Page 145 - DMGT553_RETAIL_STORE_MANAGEMENT

Retail Store Management

Notes
Profitability and Sales
Profitability and sales involves establishing and achieving store profitability and sales
goals, and increasing the store’s market share through regular sales efforts.
Establish and Achieve Store Profitability and Sales Goals.
Establish and achieve the profitability and sales goals identified in the annual budget.

Increase Market Share through Regular Sales Efforts.
1. Review sales reports monthly with store employees
2. Review daily reports with salespeople weekly and forward the reports to your
supervisor
3. Submit sales call recap monthly to management
4. Ensure store staff members have current tools to make successful sales presentations
Reporting

Reporting involves submitting all required operational reports to management within
the time limits stated below:
1. Submit daily invoices and sales recaps to management daily with no errors or
discrepancies
2. Turn in all product receipts and supporting materials to management daily
3. Submit monthly reports to management by the ……….. of each month. Monthly
reports should include the following:
(i) Inventory recap
(ii) Sales promotion recap

(iii) Competitive retail market report: semi-annual
(iv) Employee performance recap
(v) Facility and equipment maintenance recap
(vi) Review outstanding customer reports including credit, complaints, and
requests
Purchasing
Purchasing involves purchasing products for resale.

1. Purchase products of quality that will result in a minimum of customer complaints
2. Ensure the cost of products will allow for competitive pricing while still meeting
the cooperative’s financial objectives

3. Make purchases from outside the cooperative system only if they provide a
substantial financial advantage
Resale Pricing

Resale pricing involves establishing prices of products and services.
1. Set prices that are competitive with industry guidelines and local competitors.
2. Set prices that allow the cooperative to meet sales and financial objectives.
Contd....

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