Page 121 - DMGT550_RETAIL_MANAGEMENT

Retail Management

Notes Tasks performed under strategic management are:
1. Develop a retail strategy
2. Identify the target market
3. Determine the retail format

4. Design organizational structure
5. Select store location
Tasks performed under Merchandising Management are:
1. Buy merchandise

2. Locate vendors, Evaluate Vendors
3. Negotiate with Vendors
4. Control merchandise inventory
5. Develop merchandise budget plans

6. Review open-to-buy stock positions
7. Price Merchandise
8. Discounts
The tasks performed by Store Management are:

1. Recruit, hire, train store personnel
2. Plan work schedule
3. Evaluate performance
4. Maintain store facility

5. Locate and display merchandise
6. Provide services like gift wrapping
7. Handle customer complaints
8. Prevent inventory shrinkage

The tasks performed by Operations Management are:
1. Promote the firm, its merchandise and services
2. Plan communication programs and budget
3. Select media

4. Manage public relations
(a) Manage human resource
(i) Develop policies
(ii) Plan career paths

(b) Distribute merchandise
(i) Locate warehouses
(ii) Receive merchandise

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