Assignment Of Retail And Service Management Assignment

Retail and Service Management Assignment

SECTION A

A1.

a) Retailing

Retailing is the sale of goods and services to the ultimate consumer for personal, family or household use.

According to Kotler:

“Retailing includes all the activities involved in selling goods or services to the final consumers for personal, non-business use”

Retailing involves a direct interface with the customer and the coordination of business activities from end to end, right from the concept or design stage of a product or offering, to its delivery and post delivery service to the customer. It is necessary to understand that in the complex world of trade today, retail would include not only goods but also services, which may be provided to the end consumer. In an age

This expansion may be internal or external or a combination of both. Internal expansion is the process of growing a business through the use of resources within the business, and not involving the use of any type of outside activities to solicit new customers. Internal strategies would involve finding ways to reduce operational expenses without minimizing quality or support to customers, allowing the business to retain more profit on each unit sold. Along the same lines, the company may even expand its customer base by means of referrals provided by current customers.

For example a KFC expanding through, coffee shop and a restaurant. There are many types which a business can expand externally. It’s an expansion of business through outside influences. External growth strategies develop actual company size and asset worth. External strategies focus on strategic mergers or acquisitions, increasing the number of mutual relationships through third parties, and may even include franchising the business

Organizational Approach

Corporate chains - Two or more outlets that are commonly owned and controlled.

Voluntary chains - Wholesale-sponsored groups of independent retailers that engage in group buying and common merchandising.

Retailer cooperative - A group of independent retailers that band together to set up a joint-owned, central wholesale operation and conduct joint merchandising and promotion effort.

Franchise organizations - Based on some unique product or service; on a method of doing business; or on the trade name, good will, or patent that the franchisor has developed

Franchise organizations - Based on some unique product or service; on a method of doing business; or on the trade name, good will, or patent that the franchisor has developed.

D) Marketing Elements

The four marketing elements are designed to meet the designed the needs of customers.

Price is the amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service. Price is the only element to produce revenues. It can be changed quickly and is most flexible element.

Products must be ensured to meet the needs of customers in terms of Appearance, Function, and Cost. Products should be conveniently available for customers to