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Benefits Of Retail Management

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Retail Management

In a world where people have constant needs, the use of skills and expertise are employed in order to meet the demands of the people through the goods and services produced by such skills and expertise. Because not everyone is able to produce goods and services, there rises the existence of producers, manufacturers, retailers, and so on. In retail management, retailers offer their customers several benefits (Levy, 2011). Such benefits include making merchandise which is made available to the customers whenever they want it, wherever they want it and how they want it (Levy, 2011). Retailers also provide services which give customers the opportunity to see and try out merchandise before they purchase it (Levy, 2011). In order
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It is through retailing that products and services are made organized and available on a large scale and customers are able to benefit from the supply of such products and services on a relatively small scale (Kotni, 2011). The retail service does not only seek to produce products and services but it is also designed to enhance the level of customer satisfaction (Kotni, 2011). Retailers use various strategic plans in order to make sure that their customers are satisfied with what they produce. However, the concept of competition frequently makes strategic and operating differences among retailers unclear and challenging (Sharma, 2008). In retail management, there is a need to understand the complexities and interrelationships of the retailers and the customers in order for the former to acquire more opportunities of gain and profit offered in the market. Retailers must be able to attract new customers and the former must be helpful to the latter's need. Furthermore, a recent managerial evidence and academic research shows that the decision of customers is not only influenced by the prices of individual items but with the retailer’s price image (Hamilton and Chemev, 2013). This is reflected upon a consumer’s impression of the overall price level of retailer. It should be the goal of…show more content…
(01/19/2011). Retailing Management, 8th Edition. [VitalSource Bookshelf Online]. Retrieved from https://bookshelf.vitalsource.com/#/books/1259215237/
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Kaifi, B. A., & Mendenhall, S. (2012). Strategic leadership applied to retail management: Joe contrucci discusses the 21st century dynamic organization. Journal of Applied Management and Entrepreneurship, 17(4), 103.
Lukic, R. (2013). Sustainable cost management in retail. Revista De Management Comparat International, 14(2), 268.
Jones, P., Comfort, D., Hillier, D., & Eastwood, I. (2005). Retailers and sustainable development in the UK.International Journal of Retail & Distribution Management,33(3), 207-214.
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