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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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