UNIT V

RETAIL MANAGEMENT
GROUP 5
 RETAIL MANAGEMENT

Retail Management deals with customer purchases of products and

services. It requires direct customer engagement and coordination of
business operations, from product design to distribution and post-delivery
service.
Those that are retail management professionals are commonly regarded
as retail managers.

 Retail Manager is required tosolve the problems of customers, track retail

orders, oversee merchandising, maintain HR and also coordinate the
management of stocks/inventory and supply chain.
 I. Retail Employee • Poor salaries and almost no work
Management rewards are main factors.

• The salaries that these employees earn

Many retail employeesleave are at or below the minimum wage.
their employment because of
these reasons.HERE
• Schedules are poorly regulated.
1.Pay and benefits
ERE
• Retail employees may be required to
meet too many hours in some cases,
and at

• other times, workers don't have

enough hours.
I. Retail Employee
Management
• As employees realize that they will
move forward to better pay for
employment options in a company,
they strive to accomplish goals. A lack
2. Opportunities for of advancement within an organization
advancementHERE leads employees to appreciate their
work less and consequently resign.
I. Retail Employee
Management

• Many retail workers are adolescents

and young adults involved in getting
hired for the season as a means of
3.Young workersHERE earning cash. Teens and young adults
do not seek long-term jobs,
contributing to higher rates of
turnover.
 I. Retail Employee
Management

• Retail employment requires a number

of tasks and obligations, but this type
of job may not be performed by
4.Personal fulfillmentHERE
employees until then. Workers
searching for long-term employment
are looking for positions that are
intellectually challenging, lucrative, and
offer benefit packages of some kind.
 II. Reasonable
turnover rate for 1.Cultivate a culture of teamwork, not
retail competition.

Your good workers are also inspired

How do you calculate your
and prepared to demonstrate that they
turnover rate? If you want to have what it takes to step up. It can be
retain your best employees, challenging for some officials to deal
then keep the following in with this form of
mind.RE energy.
 II. Reasonable
turnover rate for 2. Fully train employees
retail
A great development program is
not only a prerequisite for good workers;
How do you calculate your
it could also turn stars into ordinary
turnover rate? If you want to employees.
retain your best employees,
then keep the following in
mind.RE
 II. Reasonable
turnover rate for 3. Get to know your workers
retail
You shouldn't have to be their BFF, so
understanding what their career
How do you calculate your
ambitions are is a good idea. Be the
turnover rate? If you want to individual that allows them to achieve
retain your best employees, their goals.
then keep the following in
mind.RE
 II. Reasonable
turnover rate for 4. Trust them.
retail
It is important to feel trusted. As an
individual, your faith in them enhances
How do you calculate your
their trust in their skill. It also provides
turnover rate? If you want to them with the courage to take action.
retain your best employees,
then keep the following in
mind.RE
 II. Reasonable
turnover rate for 5. Give them room to make mistakes
retail A quote by Thomas Watson sums this
up:

How do you calculate your

"Recently, I was asked if I was going to
turnover rate? If you want to fire an employee who made a mistake
retain your best employees, that cost the company $600,000. 'No,' I
then keep the following in replied, 'I just spent $600,000 training
mind.RE him. Why would I want somebody to hire
his experience?'"
 II. Reasonable
turnover rate for 6. Learn from them.
retail
Each of your staff has unique
perspectives and experiences that can
How do you calculate your
assist you to develop your company.
turnover rate? If you want to Don't be scared of capitalizing on this.
retain your best employees, They'll feel appreciated and respected. It
then keep the following in would allow them to participate in the
mind.RE company's growth as well.
III. Here are 12 ways to
keep your team happy
without offering • It is no longer enough to
raises. concentrate exclusively on
benefits to involve the
workforce and stay
competitive. Top
companies build an
Prioritize work- atmosphere where workers
11 life balance.
feel linked to the company
and have a meaningful
work experience that is
part of a rich, fulfilling life.
III. Here are 12 ways to
keep your team happy
without offering • The greatest advantage
raises. that you can give your
workers is the ability to
make a difference in their
jobs and help steer the
company's path. Benefits
Make employees such as consistent and
21 part of the big
regular communication on
business events, direction
picture. of person and
organization, and
big_x0002_picture
company direction make
all the difference in
employee happiness.
III. Here are 12 ways to
keep your team happy
without offering • We shared not just our
raises. top areas of progress, but
also our areas for change
and how we intended to
move forward to resolve
them.
Be transparent
31 and honest
• Transparent engagement
and a clear understanding
that we have learned that
you will go a long way
III. Here are 12 ways to
keep your team happy
without offering • With incremental holiday
raises. days, reward the top
performers. These workers
are your big stars, so you
can be assured that they
can get their job done and
Offer more enjoy a few extra days with
41 vacation time.
loved ones of well
deserved time off.
III. Here are 12 ways to
keep your team happy
without offering • Businesses need to
raises. understand initiatives to
build spaces where
workers can interact and
exchange ideas easily.
Casual discussions may
Encourage become interactive
51 communication in
conversations in the break
room. If possible, make it
common areas. welcoming and functional,
with pleasant chairs, tables,
Businesses need to and snacks and drinks.
understand initiati
III. Here are 12 ways to • We noticed that offering
development resources to
keep your team happy workers who do not
without offering assume there are desirable
raises. job opportunities for them
within the organisation,
such as training
opportunities and job
mentoring, contributed to
Create a career such staff leaving the
61 pathway.
company. It's important for
companies to have
frequent career planning
conversations with their
staff. Make sure workers
are aware of the various
forms of career options or
work openings in company
as part of training and
growth.
III. Here are 12 ways to
keep your team happy • Happy staff make for a
without offering happy company. We can
raises. publicly recognize
achievements inside the
workplace, have a
community lunch, reserve
a prime parking space or
Promote a positive alter a title. We can also
71 work environment.
help staff grow and
develop, whether by taking
on new preferred duties or
challenges, taking courses
to learn new skills, or
fostering company
awareness by going on
business trips.
III. Here are 12 ways to
keep your team happy • It may already be too late
without offering if you're looking to retain
raises. an employees and giving
him/her a raise. Find
individuals who share your
organization's
organizational values from
Build employees the outset, test for fit early,
81 up.
and area offers for growth
to convey that value. We
are fanatics of initiative
and of positive effect.
Following a positive
initiative, our members of
the team are regularly
rewarded with higher-
value initiatives.
III. Here are 12 ways to
keep your team happy • The value of coming into
without offering the office as the boss with
raises. a smile on my face and
making sure I give
everyone the same feeling
of importance can't be
underestimated.
Set the example.
91
III. Here are 12 ways to
• Workers are rarely
keep your team happy unhappy or quit solely for
without offering cash. It is generally
raises. because they don't like
their manager, aren't
engaged or feel like they
have stopped learning
when they become
disenchanted. It helps a lot
Always say 'thank
101 you.' to have a healthy
community and Retail
Management working
climate, as it facilitates
cooperation and
collaboration, which
improves teammates'
participation and opp
III. Here are 12 ways to
• Rewarding frequency is
keep your team happy more critical than scale.
without offering Smaller positive reviews
raises. and rewards on a regular
basis show that business
feedback will keep clients
happy longer than a single
huge, rare happy event.
Even the largest 'wear out'
Recognize and
111 reward employees awards or raises in less
than a year, with most
employees adjusting to
frequently. limited amounts better
every few days
III. Here are 12 ways to
keep your team happy
without offering
raises.
• By supporting workers in
other aspects of their life,
there are also ways to
Offer benefits offset pay. To cover their
121 beyond the basics. wages, you should provide
an additional level of life
insurance or disability
insurance for workers.
 IV. How to Build
Commitment from
Employees.

1 2 3 4

Recruitment Training Employee Promotion

Empowerment
Selecting the right The way of developing The process of Placement of
people, the right job at employee skills. allowing employees to employees into higher
the right time. make decisions level of hierarchy.
and allowing them to
perform the
responsibilities
assigned to them
 V. The Six Stages of the
Consumer Buying Process
and How to Market to
Them

1.Problem Recognition

Simple terms, the consumer must have a reason to assume that what they
want, what they're after or how they view themselves or a circumstance is
different from where they really are before a transaction will even take
place. The intention is detached from the typical, which presents the client
with a dilemma.
 V. The Six Stages of the
Consumer Buying Process
and How to Market to
Them

2. Information Search

The customer search process starts once an issue is identified. They realize
that there is a problem and they're searching for a solution. If it's a new
makeup base, they're searching for a foundation; if it's a new refrigerator
with all the latest technology thrown in, they're beginning to look at
refrigerators-pretty it's straight forward.
 V. The Six Stages of the
Consumer Buying Process
and How to Market to
Them

3. Evaluation of Alternatives

Only because you stand out from the competition doesn't mean that your
product or service will be purchased entirely by a consumer. In fact, now
more than ever, clients want to be sure that before buying a product, they
have done thorough research. Because of this, they may always want to
compare other choices to ensure their choice is the correct one, even
though they might be sure of what they want.
 V. The Six Stages of the
Consumer Buying Process
and How to Market to
Them

4. Purchase Decision

The buying decision comes somewhat remarkably close to the center of

the six stages of the purchasing process for the customer. The consumer
has discussed several options at this stage, understands pricing and
payment options, and determines whether or not to go forward with the
purchase. That's right, they could still decide to walk off at
this stage.
 V. The Six Stages of the
Consumer Buying Process
and How to Market to
Them

5. Purchase

Need has been established, study has been performed and a purchase has
been determined by the client. All the steps leading to a transition have
been completed. This doesn't imply it's a sure thing, however. A customer
could still be lost. During this process, advertising is just as relevant as
during the previous one.
 V. The Six Stages of the
Consumer Buying Process
and How to Market to
Them

6. Post-Purchase Evaluation

Just because a purchase was made, there was no end to the process.
Revenue and consumer satisfaction can potentially be quickly lost. It is
likely that the consumer must determine after a transaction is made
whether or not they are happy with the decision that was made. Evaluating
them.
 VI. How To Build Here are 7 ways to build brand
loyalty with your audience and
Brand Loyalty customer base.

1. Deliver On Quality And Value (More Than 2. Talk To Your Clients/Customers Regularly
What Is Expected)
Several of the common tool to generate brand Talking to your clients on a regular basis helps to
loyalty is to produce everythingyou improve the partnership between you and your
have promised to the highest standard and to company, and your client and their organization.
deliver it. Don't ever let them down. The services Tell your customers about the changes within
and goods you deliver must also be of the highest your organisation (and where applicable in your
quality - in anything you do, preserving this personal life) and ask them about theirs. Using
quality such that the value you provide is never social media to keep you updated so that
challenged. Understand what satisfies your you can engage in their posts actively. In this
customers and concentrate your resources here. case, on a personal level, you are looking for
If you can meet theneeds of your client, there the customer to like you and there is no better
would be no incentive for your client to look in way to do this than to take an interest.
the direction of your rivals elsewhere.
 VI. How To Build Here are 7 ways to build brand
loyalty with your audience and
Brand Loyalty customer base.

3. Be Consistent with Everything 4. Become Known in Your Community

or Vertical
Authenticity and confidence comes from You can promote your brand and effectively
consistency - consistency in the delivery of influence your audience, but you can
services and also consistency in the brand. Any achieve a higher degree of confidence with your
time they communicate with emails, papers, web clients when someone else promotes your
sites, etc., a brand needs to give clients a feeling brand and organization (via word of mouth
of familiarity. If all of these branded assets look referral). One of the best ways of marketing is
and sound different from each other, warning word of mouth.
signals may ring, whether or not the customer
knows it.
 VI. How To Build Here are 7 ways to build brand
loyalty with your audience and
Brand Loyalty customer base.

5. Focus on Customer Experience and 6. Provide (Unexpected) Incentives

Service, Not on Sales
Another way of building loyalty is by Often, shocking the clients is the best way to
concentrating the collective energies of the make a good impact on them. In this
company on customer engagement and support. way, offering unexpected rewards helps to
You remind your customers that they are deepen the connection and demonstrates true
still the focus of your activities by following this gratitude by ultimately thanking them for being
unique business/marketing orientation, your client. A fast and simple way to do
rather than a sales-oriented approach, this is to send gifts or messages during birthdays
and other personal milestones, as well as
during seasonal events.
VI. How To Build Here are 7 ways to build brand
loyalty with your audience and
Brand Loyalty customer base.

7. Stay on your toes

A final recommendation to make sure you

establish trust with your customers is to
keep on your toes at all times. And that's with all
you do, what you do with your clients, for
sure. Without addressing the name of your client,
don't get lazy with ads and send
automatic emails.
1. The right to satisfaction of basic 2.The right to safety – to be protected 3.The right to be informed – to be
needs – to have access to basic, essential against products, production processes given the facts needed to make an
goods and services such as adequate food, and services that are hazardous to health informed
clothing, shelter, health care, education, or life. choice, and to be protected against
public utilities, water and sanitation. dishonest or misleading advertising and
labeling.

4.The right to choose – to be able to 5.The right to be heard – to have

select from a range of products and VII. consumer interests represented in the
services, making and execution of government
offered at competitive prices with an The 8 Consumer policy, and in the development of produc
and services.
assurance of satisfactory quality.
Rights

6.The right to redress – to receive a fair 7.The right to consumer education – to 8.The right to a healthy environment
settlement of just claims, including acquire knowledge and skills needed to to live and work in an environment that i
compensation for misrepresentation, make informed, confident choices about non-threatening to the well-being of
shoddy goods or unsatisfactory services. goods and services, while being aware of present and future generations
basic consumer rights and responsibilities
and how to act on them.
THANK YOU