Retailing has a very wide scope. retailing in India has been present only in very limited formats like the pharmaceuticals (Apollo) and … Can you see how the retailing concept is an evolution? Now that you have a better understanding of the retail marketing strategy and how the retail mix supports the strategy let’s round out our Introduction to Retailing by discussing the Retailing Concept. The organized retailing sector in India is only 3% and is expected to rise to 25- 30% by the year 2010. A retailer keeps the products or services within easy reach of the customer by making them available at appropriate location. They will later evolve into a high price and high service operation once they gain more experience in the market and enlarge the customer base. Consider how much in sales Barnes & Noble might have lost over time due to Amazon’s entry to the market. Any organization that sells the products for consumption to the customers for their personal, family, or household use is in the occupation of retailing. Retailing is defined as a conclusive set of activities or steps used to sell a product or service to consumers for their personal or family use. Definition and Scope of Retailing: Retail Industry, one of the fastest changing and vibrant industries in the world, has contributed to the economic growth of many countries. profit margin to the retailers. A common assumption is that retailing involves only the sale of products in stores. He sells finished goods or services in the, A retailer buys a wide range of products from different wholesalers and offers the best products under one roof. A retailer does not sell raw material. Let’s look at an example of how the retailing concept works using Barnes & Noble as an example. Retailing includes all activities involved in selling goods or services to the final consumers for personal, non-business use. 2. GGSIPU (MBA) RETAIL MANAGEMENT – 4TH SEMESTER – HOME | BBA & MBA NOTES. The retailing concept is an idea that examines the evolution of the and transformation of the retail life cycle. Thus, the retailer performs the function of both. Transformation of the retail sector in India. This proves that there is a tremendous scope for growth in the Indian retail market. It is responsible for matching individual demands of the consumer with supplies of all manufacturers. Functions of a Retailer Retailer provides the goods that customer needs, in a desired form, at a required time and place. In the third stage the company is established and the company is able to expand at a moderate pace and attract more customers. Retailing contributes to the economy: The importance of retail sector is reflected in its contribution … Sorry, your blog cannot share posts by email. The retailing concept suggests new retailers will typically begin with low-cost and low-margin operations. This concept was first introduced by Professor McNair from Harvard University. Improvement of Infrastructure and enhances the availability of retail space. Stage 2: Barnes & Noble expanded to various locations thus increasing sales, brand image, value, and profit. The retailing concept is an idea that examines the evolution of the and transformation of the retail life cycle. Candidates with the retail management can start career in supervisory, client communication, merchandise shipment, sales, management and administrative services. Take a few moments before we move on and see if you can provide an example using your favorite retailer we discussed initially. In addition, there are also other factors such as customer demand, new technologies, and competition that impact the industry as well. There are under construction at present around 325 departmental stores, 300 new malls, and 1500 supermarkets. Smaller shops closed down and an increasing number of customers came to Barnes & Noble. Any organization that sells the products for consumption to the customers for their personal, family, or household use is in the occupation of retailing. The major participants in any commercial cycle are: 1. Retailing provides employment in two ways. Post was not sent - check your email addresses! This concept was first introduced by Professor McNair from Harvard University. Firstly, it provides entrepreneurship opportunities to the people and secondly, it provides employment to so many people who cannot own the retail stores. We’d love your input. In this stage competitors can now try to penetrate the market in stage 1. Stage 3: As time progressed Barnes & Noble established themselves, opened even more stores, and saw greater profits. It is one of the fastest growing industries in India and is providing employment opportunities to many people. The cost, and therefore prices, become higher for the retailer in this stage. 3. Retailer provides the goods that customer needs, in a desired form, at a required time and place. Manufacturer – the one who sources raw materials, land, labor and applies his entrepreneurial skills in the production of goods. In stage 4 the retailer is highly established with better products, services, and locations most likely. Retailers– selling the goods bought from the man… Managing Appearance of the building & Location Maintaining Temperature, Music, Lighting and Fragrance inside the store Availability of services like Prams, Wheel Chair, Valet Parking etc Stylish Stocking of Merchandise FUTURE TREND: SCOPE OF 24hr RETAILING The concept of 24hr. Did you have an idea for improving this content? Amazon entered the market allowing customers to browse the book selection and have it delivered right to their door step! Stage 4: Although Barnes & Noble increased presence in the overall retail landscape they still mostly had traditional brick and mortar stores. The retailing concept suggests new retailers will typically begin with low-cost and low-margin operations. Retailing is a dynamic industry, comprising a vast variety of sectors and home to some of the world's biggest companies. A retailer does not sell raw material. In my whole retailing career, I have stuck to one guiding principle: give your customers what they want…and customers want everything: a wide assortment of good quality merchandise, lowest possible prices, guaranteed satisfaction with what they buy, friendly knowledgeable service, convenient hours, free parking, and a pleasant shopping experience. Stage 1: Barnes & Noble began with a variety of books in one location at a low cost. There are most certainly a number of environmental, political, economic, and social factors that affect all segments of the retailing industry. The intent at this point is to increase market share (Stage 2). Wholesaler – deploys huge investments in warehousingand stocking of goods bought in bulk quantities from the manufacturer to sell them at a wholesale mark up i.e. At this stage competitors also begin to think about how they can enter the market as well. 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 hard time, or just pretends you are invisible…. The low prices of these retailers are generally due to the low cost and often times cost cutting does attract competition (Stage 1).

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