.

Understanding Customer Behavior in Retail

Understanding customer behavior is the foundation of successful retail management. By gaining insights into what motivates customers to make purchases, you can tailor your strategies to meet their needs and drive sales. One way to understand customer behavior is through data analysis. By collecting and analyzing data on customer demographics, preferences, and purchasing patterns, you can identify trends and make informed decisions.

Another important aspect of understanding customer behavior is creating a positive shopping experience. From the moment a customer walks into your store or visits your website, they should feel welcomed and valued. This can be achieved through effective visual merchandising, which involves arranging products in an appealing and organized manner. Creating eye-catching displays, using attractive signage, and ensuring a clean and well-lit environment can all contribute to a positive shopping experience.

Furthermore, offering excellent customer service is crucial in retail management. Train your staff to be knowledgeable, friendly, and attentive to customer needs. Encourage them to go the extra mile to exceed customer expectations. By providing exceptional customer service, you can build customer loyalty and foster positive word-of-mouth.

Analyzing Market Trends and Competition

In the highly competitive retail industry, staying ahead of market trends and understanding your competition is essential. Regularly analyzing market trends can help you identify emerging opportunities and adapt your strategies accordingly. Keep an eye on industry publications, attend trade shows, and engage in market research to stay informed about the latest trends in your niche.

Additionally, studying your competitors can provide valuable insights into their strategies and help you differentiate yourself. Analyze their pricing, product offerings, marketing campaigns, and customer experience. Identify areas where you can outperform them and create a unique value proposition for your customers. By understanding your competition, you can position your retail business effectively in the marketplace.

Developing a Retail Marketing Plan

A well-defined retail marketing plan is crucial for attracting customers and driving sales. Start by identifying your target market and understanding their needs and preferences. This will help you tailor your marketing messages and choose the most effective channels to reach your audience.

One key element of a retail marketing plan is creating a strong brand presence. Define your brand identity and ensure consistency across all touchpoints, including your store, website, social media platforms, and advertising materials. Use compelling visuals, captivating storytelling, and a unique brand voice to differentiate yourself from competitors and create a memorable brand identity.

Another important aspect of retail marketing is utilizing digital channels. In today's digital age, having a strong online presence is essential. Develop a user-friendly website and optimize it for search engines to increase your visibility. Engage with your audience on social media platforms and create compelling content that drives engagement and builds brand loyalty. Additionally, consider implementing email marketing campaigns and leveraging influencer partnerships to expand your reach.

Implementing Effective Inventory Management Techniques

Effective inventory management is crucial for maximizing profitability and ensuring customer satisfaction. By optimizing your inventory levels, you can avoid stockouts and overstock situations, reducing the risk of lost sales and excessive carrying costs.

One technique for effective inventory management is implementing a just-in-time (JIT) inventory system. With JIT, you only order inventory as needed, minimizing storage costs and reducing the risk of obsolete inventory. This approach requires accurate demand forecasting and strong relationships with suppliers to ensure timely delivery.

Another technique is implementing an automated inventory management system. This allows you to track inventory levels in real-time, streamline ordering processes, and generate reports that provide valuable insights into sales trends and inventory turnover. By leveraging technology, you can optimize your inventory management practices and improve overall efficiency.

Building a Strong Team and Managing Staff Effectively

Building a strong team is essential for the success of your retail business. By hiring the right people, providing adequate training, and fostering a positive work environment, you can create a motivated and productive team.

When hiring, look for individuals who not only possess the necessary skills but also align with your company culture and values. Conduct thorough interviews, check references, and consider implementing skills assessments to ensure you hire the best candidates.

Once you have built your team, invest in their development through ongoing training and performance feedback. Provide opportunities for growth and recognize and reward their achievements. By empowering your team and fostering a positive work environment, you can create a strong and dedicated workforce.

Utilizing Technology in Retail Management

One way to utilize technology is through the implementation of a point-of-sale (POS) system. A modern POS system allows you to process transactions efficiently, track sales data, manage inventory, and generate reports. This enables you to make data-driven decisions and improve overall operational efficiency.

Another technology trend in retail management is the use of customer relationship management (CRM) software. A CRM system allows you to manage customer data, track interactions, and create personalized marketing campaigns. By understanding your customers better and delivering targeted messages, you can build stronger relationships and drive repeat business.

Furthermore, consider leveraging data analytics tools to gain insights into customer behavior, optimize pricing strategies, and identify areas for improvement. By harnessing the power of technology, you can stay competitive and thrive in the ever-evolving retail landscape.

In conclusion, mastering the art of retail management is essential for success in today's competitive marketplace. By implementing effective strategies, understanding customer behavior, analyzing market trends, developing a retail marketing plan, implementing inventory management techniques, building a strong team, and utilizing technology, you can create a retail operation that stands out from the competition.

As the retail landscape continues to evolve, embracing innovation and staying agile will be key. The future of retail management lies in leveraging emerging technologies, such as artificial intelligence, virtual reality, and augmented reality, to create personalized and immersive shopping experiences. Additionally, sustainability and social responsibility will play an increasingly important role, as consumers demand ethical and environmentally conscious practices from retailers.

By continuously honing your retail management skills, staying informed about industry trends, and adapting to changing consumer behaviors, you can position your retail business for long-term success. So, are you ready to master the art of retail management and achieve unparalleled success in the competitive marketplace? The possibilities are endless, and the journey starts now.

RETAILBOSS provides well-curated, research-driven news and insights into the trends and business aspects of the rapidly evolving retail industry.

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A Comprehensive Guide to Retail Management

• Ossian Muscad
• May 13, 2022
• No Comments

Last Updated on March 24, 2024 by Ossian Muscad

The retail landscape is continually evolving, adapting to technological advancements, changing consumer behaviors, and global economic shifts. This guide to retail management aims to provide a comprehensive overview of the critical elements that make up successful retail operations. 

From understanding customer needs and managing inventory to harnessing technology and creating memorable shopping experiences, we explore various strategies and best practices that can elevate a retail business in today’s competitive market. Whether you are new to retail management or looking to refine your existing skills, this guide offers valuable insights to help you thrive in the dynamic world of retail.

What is Retail Management?

Retail management encompasses the processes and procedures necessary to manage a retail outlet effectively. It involves a wide range of activities, from overseeing the day-to-day operations and ensuring that the store runs smoothly to strategic planning and decision-making to maximize profits and enhance customer satisfaction. At its core, retail management aims to provide a seamless shopping experience for customers, which includes managing inventory levels, setting prices, creating attractive store layouts, and employing skilled staff.

Additionally, retail management also involves analyzing sales data to understand consumer behavior and market trends, which in turn informs marketing and promotional strategies. Effective retail management is crucial for the success and sustainability of a retail business in the competitive marketplace.

Areas Retail Management Covers

Retail management is a multifaceted field that touches upon several critical areas necessary for the efficient and effective running of a retail business. These areas encompass everything from how products are sourced and stored to how transactions are processed and how customers interact with the brand, both in-store and online. Each component plays a vital role in creating a cohesive and successful retail operation.

• Inventory Management : Crucial for ensuring optimal product availability, inventory management encompasses monitoring stock levels, predicting demand trends, and strategizing purchases to prevent overstocking or shortages. It also involves employing inventory control methods such as Just-in-Time (JIT) to enhance efficiency.
• Warehouse Operations : This domain delves into the logistical intricacies of warehousing, encompassing tasks like inventory organization, overseeing stock reception and dispatch, and maintaining storage conditions that uphold product integrity. Efficient warehouse operations also involve implementing technologies like RFID for streamlined inventory tracking.
• Payments and Accounting : This area encompasses financial transactions in retail. It covers processing customer payments securely, managing accounts receivable and payable, and upholding accurate financial documentation for comprehensive reporting and insightful analysis. It also includes adopting advanced accounting software for improved financial management.
• Offline and Online Storefronts : Englobing physical and virtual customer touchpoints, this segment oversees managing brick-and-mortar stores for optimal in-store experiences and developing user-friendly e-commerce interfaces to enhance online shopping. It involves leveraging omnichannel strategies for seamless customer journeys.
• Human Resources : From recruitment to fostering a skilled workforce, human resources in retail involves hiring top talent, facilitating comprehensive onboarding processes, and offering continuous training and development opportunities to align employee competencies with organizational objectives. It also includes implementing performance appraisal systems for employee growth.
• Customer Service : A holistic approach to customer interactions, customer service in retail focuses on delivering exceptional pre- and post-purchase experiences to drive customer satisfaction, foster loyalty, and amplify positive word-of-mouth referrals. This includes implementing personalized customer service strategies for enhanced customer engagement.
• Store Layout : Strategically configuring store layouts and merchandise displays to optimize customer navigation and influence purchasing decisions, store layout design entails meticulous product placement, intuitive signage placement, and customer flow management for an enhanced shopping environment. It also involves leveraging heat mapping technology for data-driven store layout enhancements.
• Sales : Centered on deploying persuasive techniques and innovative strategies to drive customer conversions, retail sales include devising competitive pricing structures, executing targeted promotional campaigns, and training sales teams on effective selling methodologies. It also involves harnessing data analytics for sales performance optimization.

The Core Responsibilities of a Store Manager

The role of a store manager is multifaceted, requiring not only a knack for leadership but also an in-depth understanding of both the operational and strategic aspects of retail management. Charged with ensuring the store’s profitability and operational efficiency, a store manager’s responsibilities are diverse and critical to the success of the retail business. The following are key responsibilities every store manager should adeptly handle to ensure the smooth running of a retail operation.

• Mitigate Loss: Mitigating loss involves implementing preventative strategies and technologies to reduce shrinkage due to theft, damage, or administrative errors. Store managers must conduct regular audits, install surveillance systems, and train staff on loss prevention techniques to safeguard the store’s assets.
• Protect Merchandise: Protecting merchandise is crucial for minimizing losses and maintaining inventory integrity. This entails the use of security tags, CCTV monitoring, and setting up store layouts that deter theft while ensuring that high-value items are stored securely.
• Keep Proper Records of Products: Accurate record-keeping of inventory ensures that the store can track product availability, reorder levels, and manage stock efficiently. Store managers utilize inventory management systems to monitor stock movements and maintain records of purchases and sales.
• Ensure the Store is Clean: Maintaining a clean store environment is essential for creating a positive shopping experience and encouraging repeat business. Store managers delegate cleaning tasks and ensure that all areas of the store, from the sales floor to the restrooms, meet hygiene and presentation standards.
• Organize Merchandise According to Sales Goals: Organizing merchandise strategically according to sales goals involves placing high-demand products in prominent locations and optimizing store layouts to guide customer flow. This tactic is designed to maximize the visibility of key items and encourage purchases.
• Help Customers on the Sales Floor: Providing assistance on the sales floor is about fostering a customer-friendly atmosphere where queries are addressed and assistance is offered proactively. Managers train staff to be attentive and knowledgeable, ensuring customers receive personalized service.
• Order Products from Suppliers: Ordering products from suppliers requires negotiation skills and an understanding of market trends to secure the best prices and ensure timely deliveries. Store managers are responsible for maintaining supplier relationships and monitoring stock levels to place orders efficiently.
• Maintain the Right Amount of Inventory: Maintaining the right amount of inventory is vital to meet customer demand without overstocking. Store managers analyze sales data, forecast demand, and implement inventory management strategies to optimize stock levels.
• Hire, Train, and Supervise Sales Staff: Building a competent sales team involves hiring individuals with the right skills, providing ongoing training to improve product knowledge and customer service, and supervising staff to ensure they meet sales and service standards.
• Create Daily Sales Reports, Outline Profits: Creating daily sales reports and outlining profits enables store managers to track financial performance, identify trends, and make informed decisions. This involves analyzing sales data, evaluating costs, and reporting on profit margins.
• Schedule Staff to Support Customers on the Sales Floor: Scheduling staff efficiently ensures that there are enough employees on the sales floor to meet customer needs during peak times. Store managers must balance staff availability with customer traffic patterns to maximize service and sales opportunities.
• Attend to Cash Register: Managing the cash register, including processing payments, handling returns, and ensuring accurate cash handling, is essential for transactional efficiency and customer satisfaction. Store managers occasionally step in to provide register support during busy periods or staff shortages.
• Unpack Shipments: Unpacking shipments involves receiving goods, verifying deliveries against order sheets, and organizing stock for storage or display. Store managers ensure procedures are in place for efficient handling and inventory control of new arrivals.

The Importance of Proper Retail Management

Proper retail management is not just a necessity but a cornerstone for the success of any retail business. It plays a pivotal role in determining brand reputation, customer satisfaction, and, ultimately, the profitability of the enterprise. With that said, here are some reasons that underscore the importance of effective retail management.

• Optimized Operations: Efficient retail management ensures streamlined operations. This results in faster checkouts, better inventory control, and improved in-store efficiency, all contributing to an enhanced customer experience.
• Customer Satisfaction: A well-managed retail store is more likely to meet customer expectations, leading to higher satisfaction levels. This encompasses product availability, customer service, store cleanliness, and easy navigation.
• Profitability: Effective retail management directly impacts a store’s profitability. It ensures optimal product pricing , inventory turnover, and expense management, driving better financial outcomes.
• Inventory Management: Proper retail management is crucial for effective inventory management. It helps maintain the right balance of stock, prevent overstocking or understocking situations, and minimize stockouts.
• Brand Reputation: Retail management plays a key role in building and maintaining a store’s brand reputation. The store’s shopping experience can influence customers’ perception of the brand.
• Competitive Advantage: A store can gain a competitive edge with effective retail management. This is achieved through better customer service, unique in-store experiences, and efficient operations, setting the store apart from competitors.

The 7-Step Retail Management Process

Proper retail management is a dynamic and ongoing process that requires constant attention to customer needs and market trends. It involves a strategic approach to solving customer problems, researching market demands, and continuously innovating products and services. This process is essential for maintaining competitiveness and ensuring customer satisfaction in the fast-paced retail industry.

Solve Customer Problems

Solving customer problems is an essential step in the retail management process. It requires keenly identifying prevalent issues that shoppers encounter, including product availability challenges, quality concerns, pricing disputes, and more. By developing efficient solutions tailored to these specific problems, retail managers aim to enhance customer satisfaction and loyalty. To achieve this, retail managers need to cultivate an environment that empowers staff to promptly and effectively address customer complaints, thereby ensuring a seamless and positive shopping experience for every customer.

Do Customer Market Research

Customer market research is a pivotal aspect of comprehending the intricate needs, preferences and purchasing behaviors of your specific target audience. This comprehensive process entails the meticulous collection and in-depth analysis of data obtained through a variety of methods such as surveys, focus groups, and scrutiny of sales trends. By delving into this research, retailers are empowered to fine-tune their product assortments, marketing approaches, and store layouts to precisely align with the dynamic demands of their customer base, thereby enhancing their effectiveness in meeting consumer needs and expectations.

Develop and Test Products and Services Based on Market Demand

Based on valuable insights obtained from thorough customer market research, it is imperative for retailers to meticulously craft, develop, and rigorously test novel products and services that resonate with the evolving market demand. This strategic approach may encompass the introduction of innovative product lines, enhancements to existing products for superior quality, and the provision of value-added services to cater to customer preferences effectively. To ensure the success of these initiatives, robust testing procedures and feedback mechanisms should be meticulously established to evaluate the performance of these offerings and iteratively refine them based on insightful customer responses and market dynamics.

Address All Monetary and Legal Issues

Retail management involves a comprehensive approach that extends to overseeing all monetary and legal aspects. This includes guaranteeing adherence to local and federal regulations, overseeing financial transactions, and obtaining essential licenses and permits. Adequate financial planning and legal vigilance are indispensable for achieving operational success and protecting the business from potential liabilities.

Implement Products, Services, and Brands Marketing

Implementing creative and effective marketing strategies for products, services, and the brand itself is essential for attracting and retaining customers. It entails a strategic approach that includes comprehensive market research, competitor analysis, and target audience segmentation to tailor messaging effectively. By integrating a mix of advertising channels, such as social media, email campaigns, and influencer partnerships, businesses can optimize brand visibility and customer engagement. Moreover, leveraging data analytics and customer feedback allows for continuous optimization, ensuring marketing efforts remain relevant and impactful in driving sales and fostering long-term customer relationships.

Constantly Improve and Develop Products and Services

In the rapidly evolving retail landscape, continuous improvement and the ongoing development of innovative products and services play a pivotal role in maintaining a competitive edge. To achieve this, it is imperative to closely monitor industry trends, gather and analyze customer feedback, and stay abreast of technological advancements. Retail managers are tasked with fostering a culture of innovation within their teams, where the exploration and implementation of new ideas are not only encouraged but also integral to enhancing the overall customer experience.

Deliver Excellent Customer Service

The retail management process prioritizes delivering exceptional customer service. This involves establishing a warm and inviting store ambiance, providing thorough training to staff to enhance their expertise and friendliness, and guaranteeing a smooth shopping journey from the moment customers enter until they leave. Remarkable customer service serves as the cornerstone for building customer loyalty and acts as a catalyst for generating positive word-of-mouth referrals, which play a pivotal role in driving sustained business growth and success in the long run.

Challenges of Retail Management

Retail management faces a plethora of challenges in today’s fast-paced market, where consumer preferences shift rapidly and technology evolves continuously. Successfully navigating these challenges is crucial for retail businesses aiming to thrive and outperform competitors. Below, we explore key hurdles in retail management and strategize on overcoming them effectively.

Attract Customer Loyalty

In an era of plentiful choices, securing customer loyalty has become increasingly difficult. Retailers must go beyond traditional loyalty programs to offer personalized shopping experiences, exceptional service, and genuine engagement through social media and community involvement. Building emotional connections and consistently meeting customer expectations can transform occasional shoppers into loyal advocates.

Adapt to Customer Continual Requirements

Keeping pace with the constantly changing needs and preferences of customers is a significant challenge. Retailers must stay attuned to market trends and be agile in adjusting their product offerings, marketing strategies, and in-store experiences. This requires a proactive approach to market research and customer feedback mechanisms to anticipate and meet these evolving demands effectively.

Find the Best Technology Solutions for Your Retail Industry

Identifying and implementing the right technology solutions is vital for optimizing operations, enhancing customer experiences, and streamlining transactions in the retail sector. Whether it’s adopting an advanced POS system, integrating e-commerce platforms, or leveraging AI for personalized marketing, choosing the most suitable and scalable technologies can drive efficiencies and competitive advantage.

Maintain Internal Communication and Interaction

Effective internal communication and interaction within retail establishments are crucial for ensuring that all team members are informed, engaged, and motivated to deliver exceptional customer service. Implementing collaborative tools, holding regular team meetings, and fostering a culture of open communication can help resolve issues swiftly, innovate processes, and maintain high morale among staff, which directly impacts the overall customer experience.

Retail Management Best Practices

To excel in the dynamic field of retail management, understanding and implementing best practices is key. These practices not only streamline operations but also significantly enhance customer satisfaction and business profitability. Below are essential tactics that retail managers should adopt to achieve their goals effectively:

Incorporate 5S Principles

The 5S Principles, stemming from Japanese management techniques, stand for Sort, Set in order, Shine, Standardize, and Sustain. In a retail context, this methodology is applied to organize store layouts, inventory, and workflows efficiently. Initiating sorting items to declutter the space, setting everything in a logical order for ease of access, ensuring cleanliness (Shine), standardizing processes for consistency, and sustaining these practices through regular audits. This approach minimizes waste, optimizes product placement, and creates a pleasing shopping environment that can drive sales and enhance customer satisfaction.

Use a Daily Back-front Approach

The Daily Back-front Approach emphasizes the importance of starting each day by organizing the back-end operations, such as stock rooms and employee workstations before the store opens. This ensures that all inventory is accounted for and restocked if necessary and that employees have a clear understanding of their daily tasks. Transitioning them to front-end tasks ensures the store presents its best face to customers the moment doors open, thereby improving the shopper’s experience through hassle-free navigation, availability of products, and efficient service.

Focus on Customer Experience

A Focused Customer Experience strategy entails creating personalized shopping experiences that cater to the specific needs and preferences of each customer. This involves training staff to recognize and respond to different customer types, utilizing data analytics to offer personalized promotions and communications, and ensuring the store layout facilitates easy discovery and interaction with products. Personalizing the shopping experience in this way can significantly increase customer satisfaction, loyalty, and, ultimately, the lifetime value of customers to the business.

Utilize Advanced Retail Management Software

Integrating Advanced Retail Management Software is crucial for modern retail operations. These sophisticated systems offer functionalities such as inventory management, customer relationship management (CRM), sales tracking, and e-commerce integration. By employing such software, retailers can enhance operational efficiency, gain valuable insights into customer behavior and preferences, streamline the purchasing process, and ultimately drive sales growth. The right software solution helps in making informed decisions based on real-time data, offering a competitive edge in the fast-paced retail industry.

Frequently Asked Questions (FAQs)

Q1: how can small retail businesses compete with larger chains.

Small retail businesses can leverage their unique strengths by offering personalized customer service, creating a community around the store, and quickly adapting to market trends. Focusing on niche markets and promoting local products can also distinguish them from larger competitors.

Q2: What role does social media play in retail management?

Social media is pivotal for retail management as it allows businesses to engage directly with customers, promote products, and analyze consumer behavior. Social media platforms are also powerful tools for advertising, customer feedback, and building brand loyalty through consistent and authentic communication.

Q3: How important is sustainability in retail?

Sustainability is increasingly becoming important for consumers, who are now more aware and concerned about environmental issues. Retailers focusing on sustainability practices, such as reducing waste, using eco-friendly packaging, and sourcing ethically produced goods, can improve their brand image, attract like-minded customers, and potentially reduce costs in the long run.

Q4: Can technology replace human personnel in retail?

While technology can streamline many retail processes, such as checkout and inventory management, the human touch remains crucial for customer service. Personal interactions, understanding customer needs on a deeper level, and providing personalized assistance are areas where human personnel are irreplaceable.

Q5: What are the challenges of integrating e-commerce with physical retail stores?

Challenges include managing inventory across both platforms, offering a unified customer experience, handling returns and exchanges smoothly, and avoiding channel conflict. Successful integration requires robust technology solutions, clear communication channels, and flexible business strategies.

Q6: How can retailers ensure data privacy for their customers?

Retailers must comply with data protection laws, secure their IT systems against breaches, and be transparent about how customer data is collected and used. Offering customers control over their data and educating them on privacy practices can also build trust and enhance customer relationships.

Streamline Retail Management with DATAMYTE

DATAMYTE is a quality management platform with low-code capabilities. Our Digital Clipboard , in particular, is a low-code workflow automation software that features a workflow, checklist, and smart form builder. This tool lets you create, manage, and track all the processes in your retail store, such as inventory management, back-end operations, merchandising tasks, and more. With DATAMYTE, retailers can save time and resources by streamlining their workflows, ensuring consistency, and standardizing processes for maximum efficiency.

DATAMYTE also lets you conduct layered process audits, a high-frequency evaluation of critical process steps, focusing on areas with the highest failure risk or non-compliance. Conducting LPA with DATAMYTE lets you effectively identify and correct potential defects before they become major quality issues.

With DATAMYTE , you have an all-in-one solution for managing your retail store, ensuring customer satisfaction, and driving growth. Try DATAMYTE today and take your retail management to the next level.

Retail management is a core aspect of ensuring the success of any retail store. By focusing on customer experience, utilizing advanced retail management software, and addressing frequently asked questions, businesses can significantly improve their operations. This entails not only adopting modern technological tools but also maintaining the human touch in customer service.

Challenges such as integrating e-commerce with physical stores require strategic planning and flexibility. However, by prioritizing customer satisfaction, data privacy, and efficient operations, retailers can thrive in the competitive market landscape, ensuring growth and sustainability in the long term.

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215 Retailing Essay Topic Ideas & Examples

🏆 best retailing topic ideas & essay examples, 🔎 good essay topics on retailing, 💡 interesting topics to write about retailing, ⭐ simple & easy retailing essay titles, ✍️ retailing essay topics for college, 📌 most interesting retailing topics to write about, 👍 good research topics about retailing.

• Cotton On: Growing Retail Brands The economy of Australia is sophisticated and modern and the country is incorporated into the global economy as it is center for commerce and finance in the region.
• The Retail Grocery Market Structure in Australia The influence that organizations in an oligopoly market structure have is very similar to the influence of a monopoly organization because the few organizations in oligopoly have full influence on prices. In an oligopoly market […]
• Harvey Norman Company Retail Marketing The immense success of the pair resulted in the firm going public in 1987 in the Australian Stock Exchange. In 1999, the retailer expanded its international growth further by entering the Singaporean market through a […]
• Key Ethical Issues in Retailing and Distribution As Barnett et al.observed empirically, there are several self-evident dimensions to ethical consumerism which players in retail and distribution function should comprehensively be aware of, for these dimensions may act in an organized and collective […]
• Macy’s Retail Store Marketing The objective of a marketing strategy is to enhance penetration of athletic shoes into the competitive market and maintain their dominance as a feasible brand of Macy’s.
• Apple’s International Retail Strategy In the global marketplace, Apple must improve its products and review prices in order to cater for various segments of the market.
• Analysis of the Department Store Retail According to Angeleette, at Marks and Spencer, the merchandise and the assortment is put in such a way that foodstuffs are placed far from apparels.
• H&M Company Retail Market In the United Kingdom, the company has numerous stores located in the UK and the main purpose of these is to take the latest fashion clothing closer to the consumer.
• Zara, H&M, Benetton and Gap Firms’ Retail Strategy Comparison of the manufacturing, pricing, and merchandise strategy of Zara, H&M, Benetton, and Gap. Merchandise Strategy: The merchandising strategy of retail strategy indicates the market segment to which the product is to be sold and […]
• Victoria Secret: Strategies and Tactics to Successful Retail Operation During the 1980s, Victoria’s secret expanded to most of the malls in the amalgamated States. One of the financial ratios carried out in the company is the price earning ratio which is about the earnings […]
• Total Quality Management in Retailing and Services In many scenarios, TQM is viewed simply as a tool to improve the quality of services and products rather than a philosophy that motivates both managers and employees to improve on their work.
• Integrated Marketing Communications: Microsoft Retail Stores Marketing This should include the use of Microsoft website to publicize the entrance of retail stores in the United Kingdom market. To increase awareness of the retail stores and Microsoft products, there will be need for […]
• Benetton’s, H&M’s, and Zara’s Design and Retail This essay compares and contrasts three different companies in the fashion industry namely Benetton, H&M and Zara on aspects of design, manufacturing, distribution, and retail.
• The Global Sports Retail Industry Improved economies: Another major factor supporting the rate of growth in the sports retail industry is the trend of economies in various parts of the world.
• Mobile Phone Retail Company’s Business Plan My goal is to start a company that transforms the lives of the greatest number of people. My followers will follow the code of conduct and uphold the outlined values.
• A Comparative Analysis of Apple & Sony Retail Stores It is imperative to note that Sony and Apple have continued to employ a multiplicity of tactics in their marketing mix strategies in the hope of attracting more customers to their stores.
• Employee Management in the Retail Business Another issue in the area of operations that needs to be articulated is the use of retail business assets. Take the time to offer your assistance to employees, and you will see it is worth […]
• Evaluation of Retail Marketing To ensure success in the retail business, retailers should acknowledge the fact that it is the customers and not the demand that lies at the center of a retail business.
• Ethical Approaches in the Retail Clothing Industry Clothing industries have adopted ethical and sustainable fashion, which maximizes the benefits to industry and society and minimizes the negative impact on the environment.
• Role of Technology in Retail Sector The present paper attempts to discuss how technology is utilized in the retail sector, how it has impacted the retail business and its customers, and the critical technologies found in the retail industry.
• IKEA Company: Retail Internationalisation Development It is clear that with an ambitious growth plan like this, the choice of the entry modes and strategies is of great strategic significance and can define the overall success of the business in regional […]
• Australian & Singapore Retail Industries Comparison The global economy slowed down in the year 2011 in a number of leading economies in the world. 6 percent, this is because of expansion in both the wholesale and retail segments.
• Optimum Nutrition Product: E-Retailing Plan Supplements allow for the body to recover to its maximum potential. Unfortunately in our everyday foods we do not have the recommend nutrients and vitamins that is required for our bodies to fully recover.
• Gap Inc.’s Key Performance Indicator and Retail Strategy In the next two years, the sales began increasing due to the appearance of the new director, Paul S. The company was able to recover in 2001, and the new CEO, Paul S.
• Macy Company’s History and It’s Current Retail Stratagy A case in point is Macy’s, which is a leader in the American retail industry and is also one of the top performing retailers globally.
• Cross-Docking Adoption: Challenges and Improvement of the Distribution Center in the Retail Industry Whether the changes in the structure and culture of the company are communicated to the suppliers; Do the suppliers in turn communicate the changes in their organizations to the company?
• Book Retail Industry: Buyer Power Then and Now In summary, the book retail industry has significantly evolved since 1995, as online retail represents nearly half of the market share, with Amazon at the vanguard, leading to the downfall of brick-and-mortar stores.
• Expansion Plan of the Retail Store The major resources required and costs that will be incurred by the store are summarized in the table below: From the table above, the overall monthly cost of setting up the new retail store is […]
• Amazon: Transnational Corporation in Online Retail The fact that the corporation involves its clients in the process of production of content is also worth noting, and it differentiates the enterprise from many others.
• Information Communication Technology in Retail Logistics The use of ICT by firms that are involved in logistics operations is necessitated by the need of these firms to integrate a number of logistical activities, the need to manage information effectively, as well […]
• The Australian Retail Grocery Market This paper thus discusses the grocery retail market of Australia by looking into the problem of market dominance and unhealthy competition in the market. Market concentration in the grocer market of Australia has resulted in […]
• The Effect of Retail Service Quality and Product Quality on Customer Loyalty The link between product quality and customer loyalty is evident: when a product satisfies customer’s needs, and thereafter, a customers communicates the positive aspect of that products to others, thus showing a high degree of […]
• Industry Analysis: Bicycle Retail Shop It is also necessary for an organisation to consider the threats of any substitutes in the industry. Price is also important in determining the performance of a business.
• MINI Brand Case Study: Retailing and Consumer Services High brand equity means that customers are willing to pay large sums of money for the purchase of a particular product of the company.
• Impact of COVID-19 on the Retail Industry Another feature is the presence of a certain place where the exchange of goods and money, in most cases, it is a store. This is due to the need for security and convenience of customers […]
• The Home Depot’s Omni-Channel Retailing Strategy In order to manage the stiff competition in the market, the management has considered the use of the Omni-Channel Retailing and distribution strategy.
• Changing Nature of Retail and the Rise of Commerce In order to dig further into the outlook of retail and how it is changing, I spoke to a couple of experts to gain insight into the retail sector, what strategies are retailers using to […]
• Value Creation in Luxury Brands Retailing The majority of experts have inclined to the statement that a key factor in the success of the most luxury brands is a loyalty of consumers.
• Retail Marketing of Best Buy Most of the existing and emerging retailers are venturing into the technology field to offer computing products so as to take advantage of the advancement in technology. That is, the company stands the chance to […]
• Retail Service and Manufacturing Logistics: Comparison Manufacturing logistics looks into the initial process of production of goods while retail logistics involves the division of the distribution channels so as to avail the goods to different locations.
• Small Retail Business: Impact of COVID-19 For this, we hang declarations asking clients to be aware of the health risks and not to take anything they were not willing as to buy.
• Reporting to the Director of Retail Operations That is to say, to arrive at a comprehensive picture of the management situation, managers need to take into account the context of a task, the demands of the management role, and the personalities of […]
• Baman’s Strategies for Restaurant and Retail Supply Chains Therefore, the following discussion analyzes Baman’s restaurant and retail supply chains based on the segmentation, uncertainty, and product demand and supply viewpoints.
• SME Retail Business Owners, Operators, and Management During the COVID-19 Pandemic Semi-structured interviews allow you to see the chain of thought of the interviewee and what worries him about the topic under discussion since the interviewer only sets the initial tone of the conversation and corrects […]
• Retail and Automotive Industries: The Use of Artificial Intelligence Discovery analytics utilization involves the creation, adoption, and implementation of new and advanced technologies that use artificial intelligence systems to address existing shortcomings in the provision of superior customer experience.
• Finances of Pearl Retail Website in Switzerland A detailed consideration of the aspects of purchases, expenses, and income for various periods makes it possible to use different financial instruments that show the liquidity of assets and the soundness of the idea as […]
• The Gourmet Food Retail Store’s Business Plan In the first quarter, the retail store will not be expected to make a profit, but the expectation and second short-term goal are that in the second quarter, it will break even and begin making […]
• The Covid-19 Pandemic in the World of Retailing Among the main brick-and-mortar retailers in the vicinity, one should mention the coffee shop established and run by one of the members of the local Italian American community.
• Sustainability in Coffee Retail Business The paper contributes to the improved understanding of the current state of the coffee retail business regarding sustainability and community issues.
• Walmart’s Marketing Amidst Global Retail Changes This is one of the largest discount stores in Canada and provides similar items to Walmart, making it a major competitor for the global store.
• Multi-Brand Retail Online Store Business Plan This framework of organizing the work of an online store is suitable for starting a business in trade, does not require large investments, and also allows testing the market and products.
• Artificial Intelligence in Social Networks for Retail The use of social medial for retail is one of the most mature sectors of the economy in terms of the use of AI.
• Social Media: Impact on the Retail Business This article compares the situation in the field of retail before the introduction of artificial intelligence software and after the adaptation of social media for this purpose.
• Chaos Theory in Dillard Retail Store To achieve this, the retail store has invested in the most fundamental levels of operations including technology and engineering processes. For instance the retail store key strengths are the customer relations capability and abundant knowledge […]
• Analysis of the Retail Clothing Industry Economic uncertainties in have the potential of leading to weaknesses of the currency. This would affect the price of products at Nordstrom retail outlets, and ultimately the profitability of the company.
• Addressing the Impact of Showrooming on the Retail Industry Essentially, when a customer browses a store to examine the merchandise and then purchases the intended product online, the online store grows at the expense of the resources of the brick-and-mortar shop.
• Personal Business Plan for a Retail Store The retail store will be keen and emphasize the sale of a full assortment of children’s, women’s, and men’s official and athletic clothing and accessories.
• Omnichannel Sales and Successful Retail Concepts For example, if the product is out of stock, the buyer can use the “Seek & Send” service, and employees will find it in other stores in the chain and send the product to the […]
• Anthropologie in Thailand’s Retail Industry Thailand is a growing economy with the increasing tourism activities, and represents the pattern in the current economic trend and therefore requires aggressive retail investment that is likely to take into account the growing demand.
• Performance of Retail Businesses in Christmas Season The dissertation undertakes a study that compares the sales/ marketing strategies and the performance of the retail businesses during the Christmas season in UK.
• Correlation Between Retail Online and Total Sales First thing to do is to input the data provided by United States Department of Commerce for the total retail sales in one column and that of the e-commerce sales in another column.
• Marks & Spencer’s E-Retailing: Advantages and Disadvantages This is a temporary issue as the evolution of the web continues. This is a temporary issue as the evolution of the web continous.
• Strategic Management Process of Major Players in the Retail Industry Therefore, it becomes necessary for fashion designers and providers to keep their fingers on the pulse of the merchandising market and to be on the right side of fashion trends, both current and future.
• Car Retail Price and Car Mileage in Dubai Market Correlation and regression analyses were performed to determine the relationship between car retail price and car mileage in Dubai market. 19% of the variations in the car retail prices were accounted for by the car […]
• Retail Industries in Saudi Arabia The oil prices in Saudi Arabia affects the stock prices of the Abdullah Al Othaim Markets Company to a large extent.
• How Technology Impacts Careers: Education, Medicine, Retail Outlets Education is the art that imparts knowledge to the human race, for the sake of survival, advancement, and continuity; it can be termed as the epicenter of all technologies, innovations, and human development.
• RFID Technology in Retail Business In today’s global market where there is great deal of competition, businesses have to speedily react to the needs of customers, offer added-value product and services, and be able to maintain consistency in technology in […]
• The Retail Method of Pricing Inventories This would make the retail inventory method not work well therefore if combined with the first in first out method for inventory costing since in times of inflation, the price would be high at the […]
• Fashion Retail Trends In the modern age, traditional advertising is becoming obsolete, and distributors are forced to find new ways to connect with their audience.
• Internet Retail: Economy and Future Trends The primary function of the internet is to share information. The penetration of the internet to many parts of the world has not bolstered competition due to these factors.
• E-Retailing in Saudi Arabia Given the popularity of online medium of retailing, the government in Saudi Arabia has also taken steps such as establishing cybercrime laws to make e-commerce related transactions safe, reliable and secure.
• The Retail Textile Industry in Argentina and Brazil Increase in consumption took place due to the improvement of purchasing power of the local population and the steady growth of tourist purchases. The overall worth of textile industry is U.S.$63 billion.
• Consumer Retailing Market in Asia Internationalization of Asian retail market beneficently affects the buyers of this country, as they are now able to choose the store that suits them best in terms of price and quality.
• The Adoption of Multi-Channel Retailing In conclusion, Marketing plays a great role in brand development and the success of a company but is not everything in business.
• Retailing and Wholesaling: Costco, Warehouse Club In addition, the popularity of these clubs is associated with the fact that they have integrated the ‘no-frills concept. The entire operations of the franchisee are subject to the franchisor.
• Retailing Lessons From Loyalty Programs Around the Globe This is because the different teams identify the different groups of customers in the same way, that is, according to their needs.
• Logistics in E-Retailing Industry The prices and buy deals offered to customers online are more attractive as businesses tend to save on this offerings because of the factors mentioned previously. The category management minimizes stocks and speed of response […]
• Retail Logistics: Inventory Strategies and Retail Distribution Networks The first point is of special significance for retail stores of all kinds to control the quantity of the goods in stores and losses suffered from write-downs, while the latter two points are crucial for […]
• Work-Life Balance Development in the UK Retail Stores But, at the same time, the eternal desire to work and the necessity to do it in order to satisfy one’s personal needs and the needs of people that a certain person is responsible for, […]
• Big-Box Retailing Organizations When acquiring a big box retailing organization with such dismal practices to their workers, one needs to evaluate the amount of payment to the workers and the working conditions to be in compliance with World […]
• Retailing in Saudi Arabia Another method of fixing the prices of the goods in the retailing market is through suggested pricing that is commonly done by the manufacturers and is characterized by the price of the commodity being marked […]
• China’s Retail Revolution Analysis For entering the Agri-food retail sector in the Chinese market, a detailed analysis of existing market conditions in China’s agri-food business is necessary.
• Retail Pricing at Stores vs. Internet Pricing The goal of the pricing strategy is to maximize the difference between the cost incurred by the company and the value created for the customer.
• Off Season Fashion Sales: Procurement in Retail Karakul’s 2008 article “Joint Pricing and Procurement of Fashion Products in the Existence of a Clearance Market published in the International Journal of Production Economics, cites that in the apparel industry, the dilemma of always […]
• Crude Oil as a Global Commodity: Logistics & Retail Thus, it ensures the transportation of crude oil to various parts of the world but destroys natural sceneries in places where they are installed. In this case, boats are used for the transportation of oil […]
• Preventing Employee Turnover in Retail The problem of high turnover rates of retail employees is a widely discussed topic in scholar and professional literature due to its considerable implications for a company’s performance. The aim of the analysis was to […]
• Ladies’ Sneakers Retail at Walmart and Kohl’s The report presents the results of research to determine whether Kohl’s, a popular retailer, is capable of competing with Walmart, which is the largest retailer in the country, in the ladies’ sneakers merchandise category.
• Walmart in the Indian and Brazilian Retail Markets Thus, the organization should strive to integrate into the promising environment of the Brazilian and Indian retail markets, simultaneously adjusting its corporate philosophy and marketing approach to meet the requirements of the new setting and […]
• Strategic Marketing Planning in UK Retail This paper aims to examine the retail industry in the UK and Huddersfield and present a marketing plan for H&M. This is part of the optimisation strategy that will affect branches in the US and […]
• Retail Store Communication and Its Specifics In a large retail department store, the role of a communicator would fall to a communications officer or manager that has the direct responsibility of managing internal and public communication channels of the company.
• Ahmed Seddiqi & Sons at Dubai Retail Market The retail market is one of the largest ones presented in Dubai and the UAE. Although the complete classification of the types of stores present in Dubai is unavailable, it is possible to analyze the […]
• Retail Store Audit: Points for Improvement The audit of any retail store needs to consider a variety of factors to make the assessment accurate and meaningful. Even if the evaluation team did everything correctly due to high levels of mutual respect […]
• Kantar Retail Company’s Website Evaluation For instance, the website of a great retail company Kantar Retail, is obviously used as a tool to attract attention to the company and find new customers via the Internet.
• Wanamaker’s Store: Retail Reinvention Project The store was set up after serious scrutiny of the market trends and this was a major contributor to the fact that it survived for so long.
• Marketing: Retail Advertising and Celebrity Endorsement To stand up in the crowd, the marketers’ of the product using brand endorsers” “According to McCracken, endorsers can leverage their own popularity to create positive associations for brands in the minds of consumers.
• Turkey as a Business Environment for Fashion Retailing The vision of the company is to be the preferred brand among Muslim women in the Middle East, Asia, and Europe.
• The Use of Online Advertising and Online Retailing Hence, online grocery delivery is expected to act as a marketing strategy for Amazon’s line of products and also improve the competitive potential of the company.
• Ambient Conditions: Design and the Retail Environment In the paper, the author provides a detailed explanation of how the ambient conditions reviewed so far help in the creation of hedonic experience.
• Best Buy Inc. as the Largest Retail Company The bargaining power of its suppliers is forcing the company to utilize the best business practices. Most of the competitors in the consumer electronics industry are marketing the same products to the existing consumers.
• Marketing Intermediaries in the Retailing Sector Nowadays, nonstore retailing is becoming more and more popular, and the growing number of customers prefer this type to the previous one.
• The Influence of Internet Retail Service Quality The table is representing the age groups of the participants who were questioned on the online retail shopping experience. The table is exhibiting clearly that most of the people who participated in the survey […]
• Doing Business in China: Marketing Retail Sarah should also advice the management of the First Department Store to install a store inventory management software. This will increase the efficient movement of goods in and out of the store.
• Questions Concerning Retailing One of the reasons why an individual would prefer buying men’s suits from a specialty store to buying from a departmental store is the trust that the specialty store offers quality and customized products.
• IKEA Company’s Future: In-Store or Online Retailing As evident from its mission, one of the unique traits that make IKEA distinct from the rest of the companies in the industry is the pricing of its products.
• Restaurant Launch: Strategic Retail Planning Process First, I have to define the mission of my restaurant, i.e.to develop a statement, which describes the function and advantages of my organization, such as the following.
• Poundland Retailing Company’s Success Factors The shrinking idea was effective and led to the success of the business. The launch of the Visa Card was a sudden success for the company.
• Washington Retail Bakery’s Business Plan The company will sell quality products to its customers at competitive prices to increase the demand for the products. Licenses will be required for the business to operate legally.
• Retail Sales Associate’s Organizational Behavior It is generally expected that a sales associate in our retail store will realize that he or she is the face of the store.
• Developing Retail Packaging for a New Product One of the crucial stages of packaging development is printing design, and the overall success of the product in the market may significantly depend on the quality of operations at this phase of package manufacturing.
• Retail Banking Products and Services Using the examples and contrasting the products and services of Emirates NBD and Bank of Singapore will assist in understanding the key problems and consequences of the global business environment.
• Retail and Service Marketing Understanding The signing of a deal between Amazon and Morrison, which is among the biggest supermarkets in the UK, has evidenced one of the sporadic efforts by supermarket chains in the western nations to engage in […]
• Athleta Company’s Retail Marketing Plan It also outlines present dynamics in the Canadian domain of clothing retail and provides readers with the insight, as to what should account for the company’s marketing strategies in the targeted market. As of 2015, […]
• Secretary’s Compensation in Retail Business This paper aims to create a compensation and benefits package for the position of a secretary in an HR department of a retail company.
• Burberry Group Plc’s Fashion and Retailing In a larger sense, SWOT analysis will assist in the comprehension of the fashion market and the place of Burberry Company within it.
• Dubai Police, Politics, Retail, and Tourism In conclusion, the Dubai Emirate is a symbol of the unique governance and Law enforcement mechanisms compared to all other major global cities.
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• Customer Engagement in the Greek Retail Banking Sector In this regard, the article’s discussion of Social CRM is relevant to marketing as many enterprises pursue CRM as a primary source of customers’ satisfaction and loyalty.
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• Nine West Retail Stores Merchandising The success of the retail stores is attributed to the company’s merchant organization and incentives. NWRS’s structure and the organization have scaled it to what it is today, one of the best lifestyle stores in […]
• Digital Technologies in Retail Trends of 2025 As a result, when the goods are delivered to the stores by trucks, the vehicles would have to pass through special scanning frame that will capture the information on all the stickers inside of the […]
• What Are the Most Likely Logistics for Multi-Channel Retailing? Supply chain management refers to the organization of a set of connections of interconnected business activities which are involved in the process of providing goods and services to consumers.
• Technologies in the US Retail Industry According to Farfan, the size of the US retail industry has been boosted by four and a half percent from 1993 to 2015; however, such a conclusion has been drawn by considering the units of […]
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• Retail Development Forecasts: Online vs Offline The main tendencies that will determine the development of digital retail will be a personification of orders and an individual approach to a customer in general.
• Clothing Retail Store’s Promotional Plan Therefore, it is important to develop certain strategies to communicate with the participants of the program. The second step is sending e-mails to top- and mid-management of the companies that can be potential customers.
• Boosting Sales in Retail Banking for 2012 One of the major ways through which the company is to achieve this is through improving the sales revenue in the retail banking sector. Customer retention and loyalty is a responsibility of the sales team.
• Information Systems for Brotherhood of St Laurence and Somerville Retail Services The management of the organization usually monitors the operation of the IS plan to ensure that its implementation is in accordance to the needs of the company.
• The Effect of Retail Store on Students Champion et al.highlight that, in a situation of high involvement in the decision making process, there is a high correlation of store image and perspective of the consumer on the quality of the product.
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• The Shift from Old Store Bases Retailing to the Electronic Home Shopping
• Obesity Epidemics: The Potential Role of Retailing Sector in Promoting Fruit and Vegetable Consumption
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• Social Networking Atmosphere and Online Retailing
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• Chicago (A-D)
• Chicago (N-B)

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Retail Management & Strategies – Essay Sample

Working in retail is one of the most demanding jobs in the world. When individuals are also responsible for managing retail departments, the difficulty grows exponentially. Understanding the ins and outs of retail management, while employing effective management strategies, will aid any retail worker in a management position.

Retail managers – also known as store managers, department managers or directors – have many duties to perform. Such individuals are often responsible for hiring or firing new employees, while organizing employee workshops, meetings and trainings. They are usually the prime mediator in disputes or conflicts, whether regarding employees or customers. Managers can also handle pricing changes, product ordering, profit and loss management, facility maintenance and security concerns. All in all, managers have a lot on their plate, and they need to ensure the strategies they employ are adequate in handling these diverse tasks.

The first and most important strategy retail management should use regards employees. Managers are directly responsible for inspiring work ethic in their employees and maintain high employee motivation. Without a dedicated and enthusiastic staff, sales are likely to suffer and customer satisfaction decreases. Managers can keep employees happy and motivated through goal-orientation, fair treatment and setting a positive example. This kind of friendly, supportive attitude should extend to customers as well. Customer service is of utmost importance in the retail world; managers should not only teach employees good customer service skills, but also personally employ them.

Another key strategy all managers should employ is general organization. By keeping financial records, purchases and other documentation well organized, managers can avoid confusion in the workplace. This also ensures they are able to catch any abnormal activities (such as money laundering) before they become an irreparable issue. Managers should also be very secure and thorough in their work. As the leaders of their branch or store, they are accountable for nearly everything that happens in their workplace. Employing safety protocols and policies can not only protect them from harm and misuse, but also their employees and customers.

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Retail Management – Meaning, Strategies, Importance, and Career

lapaasindia

August 21, 2020

Recent Blogs

If you are a businessman or working for a business, you have heard about the term supply chain management in manufacturing or wholesale business and retail management in retail business.

So, You might be manufacturing a product, selling a ready-made product or providing any kind of service to the customers.

If you are a seller and earn profit margin upon your sales, you are working for product industry and if you are offering services and charge money for that, then you belong to the service industry .

1. Types of Business

Generally, there are many types of businesses that belong to various industries, but if we talk about the target audience, there are of two types of businesses-

• B2B Business
• B2C Business

B2B Business- If you are selling a product to someone who against sells that product forward, it means you are dealing with a business. This is called B2B business model i.e. business to business.

So, Mostly, This type of businessman is a wholesaler that sells products in large quantity. Hence, The sales are done on high volume and the profit margin is low.

But even if you are selling a less quantity of products to other business, then it is also B2B business.

B2C Business- If the customer is purchasing a product for his own use, then he is actually a consumer. So, if you sell a product to someone who consumes it, then you are working on B2C business model i.e. business to consumer.

“Always remember this, a customer is the one who purchases your product, and a consumer is a final customer that consumes or uses your product.”

Generally, B2C businesses are retail stores that are present near your locations and the local markets of your city. Every store sells the products or service of a particular niche and fulfils different types of needs.

What is Retail?

The term ‘retail’ is comes from a French word ‘retaillier’ which means ‘to cut into pieces’ or ‘to break bulk’.

“Retailing includes all the activities involved in selling goods or services to the final customers for personal, non-business use”. – Philip Kotler

When a person either manufacturer or a reseller, sells goods in bulk, then it is wholesale. Whereas a person who sells goods to the customer who doesn’t purchase it to sell, but for personal use, then it is a retail business. 

The seller is called a retailer and sells in a limited quantity demanded by the customer. The consumer purchases a product from the retailer highest possible price of that product i.e. MRP (Maximum Retail Price).

Generally, a retailer can be a normal shopkeeper or an owner of a big retail store chain. A small retailer offers the goods on MRP whereas the large retail chain players can provide discounts due to overall high sales.

Types of Retailing

Ownership based retailing, 1. independent retailer.

An independent retailer is generally a local shop owner or a street-side vendor that operates his business with a single outlet. He captures the customers of nearby locations.

2. Chain Stores

When a business has two or more branches under single ownership, then it is called a chain store. These stores can be present in different locations or even different cities and offer the same line-up of products in every outlet.

Example- Raymonds, Bata, Westside

3. Franchise Stores

Franchise business is an agreement between an established brand that is the franchisor and the other person is a franchisee.

In this business model the franchisor demands a royalty fee for his brand name from the franchisee and charges effect percentage of amount from the monthly sales.

Example- Dominos, KFC, Subway

4. Leased Department Store

This type of business can also be called shop-in-shop or store-in-store. The owner is a lessor that provides the space to a lessee. The companies adopted this process to spread the awareness of their brand.

5. Consumer Co-operatives Stores

These are the stores that are owned by consumers themselves. A group of consumers can identify a gap in the fulfilment of their needs and start a store mutually with profit-sharing.

Example- ‘Apna Bazaar’ in Mumbai, ‘Super Bazaar’ in Delhi

Merchandise Based Retailing

1. departmental store.

A departmental store is a large retail store that provides a wide line-up of products to the customers under one roof. Generally, they have separate sections for different categories of products.

The products they sell are usually Electronic Appliances, Apparels, Jewellery & Accessories, Footwears etc. Since the products are properly arranged, the customer shopping experience also becomes good.

Example- Pantaloons, Max, Shoppers Stop

2. Convenience Store

These are the small retail shops that are located near a residential area to fulfil the demands of people. The retailers of a convenience store purchase selected goods in a very limited quantity depending on the basic needs of the customers of that locality.

3. Speciality Store

Basically, These types of stores don’t have a wide range of products. They focus on a particular niche such as sports products, fitness products, electronic products. They have a very selective and refined customer base and provide a variety in model, size, colours etc.

Example- Nike, Levi’s

4. Super Market

Supermarkets are basically self-service stores that provide groceries and other household items that are necessary for the customers. The products are properly organised into different sections

The customer can pick the products of their choice in their cart and purchase them by paying the amount at the billing counter.

Example- Reliance Fresh, V Mart

5. Discount Store

A discount store sells the standard merchandise at very low prices. Let me tell you that the quality of the product is not compromised. In fact, they operate on a high volume of sales with a low-profit margin.

Example- Walmart

6. Hypermarket or Superstore

If we combine a supermarket with a departmental store, it becomes a hypermarket. The term “hypermarket “was originated in France. At many places, people call it a superstore.

A hypermarket is one of the best options for the people to complete their shopping in one go at a single place.

Example- Big Bazaar, D Mart, Hypercity

7. Catalogue Store

You have visited many retail stores where the seller shows you catalogues offer a wide range of products. You can select any of the product of your choice.

The retailer orders it to the manufacturer or supplier and finally delivers it to you. This type of stores are catalogue stores.

Non-Store Based Retailing

The retail business that does not operate in any physical store comes under non-store retailing. You can also call it online retailing or ecommerce .

Here the retailer can be in direct contact with the consumer at the workplace as well as at home.

Example- Postal Orders, Telemarketing, Automated Vending Machines

Service Based Retailing

When a person does not sell any product to the customer but provides service and charges and amount for that, then this process comes under service-based retailing.

Example- Car Rentals, Appliance Repairing, Salon

2. What is Retail Management?

If we talk about the retail industry, it has two portions i.e. Unorganised sector and Organised sector.

Unorganised Sector- Basically, the unorganised retail sector contains small general stores, street-side vendors, and local retailers such as fruits and vegetable sellers.

These people don’t have much technical and financial knowledge about the retail industry. Most of the sellers are not even registered taxpayers.

Organised Sector- The organised retail sector contains a group or chain of stores with the proper distribution network.

It helps in increasing the work efficiency, minimising the cost and also generates more employment.

Retail Store Operations

All the activities that are necessary to create a well-structured business process as well as help to run a retail store with high efficiency, come under retail store operations.

Store Environment

Following are the points you should take care about your store environment-

• Select a location that is easy to discover and reach for the customers.
• The look and design of the store and also the signboard should be attractive enough to grab the attention of the customers.
• Display merchandise and products outside your outlet so that the customer can easily make a decision to enter your store.
• You should maintain the floor, interior, ambience, temperature and other physical conditions of your store.

Inventory Management

Following are the points you should take care of for stock management in your business-

• Always keep a rough calculation of demand for different products that you sell. It helps you to maintain a wide range and predict your sales.
• You should always balance the inventory and prevent understocking and overstocking. Because less stock cannot fulfil the demand and your running capital might get stuck due to overstock.
• There should be enough space for the procurement of the stock.
• It is very important to stay updated with the launch of new products from different brands.
• Quality of the product you sell or the service you provide should never be compromised.
• Always deal with the trusted suppliers that deliver your orders on time so that you don’t it have to face any shortage.

Staff Management

It is the employee of a company who can make it or break it. Following are the points you should take care about your workforce-

• Whether more or less experienced, always hire skilled staff and never tolerate under-performing members.
• Provide uniform to every staff member so that they can look more professional.
• If an employee directly interacts with the customer, then make sure he is always well-groomed and have good communication skills.
• The sales pitch of the employees should be convincing so that the customers agree to purchase the product they suggest.
• Provide them training to improve their level and necessary updates in a regular interval of time.

Customer Experience

It is the key to build a loyal customer base in any business. Following are the points you should take care of to provide the best customer experience-

• If you run a self-service store, keep the products in separate departments according to their category, size, colour, etc. so that the customers can easily find any product they need.
• If you have employees to attend the customers, then they should assist them as soon as they enter the store.
• Greet your customers while they enter or leave the store.
• If you belong to the service industry, then the customer must be satisfied with your services.
• Build up customer relationship with healthy conversations and give them a reason to become a repeat customer.

Payment Handling

It is one of the major important processes for any business to survive in the market. Following are the points you should take care of in cash handling-

• Use the cash register counter to arrange the counter cash properly.
• Provide the facility of cashless transactions with POS (Point of Sale) machines, UPI or any other digital payment method.
• Hand over the authority to control cash to the trusted person only.
• If you provide the credit facility to the customers, then make sure you can recover it on time.
• Make a habit to track the cash flow of your store on a daily and monthly basis.

Shoplifting

Basically, shoplifting is a theft activity where the person pretends to be a customer and steals the goods from the store. Following are the points you should take care of to prevent these activities-

• Make sure that all the products are properly arranged at their place.
• Install mirrors and security camera in your store for the surveillance of all the activities.
• Don’t allow the customers to take any kind of carry bags inside while entering the store.
• Pay attention to everyone individually while attending more number of customers simultaneously.
• Put anti-theft tags on your products, if possible.

Returns & Refunds

You may have to face it many times that due to any reason, the customer wants to return the product he purchased. Following are the points you should take care in these situations-

• Use experiential marketing by letting the customers try the product before buying.
• Honestly tell them the pros and cons of the product and let them decide whether it is suitable for them to buy.
• Make your customer aware of your return policies before they purchase anything and always stick to it.
• Misbehaving with the customer if they return any product it is not a sign of a good retailer. Handle them gently and leave a good impact.
• If a customer returns a product, never Exchange with money. Ask them to select a replacement. It will balance your sale.

Retail Management Softwares

The best way to automate the operations of your store is the use of retail management software. There are many softwares available in the market.

You can purchase any of them according to your requirements. Following are the advantages of retail management software-

• It helps to keep track of the inventory, sales, cash flow, staff attendance, etc.
• You can analyse your top-selling and least-selling products of your store.
• It becomes easy to save the contact details of the customers and target them for remarketing.
• The monthly reports can help you to analyse the buying behaviour & pattern of the customers.
• It saves your time of accounting and many calculations, so you can focus on other operations by utilising that time.

3. Retail Management Strategies

The retail industry is a very dynamic and competitive sector in the market. You have to apply various management strategies for the survival and growth of your retail business.

“You love it when you visit a store that somehow exceeds your expectations, and you hate it when a store inconveniences you, or gives you a hard time, or pretends you are invisible.” − Sam Walton (Founder, Walmart)

The retail management strategies include marketing, pricing of the product, discounts to attract the customers as well as other techniques that help to grow your business.

Retail Marketing

Whether you talk about the product selling or service providing, marketing is the crucial part to reach your target customers and make them aware about your business.

If you really want to grow your business properly, you must include a marketing budget for the promotion of your products or services.

You can reach your target audience advertisements by the means of newspaper, television, brochures, etc.

And if you want promotions through digital channel, then you can go for Search Engine Optimization, Social Media Marketing, Google Ads, YouTube Ads etc.

Effective Pricing

Everybody knows very well that India is a very price-sensitive market. It is one of the major key factors to gain more customers.

You should always keep in mind the price of your product based on your target audience.

The purchasing power of the customers play a very important role to decide the price segment that you should go for.

Discounts & Sale

The graph of sales never remains constant. It always keeps fluctuating as different months of the year are offseason for every business. But, discounts always attract a customer.

The retailer can provide offers and discounts in the offseason or announce sales on special occasions.

It often helps to balance the sales and sometimes gives you healthy profit where you play upon volume of sales instead of high margin per product.

Coupons & Freebies

There is an another marketing strategy to build a loyal customer base for long term. The retailer can provide coupons or freebies on large ticket size. It provokes the customers to purchase more products in one go.

But, make sure that you have done the current calculation before taking this kind of actions or else you may have to bear a huge loss.

Feedbacks Mechanism

A retailer always tries to provide best products and services to his customer. But, it is very important to analyse the customer experience.

So, If you are a retailer, you must have a feedback mechanism in your business to track the buying behaviour and response of the customers towards your products, brands, or services.

You can ask them to fill a feedback form or put a suggestion box at your workplace. Also, Check those feedback on a regular basis and always work on the provided suggestions improve yourself.

Digital Transformation

If you are still running your business in the old traditional methods, I recommend you to upgrade from physical retail to digital retail.

It is nothing so different. It brings you an online identity to showcase your business to the world. You just need a website according to your business requirements.

So, If you want to promote your business and boost your sales, you can go for digital marketing to acquire the customers that you cannot reach in offline retail.

For any Web Development or Digital Marketing Services, or Business Consultation, you can contact Lapaas to take your business to the next level.

4. Importance of Retail Management

Also, If you ask me why is retail management important? The answer is that it is one of the most important factors to run a retail business flawlessly.

You might know any person who started a business but, could not survive in the market for the long term. The reason behind this is lack of knowledge of business operations and their management.

So, It helps you to serve your customers in a proper manner and boost the customer satisfaction.

If you are sincerely following the retail management process, you will notice an increment in the productivity of your employees also..

5. How to Become an Effective Retail Manager?

Meanwhile, The retail industry is rapidly expanding every day and it is the fastest growing business in the whole world.

It generates employment for millions of people every year. Following are the qualities to become an effective retail manager-

• Should be well-dressed and well-groomed
• Strong communication skills
• Ability to convince people
• Expert in negotiation skills
• Motivate and train employees to develop them For the short-term and long-term business strategy
• Maintain the coordination inventory
• Should be updated about competitors and market trends

6. Conclusion

Whether you have a small shop for a big store, if you are running a retail business, then retail management is must to run it efficiently.

Either you are a seller or a customer, everybody has 24 hours in a day and the time is very important for all. Suppose if a customer enters your store and you are unable to provide the products of his requirement in the desired time, you have wasted his time as well as yours this is not a good sign.

Firstly, it ruins the customer experience and the probability of converting them into a recurring customer decreases. Hence this is kind of a loss for the future of your business.

Yes, retail management is a very good stream to choose as a career as the retail industry is growing with pace. Since the retail store chains such as Walmart, Big Bazaar, D Mart, etc. are expanding their networks, hence it is obvious that they will create many job opportunities in this sector.

Generally, a retail business comprises few broad categories such as food & grocery, fashion, jewellery and accessories, electronic consumer goods, pharmaceuticals, health care air and other FMCG sectors. So, The retail stores of these businesses have following kind of job roles- 1. Cashier 2. Sales Executive 3. Inventory Manager 4. Lobby Manager 5. Floor Manager 6. Visual Merchandiser 7. Sales Manager 8. Marketing Manager 9. HR Manager 10. Logistics Manager 11. Also, Customer Service Representative etc.

The salary in any business depends on the role and level of the employee. So, The retail sector as various job roles and if you are a fresher, then you can expect the initial amount of at least Rs. 10,000/- per month.

People often think that these are the same job roles. But, there is a difference between essay manager and a sales executive. Basically, a sales manager uh is the one who manages the day-to-day operations and leads the sales staff. Hence, Whereas as a creative is responsible for creating the sales strategies and maintains customer relationships.

Basically, the unorganized retail sector contains small general stores, street-side vendors, and local retailers such as fruits and vegetable sellers. These people don’t have much technical and financial knowledge about the retail industry. Most of the sellers are not even registered taxpayers

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Retail Management Essay Example

Type of paper: Essay

Topic: Customers , Business , Products , Information , Shack , Radio , Wireless Technology , Consumer

Published: 2020/12/18

Targeting Customers and Gathering Information

1. Supermarkets find the mass market approach better than the concentrated marketing approach used by fruit-and-vegetable stores simply because they have a wider base of products that meets the demand of a wider customer base. Supermarkets not only sell vegetables and fruits, but they sell a whole lot of other consumable and non consumable products that require them to concentrate on a wider consumer network. Since supermarkets cater to all kinds of consumers and have products to meet the requirements of a larger consumer base, and that too all under a single roof, they are sure to have a bigger market share than fruit-and-vegetable stores. Even if they are not able to meet the quality standards of fruit-and-vegetable stores, who specifically target customers in need of quality fruits and vegetables, they are able to attract more customers with their larger assortment of consumer products. They can also offer fruits and vegetables at a lower cost than fruit-and-vegetable stores offer. 2. Radio Shack targets consumers on the move, and those who have a heart for entertainment. Their strategy is simple; offer products at prices that are unbelievably hard to resist. With huge discounts and irresistible promos, Radio Shack offers a wide range of electronic goods to consumers who are in the age group of 5-50 years. Their unique market strategy involves associating with customers who require customized products and services. This way, Radio Shack offers anyone and everyone who had a unique need work in tandem with Radio Shack’s experts to launch innovative technological devices. This is why Radio Shack says, “It Can Be Done, When We Do It Together” (Radioshackcorporation.com). 3. When appealing to the consumer motives for shopping, there are a number of questions that need to be resolved. There is the question of whether the shopping will be worth the trouble, and if so, how. Another question that would probably come to mind would be the benefits consumers draw from shopping at a particular store. A third question that comes to mind is whether after shopping, there will be any form of follow-up from the seller, and whether they will offer full support if after-sales support is required. One other question that can be considered is whether the shopping destination has all or most products that consumers will shop for when they do shop. 4. As a casual dining restaurant owner, the kinds of secondary data he would use to learn more about his industry and consumer trends in leisure activities would come from specific business-related magazines, journals and the internet. Some of these data would include the kind of food customers eat, what sort of ambience they seek, what is the occasion that drives them to casual dining restaurants, and what could be the right price. These tools allow the casual dining restaurant owner to design and include in his restaurant that appeal to his targeted audience. 5. A retailer would use mystery shoppers rather than other forms of observation because it will save them the embarrassment or run the risk of losing credibility. It is a method used to study customer behaviour. As such observations involve intruding into a shopper’s privacy, if a retailer is found to use some form of monitoring of customers, they could find themselves in a pretty uncomfortable position. Such methods can be used in banks and high security areas for the simple reason that there is security issues concerned in such establishments. 6. The five steps to approach data-base management are to review and refine business processes, training of personnel to run and maintain the database, adhere to standards, ensure continuous update of data, and prioritize and understand what kind of data is required from the database.

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Retail Management and Merchandising

Alibaba group operated the leading online marketplaces in Chines, including Alibaba.com, B2B, and Taobao, which assisted small and medium-sized companies (SMEs), and Chines enterprises in trade both locally and find overseas markets (Wulf and Oberholzer-Gee, 2009).

Additionally, the group ran a web portal, an online payment service provider, and an online business advertising inventory platform. Most of the SMEs conducted their operations in fragmented markets whose expansion was restricted by the limited communication channels which would promote their products. One of the critical difficulties that these SMEs faced was the limited options to express their trustworthiness. At the onset, posting on Alibaba was free, although some firms which subscribed to the premium received forefront display opportunities for their stores. Likewise, the company helped them manage and build their websites.

Alibaba Group’s motivation to diversify into the retail consumer business with the launch of Taobao was the rapid growth displayed by eBay. eBay was an American company that had invested in the Chinese market and was fast growing. Thereupon, it could easily result in the demise of Alibaba unless a counter-measure was taken. Jack thus formulated a group to pursue a new venture which would eventually ensure the survival and possible growth of Alibaba (Wulf and Oberholzer-Gee, 2009).

EBay’s entry was aggressive, and in a short while, it had dominated the entire market, acquiring a share of about 85% in 2002 (Wulf and Oberholzer-Gee, 2009). The existing Chinese online auction mostly catered to tech-savvy enthusiasts and was soon bought by eBay. At that time, eBay had made public predictions of China’s advancement for the next decade.

Notably, it is evident that Alibaba Group faced a severe threat and risked collapse due to eBay’s overbearing presence in the Chinese market. The move to invest in other ventures was hence justified in a bid to protect its interests. EBay’s power sellers could grow drastically to take the space of the B2B platform. Moreover, its overall revenue collection was relatively small compared to eBay’s enormous capital, hence lower competitive capacity (Wulf and Oberholzer-Gee, 2009). The success of Taobao provided insights into advancing the other branches of Alibaba Group, which has contributed immensely to its present state today.

Taobao invested a lot of technical expertise with unique mechanizing strategies that automatically beat eBay. One such epochal technique was Taobao’s market design which was oriented with a strong sense of local culture that deeply understood the Chinese consumers. It naturally appealed to the target clients, especially its attitude of informality. The employees selected nicknames that equally reflected the cultural attachment of the platform to Chinese individuals (Wulf and Oberholzer-Gee, 2009). The customer base is unlike the Westerners, and they want busy websites with strong color content with numerous links embedded in between. Accordingly, it captured the Chinese shopper’s thought patterns providing a user interface that they could easily relate to.

Another essential factor that Taobao incorporated in its methodology is building and maintaining trust with its clients. It sought to engender sureness between the customers and various vendors selling through the platform. Unlike in the west, affect and cognition-based trust is highly intertwined in China, a scenario common even in business. Most Chinese associate businesses with socio-economic exchanges, such as socializing with each other’s families and sharing meals.

Whence, emotional elements had to be imbibed to appeal to this peculiar trait. Some of the strategies implemented include the sellers registering using their bank account information and national identity cards. Additionally, the company introduced Alipay to prevent issues arising from payment conflicts among the trading parties (Zhang and Wang, 2018). For instance, the seller would only initiate shipping after the buyer had paid, and only after the client has received the item is the bank instructed to release funds to the vendor. Besides, Taobao also invested in an instant messaging service to facilitate communication between the users and the company.

Furthermore, Taobao lowered its fees to the bare minimum, unlike eBay, which charged listing fees. During its inception, people in China were wary of scams due to their unfamiliarity with online marketplaces. Most of the mechanisms and the clients were reluctant to trade online without special incentives. Whereof, they wanted a free market unsure of the e-commerce development scope and pattern (Wulf and Oberholzer-Gee, 2009). The two-way network type also allowed for more traffic to the website as more buyers thronged the site while vendors offered diversified products to attract more clients. The free transaction technique worked to encourage early adopters, unlike eBay. Hence, it was able to build an extensive customer base among the Chinese people at the time.

Ma should not implement Zhao Cai Jin Bao because it failed to solve consumer market needs adequately. After displacing eBay, Ma has gained widespread attention and introduced several features and ventures within its platform to improve diversification. One such is Zhao Cai Jin Bao which lets vendors bid for keywords and ranked listings whose fee is collected after transactions are completed. The feature’s principal disadvantage is that most sellers are attracted to Taobao mainly because it is free. Any element of monetization is likely to discourage some from registering. Moreover, it might demoralize others due to uncertainty about its freeness if the clients fail to purchase the products (Wulf and Oberholzer-Gee, 2009).

Additionally, several other websites offer the same service with zero charges, yet the e-commerce market is highly competitive. They are likely to lose other customers in the process; accordingly, Zhao Cai Jin Bao’s monetization should not be pursued.

Reference List

Wulf, J. and Oberholzer-Gee, F., 2009. Alibaba’s Taobao (A) . Havard Business School, pp.1-15.

Zhang, Q., & Wang, Y. (2018). Struggling towards virtuous coevolution: institutional and strategic works of Alibaba in building the Taobao e-commerce ecosystem. Asian Business & Management , 17 (3), 208-242.

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The Evolution of Walmart: a Detailed Look at its Corporate History and Impact on Global Retail

This essay about Walmart outlines its transformation from a small discount store in Arkansas in 1962 to a global retail giant. It highlights founder Sam Walton’s strategy of low pricing that fueled national expansion and global penetration. The narrative also discusses the criticisms Walmart faced regarding employment practices and community impact, alongside its advancements in supply chain management and technology. As the retail landscape evolves with e-commerce, Walmart continues to prioritize value and customer focus, showcasing its ability to adapt and maintain leadership.

How it works

The history of Walmart is a grand narrative, starting from a modest discount store in Rogers, Arkansas in 1962 to becoming a global behemoth. This transformation reflects the limitless vision of its founder, Sam Walton, and the lasting impact of his innovative approaches.

Central to Walmart’s success is Walton’s foundational strategy of providing unmatched value by consistently offering low prices. This philosophy drove Walmart’s expansion from a small retailer into a national force, drastically changing the U.S. retail scene.

As Walmart aimed for global reach in the 1990s, it maintained its core focus on affordability and access, establishing its presence from the busy cities of China to remote areas in Mexico. The familiar blue and yellow logo of Walmart thus became a worldwide emblem of cost-effective shopping.

However, Walmart’s rise to the top has been marred by various criticisms concerning its employment practices, including low wages and poor health benefits. The company’s aggressive expansion tactics have also been accused of harming local businesses and disrupting community life.

Despite these challenges, Walmart has thrived due to its commitment to operational excellence and continuous innovation. It has led the way in supply chain management and the integration of technology like AI, ensuring its leadership in the retail sector.

Facing the digital age and the surge of e-commerce, Walmart is adapting to remain competitive. Despite the shifts in the retail industry, Walmart continues to stand by its commitment to provide value, focusing on customer needs.

In summary, Walmart’s story is one of remarkable growth and adaptation, marked by both achievements and controversies. From its early days in Arkansas to its status as a retail leader, Walmart exemplifies the impact of a clear vision and persistent effort in navigating the complex landscape of global commerce.

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Call for Papers | Journal of International Marketing: Marketing’s Role in the Management of Fast-Evolving Global Supply Chains

Globalization and digitalization have reshaped global supply chain operations (Alicke et al. 2023). In particular, geopolitical disruptions such as the China–U.S. trade war, Brexit, and Middle East tensions have triggered the reconfiguration of global supply chains for many global companies (Bednarski et al. 2023; Henrich et al. 2022). The Russia–Ukraine war has further accelerated the decoupling between the U.S. and China as well as between the West and Russia. In this rapidly changing and uncertain environment, Apple, for example, has considered reshoring some of its manufacturing back to the United States. Other global companies are also considering a “China + 1” or “China + 2” strategy for their contract manufacturing operations. Such strategies allow international marketing managers to keep some of their manufacturing in China while establishing new production locations, often with the same suppliers, in countries such as Vietnam, India, or Mexico, where political risks and labor costs are more manageable (Vertinsky et al. 2023). Other external shocks and natural disasters such as the COVID-19 pandemic and earthquakes have disrupted firms’ supply chain operations around the world (Panwar, Pinkse, and De Marchi 2022). For example, demand for in-person restaurant dining has decreased, whereas demand for food delivery and home-based consumption has greatly increased (Jeong et al. 2023), forcing multinationals like KFC and McDonalds to modify their operations in host markets. Under such market changes, firms need to explore new ways of organizing their global supply chains with respect to factors like product diversity and cooperation with more partners in the supply chains and ecosystems around the world (Davis et al. 2023; Henrich et al. 2022). These challenges highlight the critical need for international marketing managers to improve planning and forecasting for their global supply chains to be more agile and resilient.

Furthermore, shareholders and stakeholders have been demanding greater accountability from companies, pressing international marketing managers to take responsibility for the environmental, social, and governance (ESG) impacts of their global supply chain and manufacturing activities and to ensure that they’re doing business in an ethical, sustainable, and fair fashion (Henrich et al. 2022). While marketing’s approach to this new expectation varies by country, the market now expects the same standards to be enforced throughout a company’s global supply chain. Accordingly, the stakeholders of global brands, who often hold strong expectations regarding appropriate ESG-related behaviors, have begun scrutinizing not only the firms selling the branded products worldwide but also their entire global supply chains (Mateska et al. 2023).

In the meantime, the emergence of advanced technologies such as AI and Industry 4.0 bring about great opportunities for international marketing managers to coordinate and configure their global supply chains automatically (Alicke et al. 2023; Ejaz and Hegedűs 2023; Lee et al. 2023). For example, Unilever uses an AI application and service to find alternative supply sources on short notice. Koch Industries, one of the largest privately held conglomerates in the U.S., is leveraging an AI tool to optimize its supplier base. Industry 4.0 can also help international marketing managers enhance their resilience to cope with global supply chain disruptions (Tan 2023). Further, cloud computing and blockchain technologies also help integrate a firm’s supply chain partners; enhance the transparency, efficiency, and timeliness of global supply chain activities; and enable international marketing managers to cope with communication barriers in the market. However, there is a potential downside: When there are unanticipated natural disasters or geopolitical tensions (Henrich et al. 2022), minimizing potential interruptions in such optimized, digitalized, and complex global supply networks may pose major challenges. Thus, managing global supply chains in the era of digitalization emerges as a critical and challenging task for international marketing managers.

Despite these emerging challenges and opportunities for international marketing managers, academic research on these areas is limited. Most academic work on supply chain management has focused on domestic context and overlooks how different formal and informal institutions would shape firms’ global supply chain strategies (Usui, Kotabe, and Murray 2017). Specifically, little research attention has been paid to how global supply chains can be managed to improve the flow of supplies from the perspective of international marketing, how firms can cope with emerging managerial challenges, or how international marketing managers can take advantage of new opportunities in their global supply chains. To fill this gap, there is an urgent need to develop new theories, modify existing theories, and determine how firms can manage their global supply chains in the face of emerging trends of globalization and digitalization.  

Suggested Topics for Submissions

We encourage research on any aspect of global supply chain management from the perspective of international marketing at all levels of analysis, such as the individual employee or entrepreneur, firms, supply chains, platforms as well as ecosystems. Different types of firms (e.g., multinationals, regionals, local importers/exporters, suppliers, key account customers, born-globals, virtual vs. physical firms) and different institutional (e.g., formal, informal, government, trading blocs) and regional settings are encouraged. We call for more interdisciplinary and foundational research to expand the knowledge base of global supply chains in international marketing. We invite all types of research—qualitative, behavioral, and empirical—and encourage researchers to identify multiple sources of data and use multiple methods for this special issue. Conceptual papers and critical reviews are also welcome.

Suggested topics include, but are not restricted to:

• How can international marketing managers effectively control the governance mechanism and, thus, manage relationships with different global supply chain participants and members in the ecosystem across different countries to mitigate emerging geopolitical disruptions?
• How can international marketing managers leverage emerging technologies like AI, blockchain, machine learning, virtual reality, and big data for global supply chain management? What is the role of those emerging technologies for international marketing managers in coping with the challenges in the global supply chain activities?
• What is the role of digitalization (e.g., EDI, internet-based platforms, virtual meetings, social networks) in global supply chains in seeking efficiency, timeliness, as well as agility for international marketing managers?
• What is the role of blockchain and decentralized technologies in global supply chains, and how do they affect interorganizational relationships and efficiency in global supply chains?
• What marketing strategies, resources, and capabilities are needed for different types of firms to manage global supply chains given recent technological, geopolitical and other changes?
• What is the role of different institutional contexts in global supply chain management strategies?
• Can informal institutions such as culture and norms in different countries affect global supply chain management strategies?
• How do ESG initiatives and requirements shape firms’ global supply chain management? How can firms develop strategies and resources to meet ESG requirements for their global supply chains?
• How do suppliers or contract manufacturers manage their global account relationships across different countries in the uncertain global market environment?
• How does marketing–supply chain integration affect firms’ global supply chain management given recent changes? Has the role of marketing changed in global supply chain management—and if so, how?
• What are the impacts and implications of advanced technology and technology-based platforms on a firm’s globalization of its supply chain activities?
• What is the impact of digital technologies in offshoring, onshoring, and reshoring of a firm’s manufacturing activities?
• What are the global, regional, and local market implications of reshoring of a firm’s manufacturing activities for international marketing managers and for managing global supply chains?

Submission Process

All manuscripts will be reviewed as a cohort for this special issue of the Journal of International Marketing . All submissions will go through the Journal of International Marketing’s double-anonymized review and follow standard norms and processes. Submissions must be made via the journal’s ScholarOne site , with author guidelines available here . For any queries, feel free to reach out to the special issue editors.

Manuscripts must be submitted between December 1, 2024 and March 1, 2025.

Guest editors.

Daekwan Kim ([email protected]) is Spencer-Feheley MBA Professor in the College of Business at Florida State University and a Visiting Eminent Scholar at Kyung Hee University in Seoul, Korea. His research interests include the impact of IT and Industry 4.0 on interfirm relationships and relational performance, marketing/international marketing strategies, and international buyer–seller relationships. His research has appeared in the Journal of International Business Studies, Journal of Academy of Marketing Science, Decision Sciences Journal, Industrial Marketing Management, Journal of Business Research, Journal of International Marketing, Journal of World Business, Management International Review, International Marketing Review, International Business Review, and others. He is currently a Senior Editor of International Business Review and an Associate Editor of Decision Sciences Journal, and serving on the editorial boards of Journal of International Business Studies, Industrial Marketing Management, Journal of Business Research, Journal of International Marketing, and Thunderbird International Business Review. 

Ruey-Jer “Bryan” Jean ([email protected]) is Distinguished Professor of International Business at the Department of International Business, National Taiwan University, Taipei. He received his PhD from University of Manchester, UK. His research focuses on interorganizational relationship management and international new ventures in digital and data-rich environments, with a focus on emerging markets. He has published widely in peer-reviewed academic journals, including the Journal of International Business Studies, Journal of Management Studies, Journal of World Business, Management International Review, International Business Review, International Marketing Review, Journal of Business Research, Journal of International Management, and Journal of International Marketing. He is currently an Associate Editor of International Marketing Review and serving on the editorial boards of Journal of Business Research, International Business Review, and Asia Pacific Journal of Management.

S. Tamer Cavusgil ([email protected]) is Regents’ Professor and Fuller E. Callaway Professorial Chair and Executive Director, CIBER, Robinson College of Business, Georgia State University. A trustee of Sabanci University in Istanbul, Türkiye. Tamer authored more than several dozen books and some 200 refereed journal articles. He mentored over 40 doctoral students at Michigan State and Georgia State who have become accomplished educators around the world. Tamer holds an honorary doctorate from The University of Hasselt and the University of Southern Denmark, in addition to being named as an Honorary Professor by Atilim University in Ankara, Türkiye. He is an elected Fellow of the Academy of International Business. Tamer holds a Bachelor of Science degree from the Middle East Technical University in Ankara, Türkiye. He earned his MBA and PhD from the University of Wisconsin.

Ayşegül Özsomer ([email protected]) Ayşegül Özsomer is Professor of Marketing at Koç University, Istanbul, Türkiye. She specializes in global marketing, branding, emerging markets and the role of marketing in tough economic times. She has published in top scholarly journals including the Journal of Marketing, Journal of Marketing Research, International Journal of Research in Marketing, and Journal of International Marketing. Ayşegül received several research awards including the 2011 Gerald Hills Best Paper Award for ten-year impact on entrepreneurship research, the 2013 Cavusgil Award for her paper investigating the interplay between global and local brands, and the 2023 Cavusgil Award for her paper on marketing agility. She has held visiting scholar positions at the University of Michigan, Ann Arbor, the Anderson Graduate School of Management, UCLA, and Harvard University. Her co-authored book, The New Emerging Market Multinationals: Four Strategies for Disrupting Markets and the Competition (McGraw Hill) was selected the best strategy book by Business+Strategy.

Alicke, Knut, Tacy Foster, Katharina Hauck, and Vera Trautwein (2023), “Tech and Regionalization Bolster Supply Chains, but Complacency Looms,” McKinsey (November 3), https://www.mckinsey.com/capabilities/operations/our-insights/tech-and-regionalization-bolster-supply-chains-but-complacency-looms .

Bednarski, Lukasz, Samuel Roscoe, Constantin Blome, and Martin C. Schleper (2023), “Geopolitical Disruptions in Global Supply Chains: A State-of-the-Art Literature Review,” Production Planning & Control , https://doi.org/10.1080/09537287.2023.2286283 .

Davis, Cameron, Ben Safran, Rachel Schaff, and Lauren Yayboke (2023), “Building Innovation Ecosystems: Accelerating Tech Hub Growth,” McKinsey (February 28), https://www.mckinsey.com/industries/public-sector/our-insights/building-innovation-ecosystems-accelerating-tech-hub-growth .

Ejaz, Muhammad R. and Dániel Hegedűs (2023), “Designing a Conceptual Framework for Industry 4.0 Technologies to Enable Circular Economy Ecosystem,” Managing Global Transitions , 21 (2), 121–48.

Henrich, Jan, Jason Li, Carolina Mazuera, and Fernando Perez (2022), “Future-Proofing the Supply Chain,” McKinsey (June 14), https://www.mckinsey.com/capabilities/operations/our-insights/future-proofing-the-supply-chain .

Jeong, Insik, Ruey-Jer Jean, Daekwan Kim, and Saeed Samiee (2023), “Managing Disruptive External Forces in International Marketing,” International Marketing Review , 40 (5), 936–56.

Lee, Jeoung Y., Daekwan Kim, Byungchul Choi, and Alfredo Jiménez (2023), “Early Evidence on How Industry 4.0 Reshapes MNEs’ Global Value Chains: The Role of Value Creation Versus Value Capturing by Headquarters and Foreign Subsidiaries,” Journal of International Business Studies , 54 (4), 599–630.

Mateska, Ivana, Christian Busse, Andrew P. Kach, and Stephan M. Wagner (2023), “Sustainability-Related Transgressions in Global Supply Chains: When Do Legitimacy Spillovers Hurt Buying Firms the Most?” Journal of Supply Chain Management , 59 (4), 42–78.

Panwar, Rajat, Jonatan Pinkse, and Valentina De Marchi (2022), “The Future of Global Supply Chains in a Post-COVID-19 World,” California Management Review , 64 (2), 5–23.

Tan, Hooi (2023), “It’s Time to Join the Fourth Industrial Revolution,” SME Media (June 22), https://www.advancedmanufacturing.org/smart-manufacturing/its-time-to-join-the-fourth-industrial-revolution/article_035bc430-059d-11ef-b638-d772541cc117.html .

Usui, Tetsuya, Masaaki Kotabe, and Janet Y. Murray (2017), “A Dynamic Process of Building Global Supply Chain Competence by New Ventures: The Case of Uniqlo,” Journal of International Marketing , 25 (3), 1–20.

Vertinsky, Ilan, Yingqiu Kuang, Dongsheng Zhou, and Victor Cui (2023), “The Political Economy and Dynamics of Bifurcated World Governance and the Decoupling of Value Chains: An Alternative Perspective,” Journal of International Business Studies , 54 (7), 1351–77.

Go to the Journal of International Marketing

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• Your dragon: Find it and tame it, or slay it and move on : Sports Business Journal (written by Bill Sutton )
• Is Las Vegas coming to Myrtle Beach? What S.C.’s laws say about gambling and casinos : Myrtle Beach Sun News (feat. Scott Smith )
• What do you think consumers should know about Progressive Insurance that they will not learn from its TV commercials? : WalletHub (feat. Sang-Eun Byun )
• Here’s how much money CCU’s NCAA athletes have made in NIL. What does it mean? : Sun News (feat. Richard Southall )

Faculty and Staff Notes

• Darron Kirkley , Harry E. and Carmen S. Varney Distinguished Teacher of the Year and School of Hospitality and Tourism Management Teacher of the Year
• Stephanie Taylor , Department of Retailing Teacher of the Year
• Steve Taylor , Department of Sport and Entertainment Management Teacher of the Year
• Tina Weaver , Staff Member of the Year
• Jung-Hwan Kim , Patricia G. Moody Distinguished Researcher of the Year
• Matt Brown , Brian J. and Linda L. Mihalik Global Scholar
• Hui Jiang , Outstanding Doctoral Student Researcher of the Year
• Damla Sonmez , Outstanding Doctoral Student Teacher of the Year
• Donna Watts received the 2024 USC Faculty Integrity Award
• Armen Shaomian completed the University of South Carolina's Emerging Leaders Program.
• Collin Crick completed USC’s Pipeline for Academy Leaders Fellowship Program.
• Scott Taylor Jr . and Ph.D. student Damla Sonmez authored " Nutrition and Nature: Means-End Theory in Crafting Sustainable and Health-Conscious Meal Kit Experiences ," published in Sustainability.
• Scott Taylor Jr. co-authored " Forecasting the Mexican craft beer market: an integrated consumer perception conjoint analysis approach incorporating price and product attributes ," published in the International Journal of Wine Business Research. HRSM alumnus Diego Bufquin was also a co-author.
• Robby Lybrand served as a judge at the National ProStart Invitational, hosted by the National Restaurant Association Educational Foundation.

Student Notes

• Dean's Award for Outstanding Leadership and President’s Award: Maddi McLean
• Hospitality Management: Caroline Aase
• Tourism Management: Rorie Pyle
• Retailing, Fashion Merchandising and Digital Innovations: Samantha Fedel
• Retailing, Retail Management: Darby Klemz
• Retailing, Retail Management: Julia Rothman
• Sport and Entertainment Management: Hannah Margeson
• Interdisciplinary Studies in Services Management: JC Nahra
• Outstanding Senior: Maggie Jones 
• Congratulations to the following HRSM students on earning Graduation with Leadership Distinction: Julia Burden , Caroline Carbone , Piper Carter , Makayla Coats , Isabelle Edson , Morgan Garrett , Neely Hicks , Ellie Hill , Maya Kanich , Madelyn Lindsay , Maddi McLean , Kennedy Petersen , Gabi Reed , Stephanie Ripp , Caroline Salisbury , R ose Spagnuolo , Emma Trombley , Eliza Turnage , Marissa Womack and Carlo White .
• Retailing students visited Fox Sports’ Charlotte headquarters for a special guided tour led by Head of Wardrobe/Senior Stylist Hade Robinson and including opportunities to meet and talk with other executives.
• Sport and Entertainment Management students worked the Credit One Charleston Open and the 2024 Dreamville Festival.
• Hundreds of USC students including many from HRSM worked the Masters Tournament in Augusta, thanks to a program offered by HRSM.
• Caroline Aase (Hospitality Management) and Manshi Patel (Tourism Management) represented HRSM in the inaugural Collegiate Hotel Turnaround Competition at the 2024 AAHOA Convention and Trade Show. Faculty members Charles Partlow and Scott Smith served as coaches.
• Caroline Aase (Hospitality Management) accepted a position as an analyst in the Transactions and Asset Management Department at IHG Hotels & Resorts, based in Atlanta.
• Caroline Ailstock (Retailing - Retail Management) will attend Abercrombie & Fitch Co.'s Sophomore Summit event this month.
• Cornelius Alexander Jr. (Sport and Entertainment Management) accepted a football coaching position for his summer internship with the Providence Panthers.
• Max Bass (Sport and Entertainment Management) accepted a position as a management trainee with Circa Resort & Casino.
• Madison Baldwin (Retailing - Fashion Merchandising and Digital Innovations) accepted a retail internship at The Breakers Palm Beach for this summer.
• Avery Balfour (Hospitality Management) accepted a position with LPL Financial as a business development associate in Fort Mill, SC.
• Brooke Becchetti (Sport and Entertainment Management) accepted a position with the New England Knockouts as an intern for their inaugural season,
• Jake Brown (Sport and Entertainment Management) accepted a position with the Charlotte Knights as a ticket office gameday associate.
• Kenneth Campbell (Sport and Entertainment Management) accepted a ticketing internship with Nashville Soccer Club for this summer.
• Mary Beth Carman (Sport and Entertainment Management) accepted a position with the New Orleans Pelicans and the New Orleans Saints as an inside sales consultant.
• Kylie Corbett (Sport and Entertainment Management) accepted a new position as an operations traveling intern with the American Junior Golf Association.
• Matthew Curtis (Retailing) accepted a position with Cvent as a sales development representative/account management associate.
• Molly Danaher (Sport and Entertainment Management) accepted a summer position as a youth coach for the Soccer Shots branch in NYC.
• Brooke Darby (Interdisciplinary Studies in Services Management, minor in Sport and Entertainment Management) accepted a new position as resident services manager at The Standard at Columbia.
• Bella Dolan (Sport and Entertainment Management) accepted an internship with Creative Artists Agency’s Digital Media Department in their Los Angeles office for the summer.
• Benjamin Drago (Sport and Entertainment Management) accepted a summer position at Bellewood Country Club as a member of their course maintenance department.
• Jaime Duffey (Retailing - Fashion Merchandising and Digital Innovations) accepted a  summer marketing and e-commerce internship with Serà Fine Silk in Milan, Italy.
• Robert Francisci (Sport and Entertainment Management) accepted a summer remote operations internship with MLB Network.
• Maisie Fischel (Sport and Entertainment Management) accepted a year-long internship with the Carolina Panthers Premium Services team.
• Jenna Garand (Hospitality Management) accepted a summer hospitality rotational internship at Myers Park Country Club in Charlotte.
• Anna Goeppner (Sport and Entertainment Management) accepted a position as a Project Management Associate with CAA ICON.
• Madison Graham (Sport and Entertainment Management) accepted a new position as settlement coordinator with Live Nation in Washington, D.C. after graduation. She interned with Live Nation while still a student.
• Caitlin Griffin (Sport and Entertainment Management) accepted a position with the Pittsburgh Pirates as a sales and service coordinator.
• Alexandra Grippo (Sport and Entertainment Management) accepted an inside sales team position with the Brooklyn Nets.
• Kassidy Hejlik (Retailing - Retail Management) accepted a summer styling internship with Boot Barn in Irvine, California.
• Jenna Heuer (Retailing) accepted a role as a buying intern with Academy Sports + Outdoors for this summer. She will be based in Houston.
• Kinsey Holmen (Sport and Entertainment Management) started a new position as a premium match day space staff member with Charlotte FC.
• Sara Hrivnak (Sport and Entertainment Management) accepted a summer merchandising internship with the Harrisburg Senators.
• Jessica Hubert (Hospitality Management) accepted a position at the Marriott Crystal Shores Resort on Marco Island, Florida as an intern in the recreation/ activities department.
• Montarius Jones (Sport and Entertainment Management) accepted a stadium operations summer internship with the Columbia Fireflies.
• Michael Keisler (Sport and Entertainment Management) accepted a summer sales and marketing internship with Sports, Sponsorships and Events Consulting.
• Darby Klemz (Retailing - Retail Management) accepted a position with Belk in their Retail Development Program - Planning.
• Kathryn Kuchinski (Sport and Entertainment Management)was chosen as a USC University 101 Peer Leader for Fall 2024.
• Payton Kurtz (Retailing - Fashion Merchandising and Digital Innovations) accepted a summer internship in guest relations at the Mountain Sky Guest Ranch in Montana.
• Camaya Lewis (Sport and Entertainment Management) worked at the South Carolina High School League (SCHSL) Qualifier and State Basketball Championships.
• Kaitlyn Lewis (Sport and Entertainment Management) was chosen as Special Events Director for USC Dance Marathon.
• Hannah Margeson (Sport and Entertainment Management) accepted an internship with Bespoke Sports & Entertainment in Charlotte.
• Maddi McLean (Sport and Entertainment Management) accepted a new position as a seasonal intern with the Baltimore Ravens football operations department.
• Matthew Monteleone (Sport and Entertainment Management) was awarded the Season Ticket Slugger bat by the Columbia Fireflies for exceptional sales performance.
• Chris Mullen (Sport and Entertainment Management) accepted a new position as an Inside Sales Representative with the Nashville Predators.
• Rollins Nix (Sport and Entertainment Management) accepted an event operations Internship with FC Cincinnati.
• Ava Patak (Sport and Entertainment Management) accepted a ticketing internship for the summer with the Washington Wild Things in Washington, Pa.
• Carson Pickert (Sport and Entertainment Management) accepted an inside sales representative position with the Chicago Blackhawks.
• Ian Piihl (Sport and Entertainment Management) was inducted into the USC Russell House Hall of Fame.
• Noah Reiter (Sport and Entertainment Management) accepted a position as an inside sales consultant for the New Orleans Saints and New Orleans Pelicans.
• Junior Saint Juste (Sport and Entertainment Management) accepted a summer operations internship with the South Carolina United FC Bantams.
• Caroline Salisbury (Tourism Management) received the University of South Carolina Hall of Leaders Award for her work as president of the USC Homecoming Commission.
• Gregory Sanders (Sport and Entertainment Management) accepted a stadium and facility operations internship with the Columbia Fireflies.
• Madi Schnepfe (Tourism Management) was awarded the Maryland Tourism Education Foundation Scholarship and theCollege of HRSM’s R. Roy Pearce Family Endowment Scholarship.
• Alyssa Schwartz (Sport and Entertainment Management) accepted a new position as a recreation intern at Frederick County Parks & Recreation.
• Kennedy Silverman (Sport and Entertainment Management) accepted a position as a creative media intern with Gamecock Athletics starting in the fall.
• Adam Simpson (Sport and Entertainment Management) accepted a position as Glow Squad - marketing intern with the Columbia Fireflies.
• Rosie Spagnuolo (Sport and Entertainment Management) accepted a position as a corporate partnership activation associate with the Philadelphia Eagles.
• Madilyn Steffe (Advertising and Sport and Entertainment Management) was promoted to director of research and insights at The Carolina Agency.
• Nicholas Striveri (Sport and Entertainment Management) accepted a position as inside sales associate with the Carolina Hurricanes.
• Eliza Turnage (Sport and Entertainment Management) worked Monday After the Masters, Hootie and the Blowfish’s charity golf tournament and accepted a position as a talent team intern with Live Nation.
• Camden Wheeler (Retailing - Fashion Merchandising and Digital Innovations) accepted a summer position as a marketing intern for Red Saffron Milano in Milan, Italy.
• Carlo White (Hospitality Management) earned the Carolina Sales Institute Salesperson of the Year Award.
• Merritt Woodham (Hospitality Management) accepted a position as a digital marketing associate with Capital City Financial Partners.

Alumni Notes

• Kate Ashton (Hospitality Management, '20) received the Empire Distributors 2023 Retail Wine District Manager of the Year award.
• Joseph Belmonte (Sport and Entertainment Management, '22) started a new position as assistant account manager, CRM with GSE Live at Genesco Sports Enterprises.
• Madison Briley (Hospitality Management, '21) accepted a new position as club event planner at the Bald Head Island Club.
• Andy Co (Sport and Entertainment Management, '19) began his term as student body president of the University of Miami School of Law.
• Graham Cooley (Hospitality Management, '22) was promoted to Sales Manager for the Signia by Hilton Atlanta.
• Ryan Daniels ( B.S. Hospitality Management, '17, Master of International Hospitality and Tourism Management, '19) started a new position as national account manager with Visit Phoenix.
• Olivia Desantis (Retailing - Fashion Merchandising and Digital Innovations, '23) started a new position as sales and experience advisor at Varsity Brands.
• Kourtney (Dworsky) DeZellar (Sport and Entertainment Management, '16) started a new position as director, marketing at Barings.
• Rachel Dixon (Retailing - Fashion Merchandising and Digital Innovations, '20) accepted a new position as an associate planner in Sephora Makeup with Kohl’s.
• Nicaela (Niki) Gray (Hospitality Management, '07) was promoted to director of events at Atrium Hospitality.
• Katie Kudrna (Master of Sport and Entertainment Management, '23) started a new position as coordinator, client services and hospitality with the Tennessee Titans.
• Jessie Lessin (Sport and Entertainment Management, '18) was inducted into the iHeartMedia CEO Club.
• Ava Martemucci (Hospitality Management, '22) started a new position as centric district manager at ADP.
• Jessica O’Neill (Sport and Entertainment Management, '12) was named to the Sport Business Journal 40 Under 40 Class of 2024.
• Conor Pernetti (Sport and Entertainment Management, '22) was promoted to manager of membership services at Austin FC.
• Carmen Steiner (Retailing, '17) was promoted to chief of staff at Runwise.
• Olivia Stepp (Retailing - Retail Management, '23) accepted a new position as manager, merchandising & licensing with the LPGA.
• Joanna Tiller (Retailing - Fashion Merchandising and Digital Innovations, '20) started a new position as app and email designer at Victoria’s Secret & Co.

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