Page 24 - DMGT553_RETAIL_STORE_MANAGEMENT

Unit 1: Introduction: An Overview of Retail Operations

Segmentation divides subjects, objects or variables into various relatively homogeneous Notes
groups (e.g., segmenting customers into usage-pattern groups).

An organization is a formal arrangement of roles and ranks put in place to attain some
particular objectives.

The arrangement of a retail organization depicts the role of employees and the mode in
which the organization operates.

Owner-managers of a single store may be the entire organization.
Coordinating and controlling employee activities is easier in a small store than in a large
chain of stores.

Location decision is very important in retailing business because location involves large
cost.

In decentralized stores systems each section of the industry has separate stores attached
with it.

In centralized stores system the main store located centrally fulfils the needs for each and
every department.

1.5 Keywords

Data Mining: It discovers the meaningful patterns and relationships in data—separating signals
from noise—and provides decision-making information about the future.
ECR Concept: ECR is a comprehensive management concept based on vertical collaboration in
manufacturing and retailing with the objective of an efficient satisfaction of consumer needs and
category management.

Exclusive Market: Appealing to this market means appealing to discriminating customers who
are often willing to pay a premium for features found in very few products and for highly
personalized services.
Franchising: Franchising is an agreement between a franchiser and a franchisee that allows the
franchisee to operate a retail outlet using a name and format developed and supported by the
franchiser.

Online Analytical Processing: It enables users to easily and selectively extract data and then
view it from different perspectives.

Retail Store: It is any business enterprise whose sale volume comes primarily from retailing.
Statistical Analysis: It refers to a collection of methods used to process large amounts of data to
uncover key facts, patterns and trends.
Stocks Product Assortment: The commonly accepted definition of an efficient product assortment
is one that provides sufficient product variety to meet consumer needs, while minimizing costly
item duplication.
Store organization: The store organization is a formal arrangement of roles and ranks put in
place to attain some particular objectives.
Text Mining: It analyzes unstructured textual data by finding and discovering the patterns and
relationships within thousands of documents, such as emails, call reports, Web sites and other
information sources.

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