Page 127 - DMGT553_RETAIL_STORE_MANAGEMENT

Retail Store Management

Notes
For the shareholders, there were promises to adopt a progressive dividend policy and
develop and build relationships with shareholders and prospective shareholders.
Shareholders’ interests would be maximised while also balancing the needs of other
stakeholders. Following the publication of the results of a social audit, it is vital to obtain
feedback from stakeholders and engage them in dialogue. This helps shape future audit
cycles, enables indicators and data presentation to be fine-tuned for future cycles and
helps set priorities for future action by the company.
Conclusion
The Body Shop sets itself very tough standards and has an exceptionally ambitious
mission – to dedicate its business to the pursuit of social and environmental change.
Measuring how well the company matches up to its ideals has been a huge challenge.
Auditing of all forms is a new science and the principles and pitfalls need to be understood.
When it comes to such open disclosure, the company can benefit greatly from the negative
as well as the positive feedback to improve performance.
Questions:
1. Analyze the case and interpret it.
2. Write down the case fact.

3. What do you conclude from it?
Source: http://businesscasestudies.co.uk/body-shop/the-body-shop-approach-to-stakeholder-auditing

7.7 Summary

Retail audit involves the study of a selected sample of retail outlets, provided as
subscription-based service by market research firms.

Retail-audit service providers gather information on a brand’s sales volume, sales trends,
stock levels, effectiveness of in-store display and promotion efforts, and other associated
aspects.

Selection is also critical.
One of the first things customers look at is gaps in merchandise displayed. Retailers don’t
always appreciate consumer’s awareness of this.

Regular customers will notice gaps the most, and, ironically, this can cause struggling
stores to lose their best customers just when they need them most.

Presentation includes displays that are organized and created to efficiently meet your
customers’ needs will assure continuing business from your existing customers and will
entice prospective customer’s to purchase from you.

It is essential to consider what type of professional image you want to convey to the
customer and your community when creating and organizing your facility.

The management of the inventory in the supply chain involves managing the physical
quantities as well as the costing of the goods as it flows through the supply chain.

7.8 Keywords

Brand Portfolio: It defines the brand/product span with which we have to click the consumers.
Infrastructure: It shows room space, parking space, interiors, sitting arrangement etc.

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