Page 189 - DMGT553_RETAIL_STORE_MANAGEMENT
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Retail Store Management




                    Notes


                                     Notes  Assortment planning features the primary level of decisions with regard to a category
                                     management and therefore reflects category profits. In the case of category management,
                                     the approach towards stocking products or items in stores has undergone a metamorphosis
                                     from vendor/supplier driven to product/brand driven to customer driven approach.
                                     Assortment has to reflect consumer tastes and preferences and hence marks as the true test
                                     of implementation of the marketing concept. Consumer behaviour is both on rational and
                                     perceived counts. Therefore, assortment needs to take both the real and tangible factors of
                                     number as well as perception, to satisfy consumer needs. This would become central to all
                                     decisions in order to have an impact on marketing. In the case of national chain stores,
                                     assortment has also to take into account regional sensibilities.
                                   Some leading retail chains manage around 400,000 products. Almost all major retailers,
                                   irrespective of their size, aspire to lead in their market niche. To this end, they are all going
                                   through aggressive expansion campaigns to achieve the same. Having a comprehensive IT
                                   policy helps an organisation put bits of information together and allows decision-makers to get
                                   the whole picture. It also helps evaluate all decisions taken so far.

                                   While deciding to implement a new technology, the major factors are scalability and user
                                   adaptability. This is because the most important thing in retail is to be customer friendly.
                                   Ultimately, the business is all about providing service to the end customer. The customer in the
                                   store is the prima facie reason why a retail business opts for a particular technology.

                                   Self Assessment

                                   Fill in the blanks:
                                   9.  The advent of information technology has made the job of assortment planning easier,
                                       given the exponential and spiralling combination of various .................................
                                   10.  One of the technologies that have recently facilitated the same to IT is .................................
                                   11.  ................................. features the primary level of decisions with regard to a category
                                       management and therefore reflects category profits.
                                   12.  While deciding to implement a new technology, the major factors are .................................
                                       and user adaptability.



                                     Caselet     RedPrairie Cash Management


                                                         More Visibility. More Accountability.









                                     Accurately tracking and managing cash and other forms of payment are essential
                                     components of every successful store. No other area of store operations is as prone to
                                                                                                         Contd....



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