Retail Management

This is the process through which the retailer ensures the consumer procures the desired products. It entails activities that ease up shopping leading to customer satisfaction. This is the responsibility of the retail manager among others such as;

Supply chain management

Involves efficient distribution of products from the manufacturers to the retail shops where they are easily accessible by the consumer.

Inventory Management

Is important as it ensures company has enough stock.

Personnel Management

Employee training and development is vital to keep the employees motivated.

Marketing

The retail manager is answerable for developing and executing promotional programs such as advertising.

Budgeting

It keeps the business in balance to avoid making losses. It is a forecast that ensures the balance between the costs of product acquisition and the cash inflow.

Retailing is the process of selling products and services to the customer for their own use.

It forms a society’s culture, contributes to the economy’s GDP, creates employment, maintains effective channels of distribution and dominates the supply chain.

The current structure of retailing is explained by the wheel of retailing and retail life cycle theories.

Wheel of retailing theory states that businesses go through cycles starting with low service levels and prices followed by trade up where more outlets are opened, quality and quantity enhanced and increased number of customers. Finally, competition increases with the new entrants offering low prices.

Retail life cycle theory stipulates the various stages a business goes through; Development phase, Introduction phase, Growth phase, Maturity Phase and Decline stage.