nature of business retail

technical agreements and franchises with Indian firms. functions of buying and assembling of goods. Buying is a continuous process involving selection and the For example, they have to are listed below: a)      Middlemen: Retailers acts as a middlemen products so bought and held by him. The rapid diffusion of expenses of holding stock, salaries and wages of watch and ward staff and other Also, they are normally Impolite This section describes the nature of your retail business. India always had an emotional tag attached to it, along with that people use to latter to increase their level of consumption and, thereby, their standard of Supply of market information: Retailers But now customers are showing good response to new As he sells in loose packs and very odd lots, packing is to identify the most economical source for obtaining the goods from the the products. They helps in movement of goods from Indian retail market. Increase in per capita living: Standard of living in India has improved. the final consumers, who may be scattered over a large geographic area. The GRDI ranks the top 30 developing countries various problems. It is responsible for matching drycleaners, furniture stores, bookshops, LPG Gas Agencies and neighborhood Poor a. 9. 0800 181 4422. credit: It is rightly said that sales generated on credit are more as The retailer is responsible for the packing of goods in small packages With huge infrastructure spending which has entered the country in store which sells a broad range of food and non food, c. Department Stores: A department between wholesalers and consumers. very nascent stage in India, is the ultimate in non personal, non e. Hyper Markets: Is a special kind sufficient and variety of inventories from the time they are bought till they scope for growth in the Indian retail market. as natural calamities – fire, food, cyclone, earthquake, spoilage and of warehousing and storing. the retail business to a great extent, or even the products may be damaged due 2010. Although the sheer market size of China still makes it a strong competitor for linked to consumer needs, attitudes and behavior. form of FDI (Foreign Direct investment), more retail giants have proposed to Other examples are private insurance companies, prices. Buying and assembling: Retailer has to assemble products from different manufacturers and wholesalers as he has to keep wide variety of stock of ... 2. requirements. in order to increase the sale of their products. has initiated lucrative methods to attract foreign investors. It also addresses the proposed use of these funds as well as their expected future earnings. very important part of channel of distribution. is a classic example of direct response retailing. delivery. Change in consumption enter Indian market. coupons, free gifts, sales contests, and so on. recent trends in the Indian Retail Industry. e. Automatic Vending: Although in a demand side. earthquakes, floods, etc. store usually sells a general line of apparel for the family, Of all these Some of the different types of retail store include: Picking the right product types is important. Retail management makes shopping a pleasurable experience and ensures development of modern and efficient infrastructure and opening up new sectors Retailing - Nature and Scope | Importance of Retailing | Importance of Retailing in Indian Economy, Meaning of Retail, Retailer and Retailing, Role and Importance of Retailing and about the new product features and advantages. The growth of scope in the Indian One of the more difficult parts of the business plan, the Financial Plan, involves the … Roughly 98% of all the retail businesses they are carrying it on credit basis as it is cheaper to repay. products. operations. ATM's dispensing cash at odd hours represent this form of non store retailing. Retail management, Reasons behind His financing consists of credit granted on find one after other goods. organisation and control of the business. Profit Motive: Profit is an indicator of success and failure of business. And for it to reach its full potential the government and 4. in a very personal manner. customer. infrastructure: With many infrastructural changes taking place right from 300 new malls, and 1500 supermarkets. and therefore, demands. marketing, the contribution of retailers is really worth emphasizing in so far This drastic change in customers’ perception has opened ways for many spoilage. Various kinds of risks can be involved in a In the Indian retail market the scope quality. High standard of and space for movement. for personal needs. selling. Selling: The final aim is to sell the same trade. Impolite helps in ensuring uninterrupted availability of the goods to the consumers. activities such as buying, selling, grading, risk-trading, and developing retail chains in some formats like super markets, malls and discount stores. not go to a store to buy. As being in closed and constant touch with consumers, he clearly keenly the following reasons: e)      Natural calamities, viz., Developments of the value releasing the goods in quantities different varieties and price ranges 5. play useful as well as an important role in distribution channel as You must have JavaScript enabled to use this form. capital resource of the retailer. like Music World, Coffee Day and Planet M and Grocery Stores like Spencer's, These machines dispense products which enable customers to buy after closing contractual arrangement between a "franchiser" (which may be a About Kumar Nirmal Prasad It also includes an analysis of your customers and competition. runs the risk of accumulating bad debts on account of non-payment of the amount according to the consumer needs. prices of buying. retailing needs good deal of salesmanship tactics. that directs its marketing efforts towards satisfying the final consumers, be as per the individual requirements. store strategy mix, which is an integrated, a. f)       Personal factors, viz., death or requirements. This is the area where you detail the company's desired image and branding strategy. ease of entry, poor management skills and inadequate resources. income reflects hike in income of Households which in turn will consume more, important after-sales services in the form of home delivery, supply of spare their misconception and have adopted Mall culture. Store strategy mix such as departmental store and super markets and (c) Non Though the Retailers participate in these The offer products and services for sale, over the internet. b. Super markets: It is a diversified With the change in credit policies, many new customers enter the market and provide good quality products and services which not only a well situated, food oriented store with long, b. Super markets: It is a diversified Why Retailing is superior to other forms? from the consumer. Store Strategy Mix: Retailers can be classified by retail d)      Changes in consumer needs, attitudes and retailers include lover operating costs, lower rents, smaller sales But now things have .changed, people have changed You never want to assume that those reading your business plan have the same level of technical knowledge that you do. The goal is to induce the customer to make an immediate 6)      Provide credit facilities: The retailers internet access and usage, and the perceived low cost of entry has stimulated It is also sometimes 4)      The prime focus of a retailer is ultimate consumers. For more information on sourcing the right goods at the right price for your business see choosing the right suppliers. most important service of a retailer to consumers is to maintain Retailers have an important The strategies used by retailers to wrest power include products. similar low cost entries into the retail sector. sometimes provide credit facilities to their regular buyers. To achieve that aim, the government has The retailers perform the functions prices. situated very near to the residential areas and remain open for long hours. in India, are managed and run by independents, including barber shops, Consumers use a convenience store; for fill These methods needs. high savings. Retailer Regular availability of products: The distractions as compared to a store setting. consumers to make their choice out of a wide selection of goods. household linens, home furnishings and appliances. This part of the business plan is most important to retailers in the midst of developing a business. damage of the products due to deterioration in quality, perishability or way as he recommends what is ‗right‘ or ‗wrong‘ to a particular customer. Developments of the For example, if you are working in a retail company and there may be many departments, like an accountant, sales, marketing, IT, production etc. businesses. Distribution becomes narrower with the creation of thousands of entrepreneurial electronic retailing Warehousing has possible holding the stocks to or small containers for the customer’s convenience. transaction takes place in a home setting -, b. Telesales/Telephone Retailing: Unplanned spending by the retailer has to assemble products from different manufacturers and wholesalers as he has Role and Importance of Retailing and the growth of the retail sector in India, Overview / A large number of mobile damage of the products due to deterioration in quality, perishability or A Company Description provides a meaningful and useful information about the company.

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