Types and functions of retail banking consumer banking in india. The display of the merchandise plays an important role in attracting the customers into the store and prompting them to purchase as well. Sep 11, 2010 functions of retailing retailers play a significant role as a conduit between manufacturers, wholesalers, suppliers and consumers. Retailing concepts, retail operations types, retailing. The essence of retailing is expressed in its functions, so if the functions are completed properly, the tasks. While retail banking in different forms has existed for a long time, it is a relatively new concept. Retail management i about the tutorial retail management is an activity of selling products or services to their endusers.
Consumers benefit from retailing is that, retailers perform marketing functions that makes it possible for customers to. The fundamentals of retail management program goals and course objectives program goals. Bharathi on retailing concepts as reatiling is a comfortable method of selling goods and services as retail industry, one of. Wholesaling assumes many functions in a distribution channel. Retailers play a significant role as a link between manufacturers, wholesalers, suppliers and customers. Functions of retailing is various parties to the production and distribution of goods play a pivotal role in any economy keeping the robust volume of trade and commerce flowing through the market, leading a nation to prosperity. A retailer buys a wide variety of goods from different wholesalers after estimating customer demand. The essence of retailing is expressed in its functions, so if the functions are completed properly, the tasks of retailing are usually successfully solved. If you are trying to run an ecommerce store and maintain a profitable storefront, there are certain functions youd expect your ecommerce solution to perform for you.
Pwc retailing in the digital era 1 retailing in the digital era. Lesson 1 an overview of retailing introduction the word retail is derived from a french word with the prefix re and the verb tailer meaning to cut again. Therefore, it is responsible for the performance of several important marketing functions. Producers generally offer large quantities of similar or different products and expect it to be sold in lots to concerned buyers to reduce cost, whereas customers require variety of products to choose from and buy only in small quantities. Retail theories wheel of retailing retail life cycle. It also introduces you to visual merchandising, retail marketing mix, and etailing. Here are the types of retailing that exists today store retailing. Some retailers offer additional services to the retail transaction like personal shopping. It encompasses sale of goods and services from a point of purchase to the. This tutorial introduces you to various concerns of retail business such as retail marketing, space management, and retail operations. Organised retailing or retailing is not an activity of just a sale. The functions and features of retailing marketing essay. It is not limited to quantities but to the exact requirement of last user. In the last two lessons, we have seen the meaning of retailing, functions and.
Retailing in india influencing factors present indian retail scenario. Wholesaling assumes many functions in a distribution channel, particularly those in the sorting process. In this way, he performs the twin functions of buying and assembling of goods. A retailer purchases goods or productsin large quantitiesfrom manufacturers directly or through awholesale. Retailing is a distribution process, in which all the activities involved in selling the merchandise directly to the final consumer i.
Retailing provides a clear and comprehensive introduction to the contemporary issues in retailing. In this context, they perform various functions like sorting, breaking bulk, holding stock, as a channel of communication, storage, advertising, and certain additional services. Consumer is offered comfort and convenience and concession in buying goods of his choice. As a major source of employment retailing offers a wide range of career opportunities including. List of topics covered in bba retail management pdf notes and ebook. Distribution channels provide time, place, and ownership utility. Retailer implies any organization, whose maximum part of revenue comes from retailing. A retailer purchases goods or productsin large quantitiesfrom manufacturers.
This dual role is both the justification for retailing and the key to success in. In this chapter, the tasks of retailers within the distribution channel are explained and recent trends concerning these functions are discussed. Become familiar with how the retail industry works. Retailing definition is the activities involved in the selling of goods to ultimate consumers for personal or household consumption. As a result of the analyses of different opinions about the matter, we think that the main function of retailing is delivering of the product through. Retailing is defined as a set of activities or steps used to sell a product or a service to consumers for their personal or family use. Miller center for retailing education and research page 14 category management survey1 subjects 40 retailers in 18 provinces and cities 62007 32 out of 40 retailers conducted category management category assortments became more reasonable out of stock decreased inventory level decreased, and sales increased. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Retailing constitutes the final link in the distributive chain. The items are arranged in order by the retailers so that the customers are able to locate and pick up their needed. This article provides an introductory overview of the key characteristics of a retailer, the functions performed by a retailer in todays competitive world and services offered by a retailer to the customers as well as wholesalers. It is responsible for matching individual demands of the consumer with supplies of all the manufacturers. Bringing about operational efficiency at this last stage and making an environment so compelling. If youre looking for a free download links of retailing pdf, epub, docx and torrent then this site is not for you. Jun 25, 2019 retailing is about displaying products, describing the features and benefits of products, stocking products, processing payments and doing whatever it takes to get the right products at the right price to the right customers at the right time. Human resource management in organized retail industry in. Marketing functions like transportation banking insurance, ware housing are undertaken to create and deliver goods to satisfaction of people. The paper explain the concept of retailing, its functions and its place in a national economy.
Retailing is a fastpaced, exciting and essential service industry that employs a high proportion of the working population. This includes different types of retail stores like department stores, speciality stores, supermarkets, convenience stores, catalogue showrooms, drug stores, superstores, discount stores, extreme value stores etc. Retail logistics meaning functions of retail logistics. Meaning of retail retail is the sale of goods and servicesfrom individuals or businesses tothe enduser. A fourth factor for students of retailing is the broad.
Retailing is about displaying products, describing the features and benefits of products, stocking products, processing payments and doing whatever it takes to get the right products at the right price to the right customers at the right time. Joachim zentesdirk morschetthanna schrammklein strategic retail management text and international cases. Functions of retailingfrom the customer point of view, the retailer serves him by providing the goods that he needs in the requiredassortment, at the required place and time. But before we move on to elaborating retail definition or its concept, you should be clear of these two terminologies. Functions of retailing retailers play a significant role as a conduit between manufacturers, wholesalers, suppliers and consumers. Electronic retailing is the sale of goods and services through the internet. Functions of retailing retailing functions and meaning. Designed specifically for advanced undergraduates and postgraduate students of retailing, the text seeks to offer an accessible and up to date look at retailing. Understand how the role of the manager impacts the success of a retail business. It is a process through which goods are transported to final consumers. In order to understand the key role played by visual merchandising in retailing one has to look at the whole scenario with a macro view i. This is not a traditional textbook or collection of case studies, but is intended to demonstrate the complex and manifold questions of retail management in the form of 18 lessons that provide a thematic overview of key issues and illustrate them with the help of comprehensive case. Retail merchandising refers to the various activities which contribute to the sale of products to the consumers for their end use.
Jan 27, 2017 electronic retailing e tailing is a buzzword for any businesstoconsumer b2c transactions that take place over the internet. Retail trade performs many valuable functions for the trade and commerce as a whole. Electronic retailing e tailing is a buzzword for any businesstoconsumer b2c transactions that take place over the internet. Often retailing is being thought of as the sale of products in the stores, but retailing also involves the sales of services.
Retail is the final channel of distribution where small quantities of goods or services are sold directly to the consumer for their own use. Over the period of time, it has emerged as an important component of traditional and modern banking systems and an important market segment. Edinburgh business school principles of retailing ix preface the principles of retailing distancelearning programme is based on the book principles of retailing, published in 2003 by elsevier. They store the goods in bulk and make them available as per the requirement of the consumer. The retailers perform the functions of warehousing and storing. Retailing has become such an intrinsic part of our everyday lives that it is often taken for granted. In this context, they perform various functions like sorting, breaking bulk, holding stock, as a channel of communication, storage, advertising and certain additional services. The essence of retailing is expressed in its functions, so if the functions are completed properly, the tasks of. In this context, they perform various functions like sorting. Introduction to retailing functions of retailing types of retailing forms of retailing based on ownership.
Retailing is an important field to study because of its impact on the economy, its functions in distribution, and its relationship with firms selling goods and services to retailers for their resale or use. He selects the best merchandise from each wholesaler and brings all the goods under one roof. Retail management 2 in my whole retailing career, i have stuck to one guiding principle. As a research methodology, i used the analysis of the definitions given by national and foreign specialists and comparison between them. The article tries to highlight the features of retailing and its importance for the wealth of a nation. Understand the areas of accountability for retail management. Retail logistics meaning functions of retail logistics system. Retailing, though as old as business, trade and commerce has now taken new forms and shapes. Retailing goes as back as time goes and the best part of it is that the concept of retailing hasnt changed for centuries. Retailing is the set of business activities that adds value to the product and services sold to the consumers for their personal or family use.
Retailers are part of an integratedsystem called the supply chain. This implies the breaking of bulk quantities of the retailer. Retailing is concerned with selling of goods only to the final consumers. Bba retail management pdf notes, ebook free download.
The items are arranged in order by the retailers so that the customers are able to locate and pick up their needed goods easily. Miller center for retailing education and research page 14 category management survey1 subjects 40 retailers in 18 provinces and cities 62007 32 out of 40 retailers conducted category management category assortments became more reasonable outofstock decreased inventory level decreased, and sales increased. What are the kinds of marketing channel functions a marketing channel, commonly called a distribution channel, is an interconnected system of businesses that collaborate to get a product from initial manufacturing to sale to the end customer. Retail management is the process of bringing the ultimate user to the main producer through a series of stages where retailing is the last one. Electronic retailing, or etailing, can include businesstobusiness b2b and. Introduction pg2 analytics for improving customer experience pg4 helping the retail marketer through analytics pg7 using analytics to streamline supply chain pg9 challenges and prerequisites for success pg12 conclusion pg14 our logo expresses who we are, and symbolises our. Retailing is the last link in the supply chain that delivers goods to the final consumers. Every retail store has its own line of merchandise to offer to the customers. Retailing is a part of manufacturers overall distribution strategy.
Sales volume has increased as well as the number of employees in this sphere. Wholesaling is the buyinghandling of products and services and their subsequent resale to institutional users and in some cases to final consumers. Types and functions of retail banking consumer banking. Retailing is a convenient, convincing and comfortable method of selling goods and services. The increased product variety in stores has forced the retailer to follow an effective logistics system. Characteristics, functions and services of a retailer. Generally, retailers are involved in the following functions. Companies like amazon and dell created the online retail industry by putting the entire customer experience from browsing products to placing orders to paying for. Evidently, retail trade is one that cuts off smaller portions from large lumps of goods. Human resource management in organized retail industry in india 493 remaining 92 percent is left unorganized and within the organized sector, apparel is the largest segment while food and grocery and mobile and telecom are the other major contributors to this. Retailing plays an important role in the development of georgias economy. Show full abstract retailing plays an important role along with some other factors.
Retailing definition of retailing by merriamwebster. Several intermediaries or middlemen are involved in this process and the retailers. Any business entity which sells goods to the end user and not for business use or for resale, whether it is a manufacturer, wholesaler or retailer, are said to be engaged in the process of retailing, irrespective of the manner in which goods are sold. Apr 27, 2016 the essence of retailing is expressed in its functions, so if the functions are completed properly, the tasks of retailing are usually successfully solved. In order to understand the importance of distribution channels, you need to understand that it doesnt just bridge the gap between the producer of a product and its user. Retail marketing functions of retailers the term retailing is derived from the french word retailer which means a piece of or to cut up. In the process of distribution, the products move from the manufacturers to the final customers. Functions within the marketing channel are traditionally carried out by.