Understanding the buying decisions of the customer and position your store and your product to entice the customer.
Retail involves the sales of goods from a single point ( malls, markets, department stores, supermarkets etc ) directly to the consumer in small quantities for his end use. Retailing is nothing but transaction of goods between the seller and the end user as a single unit ( piece) or in small quantities to satisfy the needs of the individual and for his direct consumption. There are different kind of retail outlets such as departmental stores, discount stores, supermarkets, warehouse stores, mom and pop store, specialty stores, malls and dollar stores.
What you’ll learn
- Learn retail merchandising.
- Learn characteristics, function and services of the retailer.
- Learn comparative analysis of the retail business.
- Learn classification of retail format, key features.
- Learn factors affecting the buying decision of the customers n the store.
- Learn inventory management in retail business.
- Learn social and economic significance of retail business.
Course Content
- Introduction –> 7 lectures • 34min.
- Characteristics, Functions And Services Of A Retailer –> 3 lectures • 8min.
- Classification Of Retail Formats, Key Features –> 4 lectures • 11min.
- A Comparative Analysis Of The Retail Business –> 3 lectures • 8min.
- Key Retail Business Pointers –> 7 lectures • 31min.
- Factors Affecting Buying Decision Of The Customer At The Store –> 4 lectures • 8min.
- Inventory Management In Retail Business –> 3 lectures • 6min.
- Social And Economic Significance Of Retailing –> 2 lectures • 5min.
- Conclusion –> 1 lecture • 5min.
Requirements
Retail involves the sales of goods from a single point ( malls, markets, department stores, supermarkets etc ) directly to the consumer in small quantities for his end use. Retailing is nothing but transaction of goods between the seller and the end user as a single unit ( piece) or in small quantities to satisfy the needs of the individual and for his direct consumption. There are different kind of retail outlets such as departmental stores, discount stores, supermarkets, warehouse stores, mom and pop store, specialty stores, malls and dollar stores.
There are different types of retail pricing models for the retail business such as cost plus pricing, competitive pricing, prestige pricing, psychological pricing, multiple pricing, discount pricing. Cost plus pricing mechanism: Every organization runs to earn profits and so the retail industry. Cost plus pricing works in the following principles: cost price of the product plus profit ( decided by the retailer) is equal to final price of the merchandise. According to cost plus pricing strategy the retailer adds extra amount to the actual cost price of the product to earn his share of profits. The final price of the merchandise includes the profit as describe by the retailer.
The display of the product in the retail store must entice the customers. The merchandiser in coordination with the store manager must ensure that the products are according to season as well as latest trends.