This led to development of mail order retailing. to undertake stock clearance, or else he has to suffer the loss. Remaining 2/3 is enjoyed by middlemen, with no value addition to the product. With Globalisation process, entry of MNC’s, development in the field of I-T sector has made marketing of services more popular and developing. Apart from this they celebrate festivals round the year and occasions like Marriage, Birth, Death, each occasion demands expenditure on consumption on Food, Clothing, Jewellery etc. Why is Retail Management Important? Uploader Agreement. Retail marketing is application of marketing functions in distribution of goods to the customers. ii. Image Guidelines 4. Retailer collects and assembles these merchandise from different sources, assorts them and keep in his shelf ready for easy identification for himself and customers. Over populous country like India which has a high percentage of Un-employment is benefited by growing number and size of retail business. In this process he creates form utility. If offers enough opportunities for the growth of retail business. RETAIL MANAGEMENT PROF. R.MATHUR . Retail as trade has developed over the period of time, from un organized street vendor or seller like ‘SUBJIWALA’, PAANAWALA to organized shops like super bazaars, Departmental stores. Application of inventory control techniques ensures that optimum level of stock is maintained. Retail marketing collects information regarding type of product decide by them, Communicates such information to manufacturer. Terms of Service 7. There is no value addition to the goods. vi. Huge Collection of Essays, Research Papers and Articles on Business Management shared by visitors and users like you. 0000001268 00000 n It is the retailer who assumes the role of taking the goods to the people and delivers them to their convenience and comfort, Importance retailer is due to following role he assumes in the sale of goods. Retailer’s knowledge about the market, i.e., types of product available, expectations of people about the product will help retailer sell those product that matches taste of customer. iv. Consumer is offered comfort and convenience and concession in buying goods of his choice. This further led to development of Chain stores and mail order relating in Europe and America. With growing number of educated women who aspire to be economically independent, retail provides a better job opportunity. Retailers buy in large quantity from middleman or manufactures, he breaks the bulk and sells in small quantities to match the need of customers. It may also be over the internet, through mobile or mail order business. It is expected to touch around $800 bn by 2020. They are the big spenders. Good management can give the business a boost and take it ahead in the competition. The presentation of product, the environment and decoration inside the shop, display of price, facilities inside are an indicator as to how goods are marketed in organised retail. Offers Variety of Services to his Customers: Regular retailer offers variety of services along with the sale. 7. Labour productivity is only 6% compared American productivity; business of retailing is controlled by family that has limitation of capital, technology and managerial abilities which are hindering the progress of Indian retail industry. Now a days marketing of services is becoming an important areas like Insurance, Tourism, Hotel, Investment etc. ii. The marketing guru has said all activities in selling goods or service directly to final consumer for personal or non-business use is retailing or retail marketing. Any organization selling to final consumer, whether a manufacturer, wholesaler, retailer is doing retailing. They may buy products directly from farmers giving him a definite price. One can get the feel and experience of retail marketing by visiting modern shopping malls like Walmart, Big-Bazar, More, Reliance fresh in case of goods or visiting a new generation bank like ICICI, HDFC.