Overview of Retailing
BRL 01 Free Solved Assignment
BRL 01 Free Solved Assignment Jan 2022
Q 1 Explain the factors which are responsible for the growth of Retail in India with suitable examples.
Ans: The major factors responsible for the growth of retailing in India are as follows:
Organised retailing is a recent development. It is the outcome of socioeconomic factors. India is standing on the threshold of retail revolution.
Retail Industry, one of the fastest changing and vibrant industries that, has contributed to the economic growth of our country. Within a very sport span of time, Indian retail industry has become the most attractive, emerging retail market in the world.
Healthy economic growth, changing demographic profile, increasing disposable incomes, changing consumer tastes and preferences are some of the key factors that are driving growth in the organised retail market in India.
Some of the factors responsible for the growth of organised retailing are as under:
Growth of middle class consumers:– In India the number of middle class consumer is growing rapidly. With rising consumer demand and greater disposable income has given opportunity of retail industry to grow and prosper.
They expect quality products at decent prices. Modern retailers offer a wide range of products and value added services to the customers. Hence this has resulted into growth of organised retailing in India.BRL 01 Free Solved Assignment
Growing consumerism would be a key driver for organized retail in India. Rising incomes and improvements in infrastructure are enlarging consumer markets and accelerating the convergence (meeting) of consumer tastes.
Increase in the number of working women:– Today the urban women are literate and qualified. They have to maintain a balance between home and work. The purchasing habit of the working women is different from the home maker.
They do not have sufficient time for leisure and they expect everything under one roof. They prefer one-stop shopping Modern retail outlets therefore offers one store retailing.
Value for money:- Oganised retail deals in high volume and are able to enjoy economies of large scale production and distribution. They eliminate intermediaries in distribution channel.
Organised retailers offer quality products at reasonable prices. Example: Big Bazaar and Subhiksha. Opportunity for profit attracts more and more new business groups for entering in to this sector.
Emerging rural market:-Today the rural market in India is facing stiff competition in retail sector also. The rural market in India is fast emerging as the rural consumers are becoming quality conscious. BRL 01 Free Solved Assignment
Thus due to huge potential in rural retailing organised retailers are developing new products and strategies to satisfy and serve rural customers
In India Detail inductor is around the country’s largest source of employment after agriculture which has the deepest penetration into rural India.
Entry of corporate sector:- Large business tycoons such as Tata’s, Birla’s, and Reliance etc. have entered the retail sector. They are in a position to provide quality products and entertainment.
As the corporate – the Piramals, the Tatas, the Rahejas, ITC, S.Kumar’s, RPG Enterprises, and mega retailers-Crosswords, Shopper’s Stop, and Pantaloons race to revolutionize the retailing sector.
Entry of foreign retailers:– Indian retail sector is catching the interest of foreign retailers. Due to liberalisation multinationals have entered out country through joint ventures and franchising. This further is responsible for boosting organised retailing.
Technological impact:- Technology is one of the dynamic factors responsible for the growth of organised retailing.
Introduction of computerization, electronic media and marketing information system have changed the face of retailing. BRL 01 Free Solved Assignment
Organized retailing in India has a huge scope because of the vast market and the growing consciousness of the consumer about product quality and services.
One of the major technological innovations in organised retailing has been the introduction of Bar Codes. With the increasing use of technology and innovation retailers are selling their products online with the help of Internet.
Rise in income:– Increase in the literacy level has resulted into growth of income among the population. Such growth has taken place not only in the cities but also in towns and remote areas.
As a result the increase in income has led to increase in demand for better quality consumer goods. Rising income levels and education have contributed to the evolution of new retail structure.
Today, people are willing to try new things and look different, which has increased spending habits among consumer.BRL 01 Free Solved Assignment
Media explosion:- There has been an explosion in media due to satellite television and internet. Indian consumers are exposed to the lifestyle of countries.
Their expectations for quality products have risen and they are demanding more choice and money value services and conveniences.
Rise of consumerism:– With the emergence of consumerism, the retailer faces a more knowledgeable and demanding consumer.
As the business exist to satisfy consumer needs, the growing consumer expectation has forced the retail organizations to change their format of retail trade.
Consumer demand, convenience, comfort, time, location etc. are the important factors for the growth of organised retailing in India.
The retail industry is divided into organised and un-organised sectors. Organised retailing refers to trading activities undertaken by licensed retailers, that is, those who are registered for sales tax income tax, etc.BRL 01 Free Solved Assignment
These include the corporate-backed hypermarkets and retail chains, and also the privately owned large retail businesses.
Unorganised retailing, on the other hand, refers to the traditional formats of low-cost retailing, for example, the local kirana shops, owner manned general stores, paan/beedi shops, convenience stores, hand cart and pavement vendors.
It is important to understand how retailing works in our economy, and what role it plays in the lives of its citizens, from a social as well as an economic perspective.
India still predominantly houses the traditional formats of retailing, that is, the local kirana shop, paan/beedi shop, hardware stores, weekly haats, convenience stores, and bazaars, which together form the bulk.
the main retail principle to master is the customer; the customer should be the centre of your business and everything you do must revolve around that customer.
Knowing them, and focusing on them in everything you do, will help you grow your business and your team – The Customer is King
the 4 Ps: Product, Price, Place, Promotion. These are the main areas you need to perfect for a customer, to provide them with the basic foundations of a successful retail business.
Product – You need products that your customer wants to buy and a product range that will satisfy your customers’ needs, wants and desires. The products must also deliver a profit for you to have a successful business.BRL 01 Free Solved Assignment
• Price – Price must be consistent across the whole marketing mix and meet all requirements for your business.
You need to price your product range at the correct level for the customers to be able to buy your products, and for them to gain value from your products.
This could mean pricing high or low – this very much depends upon your customer offering.
• Place – You must provide somewhere for your customers to purchase your product, be that a physical store, a catalogue or an E-commerce website; there needs to be a place for the customer to visit in person or virtually).
• Promotion – Once you have a product – at the right price, in a place where the customer can access it – you need to tell them about this and promote your business and your products,
make sure your customers know that you and your products exist and are available for them to enjoy.
Q 2 Discuss the functions of retailer and challenges for Retail in India.
Ans: Functions of a Retailer in India :BRL 01 Free Solved Assignment
• A retailer performs the dual functions of buying and assembling of goods. The responsibility of a retailer is to identify the most economical source for obtaining the goods from the suppliers and passing on the advantages to the consumer.
• The retailers perform the functions of warehousing and storing. They store the goods in bulk and make them available as per the requirement of the consumer.
Warehousing and store keeping helps in ensuring uninterrupted availability of the goods to the consumers.
• The primary function of a retailer is selling the products to the customers for which various techniques or business practices are being adopted by the retailer to achieve the strategic goals.
• The prime focus of a retailer is on maximizing customer satisfaction by delivering quality products and services both on cash as well as credit basis.
As a result of which, retailer always runs the risk of accumulating bad debts on account of non-payment of the amount from the consumer.
• A retailer needs to have robust risk management capabilities.
Various kinds of risks can be involved in a retail business which a retailer should be well prepared with like loss or damage of the products due to deterioration in quality, perishability or spoilage. BRL 01 Free Solved Assignment
A change in customer’s buying preferences or tastes can also affect the retail business to a great extent, or even the products may be damaged due to the natural calamities or vagaries of nature.
• A retailer performs the crucial function of grading for all those goods which at times are either left ungraded by the wholesalers or manufacturers so that the customers readily accept the goods.
The retailer is responsible for the packing of goods in small packages or small containers for the customer’s convenience
• The retailers are the direct point of contact or communication with the customers, hence they gather information regarding the changing tastes and preferences of the consumers, pass on the customer feedback to the manufacturers for continuous improvement in service delivery.BRL 01 Free Solved Assignment
• Retailers act as a vital channel for the launch of new products in the market as they are the direct interface with the consumers and can communicate directly with the targets consumers about the new product features and advantages.
• The retailers are responsible for the product promotion and advertisement by planning the product displays and visual merchandising for attracting the customers.
Challenges for Retail in India :
1.Lack of Infrastructure and Logistics.
2. Scarcity of Skilled Workforce.
3. Frauds in Retail.
4. Inefficient Supply Chain Management
5 Price War.
6. Cultural Diversity.
7. Complexity in Tax Structure.
Q3 How would you distinguish modern retail formats from traditional formats? Substantiate your answer with suitable examples.
Ans: Difference between retail format and traditional format are given below:
Presence: Usually Traditional channel has limited geographical presence say within a city or a specific region while NonTradtional or Modern Channel has national presence.
Service: Traditional channel (Example: say a neighbourhood Kirana store) has high involvement with the consumer during the sale is made. It can be even to the level of free home delivery of small value goods bought.BRL 01 Free Solved Assignment
However the expectation of the consumer is low in terms of service standards at the time of sale.
On the other hand in Modern Retail usually there is low involvement with the consumers on the shopfloor.
Usually consumers are free to roam around and choose on their own what they wish to buy. Not much personal attention given. At the same time consumer expectations are high
Delivery: There are no strict norms for the delivery of goods from the company to the retailer where as in Modern Retail there are defined delivery norms such as specific time schedule for deliver, barcodes, delivery to happen before expiry of PO etc
Volumes: Traditional trade usually sells/ buys consistent volumes with increase during the season/ festivals while on the other hand modern trade sells/ buys higher volumes throughout the year due to promotions and regular expansions.
Margins: Traditional trade demands higher margins while retention is low. Modern Trade however demands high margin and also there is fixed percentage of retention.
Merchandise: High visibility is ensured in traditional trade with a slight cluttered display. Whereas modern trade has innovative merchandising.
Promotions: Promotions in traditional channel are usually seasonal while modern retail channel believes in monthly and daily promotions on products.
Training of staff: There is a moderate focus on training of staff in traditional trade while modern trade ensures high level of training of their staff.
Credit terms: Companies usually give lower credit periods to traditional trade while modern trade enjoys higher credit limits and periods.
Relationships: Traditional trade is managed usually on personal relationship of the sales personnel with the owner while the relationship of modern trade with companies is professional and legal BRL 01 Free Solved Assignment
Q 4 Explain the merchandise mix and various factors affecting merchandise mix decision.
Ans: merchandising mix is the process used in order to conduct retail sales. As part of the process, the merchandiser pays close attention to the types of products offered for sale,
how to best present those products to consumers, and determining what is a reasonable retail price for each unit sold.
The product assortment is the core of the retailing service. A retailers total product offering is called a merchandise mix or product range.BRL 01 Free Solved Assignment
At a strategic level, merchandise management includes the process of selecting the right items for a store and, at an operational level, ensuring that they are available when customers want to purchase them.
Items in the assortment are organised into groups, the so called categories. Merchandise planning encompasses selecting the right categories and the items within them.
The selection of the appropriate items for a store refers to the breadth and depth of the assortment, quality levels and the brand portfolio
Q 5 Why do you think that store atmosphere plays a vital role in setting up a Retail Unit? Explain with suitable illustrations
Ans : Yes,store atmosphere plays a vital role in setting up a Retail Unit Simply, store atmosphere includes the physical characteristics of a retail store used to create an image to attract customers.
It’s also known as atmospherics for short. It is a direct contributor to the customer experience, which is important to developing your brand and how your brand is perceived.
The atmosphere is made of gases that are essential for photosynthesis and other life activities. The atmosphere is a crucial part of the water cycle.
It is an important reservoir for water, and the source of precipitation. The atmosphere moderates Earth’s temperature.atmospherics refers to all aspects of physical environment found outside the store entrances, main board, marquee, windows and lightings etc.
Storefront of every retail store exhibits a specific image such as traditional, upmarket or discount store to the shopper. BRL 01 Free Solved Assignment
In competitive markets, retailers can use the storefront as a strong differentiating factor and attract and target the new customers.
The major influencing aspects of external atmospherics are discussed as below:Retail Store Entrance: In India, most of the traditional retail stores enjoy open entrance with no provision for entrance doors a d security guards while in some leading markets retailers or owners of the stores even stand outside and invite the passing by shoppers to f visit their stories and also communicate the availability of specific merchandise.
It is one of the most powerful components of retail positioning strategy and one of the most powerful tools in attracting, influencing, and satisfying consumers.
Retailer or manager is expected to design or redesigned a store, with an objective of influencing customers buying decisions and shopping behaviours.
On the other hand, a typical south Indian restaurant maintains duller lighting, which ensures a subdued customer activity level and makes sure that most of them remain confined to their tables.
Q 6 Describe the factors which should be kept in mind while deciding about the choice of store locations and how government can evaluate these factors.
Ans: Proximity to the Market :BRL 01 Free Solved Assignment
The closer you are to your customers, the greater the chance that they will buy from you again.
Who is your customer and where are they located are the other manufacturing companies or are they an end consumer must have answers to these questions, before choosing a business location.
Analyse the Demographics :
Demographics are without a doubt, one of the most significant factors to consider when choosing a business location. It’s important to to be near your target customer group.
For example, you don’t want to sell gaming consoles in an area populated with older generations. The sells will be higher in an area dense with your target market.
Infrastructure and Accessibility :
Good infrastructure is beneficial to any kind of business. Power and water supply, good road connections are just a few factors to consider when choosing your business location.
Lack of enough parking spaces for your employees, or accessibility for people with disabilities, can be an issue in some locations.
A good location for business, is usually not in a busy city area exclusions apply. Nobody wants their employees to spend hours getting to work. BRL 01 Free Solved Assignment
Therefore, choose a location that won’t cause any problems with daily routines and tasks.
Distribution Network :
business is doing manufacturing, you’ll require a good location for a business start-up. Nobody likes to spend more money on transportation than they have to.
Think twice before choosing a business location, good proximity to suppliers is key in minimizing logistics costs.
Enterprise League platform is a super useful tool to find a pool of suppliers near your location. It’s simple to use.
Just set up your company profile within a minute and get results of the suppliers around you with a single search
Merchant Associations :BRL 01 Free Solved Assignment
An area’s merchant association can make a significant difference in the success of your business, particularly if you are a firsttime business owner.
Bradley University (IL)’s Turner Center goes into more detail about the benefits of a strong merchant’s association:
“A strong merchant’s association can accomplish through group strength what an individual store owner couldn’t even dream of.
Some associations have induced city planners to add highway exits near their shopping center.
Others have lobbied for and received funds from cities to remodel their shopping centers, including extension of parking lots, re-facing of buildings, and installation of better lighting.”BRL 01 Free Solved Assignment
Inquire about the presence of a merchant’s association in the areas you’re seeking to rent. If the agent is unsure, ask other merchants in the area about those opportunities.
The promise of added exposure could make a difference – perhaps the difference between a prosperous first year in your new location and a struggle to stay afloat.
With so much to consider when selecting a storefront, we hope this list gives you a solid foundation upon which to start your search.
The process may be a long and arduous one, but with the right mindset and through the right questions, successful selection won’t be too far off
Write notes on the following?
a) Factors affecting the global sourcing decisions.
Ans: Factors affecting the global sourcing is one of the critical steps in buying goods and services, where individuals or groups analyze, assess and select a vendor and their goods and services based on certain specifications and requirements:
- Total landed cost.BRL 01 Free Solved Assignment
It is easy to focus on the lowest unit cost and assume that’s the best way to go. But unit cost is just one piece of the total cost equation.
Other factors include transportation, customs and duties, brokerage services (both at origin and destination), banking fees, financing and insurance, to name a few.
Further, there could be additional, unexpected costs. If customs decides to examine the freight, should add in charges for the examination and local coordination charges.
What if fumigation is required More charges. Any delays in the supply chain could result in expedited freight charges in order to meet the target delivery date.
While these may not occur, it is best to plan for the worst, and hope for the best.
- Product quality.
The quality of the product has ramifications over and above the unit cost on the balance sheet. Quality needs to be defined so that the supplier and buyer understand and are in agreement. BRL 01 Free Solved Assignment
If there are issues with the quality of the product, it is much harder to address with a vendor through cultures, time zones and geographies, than if you are meeting with a local supplier.
Poor quality affects everything downstream, most obviously the rate of returns by dissatisfied customers.
Returns drain the business, taking up resources that are more typically focused on getting good product out to the market, not receiving bad product back in.
Defective product may need to be sold at a discount or written off as a loss, each at a discount or written off as a loss, each of which affects the bottom line.
A key part of an efficient supply chain is having quality product all the way through it. In some cases,
it may involve trial and error, but as relationships grow over the years, some suppliers stand out as offering a consistently superior product. These are the relationships to nurture.
- Logistics capability BRL 01 Free Solved Assignment
All the great products and quality will mean nothing if you are unable to get the goods to marketis a type of transportation is available, domestically and internationally.
After all, you have to get the goods to an airport or seaport for transport; is there a reliable transportation infrastructure in the country Are you relying on a well-fed yak to negotiate a tricky mountain pass to get to a major port, or is there a sound transportation infrastructure from the sourcing/manufacturing origin point to the port Once the freight is ready for international transport, is there space or lift available.
Seasonal fluctuations and weather should be taken into consideration.
Recent hurricanes along the Gulf Coast are a great example: Katrina has affected the logistics of industry and business far beyond the immediate region.
It is important to have the flexibility with service providers to implement alternate plans quickly in case the primary plan or transportation lane becomes unavailable.
- Location BRL 01 Free Solved Assignment
At the risk of sounding like a real-estate agent, consider location, location, location. The proximity of a country may make it a more attractive source – case in point, Canada.
Canada is the United States’ largest trading partner. In the same vein, Mexico is the second-largest importer of U.S.goods, and third as a source of imports to the U.S. behind only Canada and China.
The proximity leads to benefits such as doing business in the same, or close, time zones. In addition, common cultural differences and similarities, including language, are known, as many of the populations in the three North American countries have their origins or families in the neighboring countries.
The North American Free Trade Agreement also has done a lot to ease restrictions on trade between the countries.
- Trade regulations. :
Governmental regulations can enhance or detract from the ease of doing business with a given origin. For years, there were quota restrictions with importing textile goods from China.
This restriction was removed in January 2005, leaving China trending toward sourcing up to 50 percent of the world market share of textiles.
Before any sourcing decision is made, it is imperative that all trade incentives or restrictions are evaluated carefully.
It is also essential to be familiar with documentation requirements for U.S. customs clearance. BRL 01 Free Solved Assignment
There are many government-sponsored publications, brokers or consulting organizations available to help educate an importer in the legal requirements of international trade.
Buying and selling would be incomplete without evaluating the financial aspect, in addition to looking at the actual cost of goods.
What terms can be negotiated What is the risk with a given manufacturer is more insurance required to source from a supplier in Vietnam versus Hong Kong Can your excellent credit terms with your domestic bank be leveraged to benefit the suppliers’ financial picture, resulting in less risk and cost to the buyer will the increased transport time – resulting in tied-up inventory – affect your cash-to-cash.
- Time to market/responsiveness of supplier.
Time to market is becoming an increasingly critical factor in sourcing decisions. If one’s competitor has product available more quickly, the result could be lost market share and more important, lost revenue.
It is important that your supplier be receptive to, and able to accommodate, change. Perhaps the product needs to be tweaked slightly, or sales are exceeding expectations and production needs to be ramped up.
Is the supplier in a position to do this. If the industry is subject to whims (think fashions for teenage girls, for example), sourcing in Latin America may make sense with its proximity to the end market and quicker transport time.BRL 01 Free Solved Assignment
- Value-added services.
Are there additional services available at origin to add value to the product is it less expensive and more efficient to have garment hang-tags attached at the factory or consolidation site prior to shipping
This can expedite the delivery in the U.S. by bypassing a facility to do the same work, most likely at a higher labor cost than if it was done at origin.
Does the supplier guarantee that it will pack the freight to ensure it arrives intact at destination.
A new importer might make the mistake of cutting corners on the packaging and dunnage when importing honey from China. BRL 01 Free Solved Assignment
The result could be steel drums bouncing around an ocean container for 12 days on a vessel then five more days on the rail, only to have honey oozing out of the container from leaky drums when it is opened at its Chicago destination.
Such a situation, sadly not fictitious, has the consequence of lost product, lost sales and significant cleanup – all more costly than investing in the original dunnage at origin.
- Communication/IT capabilities.
supplier a real-time, Internet-savvy, information-sharing partner will be waiting for documents typed on an IBM Selectric to be pouched over in a DHL envelope Open dialogue and communication is imperative between the supplier and buyer.
Late, missing or inaccurate documents can cause delays of customs clearance and, ultimately, delivery to destination.
Inaccurate product information may result in swimsuits to Seattle in September and umbrellas to Phoenix, requiring additional freight and time to correct such an error.
E-mail and the Internet, and good-old phone calls, can go a long way to ensuring supply-chain efficiency.BRL 01 Free Solved Assignment
10 Human toll.
This one is often overlooked, but can nevertheless be a critical part of the decision; there is a real human effort to visit and work with suppliers overseas.
In excess of the obvious costs of airfare, hotel and food – each substantial in its own right – is the cost of time away from the office and family.
If someone is spending a day or more traveling, that is time away from the office and presumably the work that would be done there.
Fatigue comes into play as the traveler works to get over jet lag and be prepared for meeting. In addition, cultural differences need to be considered ahead of time to avoid inadvertently insulting the hosts. BRL 01 Free Solved Assignment
Don’t arrive in Cairo and expect to work on Friday; don’t be surprised in India if, as a female, you are told you may not use the exercise facility in the hotel during “gent’s time.”
Be prepared to be open to different foods, dress, even toilet facilities. There are numerous publications available to coach a traveler on acceptable customs in the destination country.
Being slightly familiar with these and making the effort will be appreciated by your hosts.
b) Issues relating to the security and pilferages
Ans: Issues relating to the security and pilferages are:
1 Prevent Warehouse Theft by Auditing Physical Security
2Defend the Perimeter
3Control Access into the Warehouse to Prevent Warehouse Theft
4Surveil the Scene
5Vendor fraud or error BRL 01 Free Solved Assignment
Q 8 What are the stages that a consumer goes through the buying decision process? Explain with examples.
Ans: 1 Identify the Problem
This is the first stage of the buying process. A consumer will not initiate a purchase without the recognition of the needs or wants.
When a consumer feels the need to buy a particular product, he will go for a purchase decision. There is an unmet need or there is a problem which can be solved by buying a particular product.
Needs arise as there is a problem. For example, you broke your table that you were regular ling using for your business. And due to this problem, you now have to buy a new table.
Wants arise either because you have need a product or just because you are influenced by external factors.
For example, you see your friends using a laptop for their project work. You might also have seen numerous advertisements about how a laptop can help you in your project work.
Due to this influence, you feel you want to upgrade to a laptop though you may already have a desktop.BRL 01 Free Solved Assignment
In this stage, the marketer should identify the needs of the consumers and offer the products based on the desire.
- Information search
At this stage, the consumer is aware of his need or want. He also knows that he wants to buy a product that can relive his problem.
Therefore, he wants to know more about the product that can relive of his problem. This leads to the information search stage.
The consumer will try to find out the options available and the best solution for his problem. The buyer will look for information in internal and external business environments.
A consumer may look into advertisements, print, videos, online and even might ask his friends and family.
When consumers want to buy a laptop, they look for a laptop, its features, price, discounts, warranty, after sales service, insurance, and a lot of other important features.
Here, a marketer must offer a lot of information about the product in the form of informative videos, demos, blog, how-to-do videos, and celebrity interviews.
- Evaluation of Alternatives BRL 01 Free Solved Assignment
By now the consumer has done enough research about the kind of product that can solve his problem.
The next step is to evaluate alternative products that can solve his problem. Various points of information gathered from different sources are used in evaluating alternatives.
Generally, consumers evaluate the alternatives based on a number of attributes of the product. Looks, durability, quality, price,
Generally, consumers evaluate the alternatives based on a number of attributes of the product. Looks, durability, quality, price, service, popularity, brand, social media reviews are some to the factors that consumers consider.
The market offers many products that can solve the problem of a consumer. Hence the consumer has to make a choice after evaluating the various alternatives available.
At the end of this stage, the consumer will rank his choices and pick a product that best matches his needs and wants. BRL 01 Free Solved Assignment
- Purchase Decision/Purchase
At this point, customers have already explored multiple options. They are aware of the pricing and payment options available.
Here, consumers are deciding whether to buy that product or not. Yes, even at this stage they can still drop the purchase and walk away.
Philip Kotler (2009) says, the final purchase decision may be ‘interrupted by two factors. Customer may get a negative feedback from friends or other customers who bought it.
For example, a customer shortlisted a laptop, but his friend gave a negative feedback. This will make him to change his decision. Furthermore, the decision might also change.
Sudden change in business plans, financial crunch, unexpected higher prices, etc. might lead the consumer to drop the idea of buying the laptop.
The Consumer, chooses the product that he wants to buy, but many times, he may not actually buy it for various reasons. BRL 01 Free Solved Assignment
At this stage, a marketer should find out the various reasons due to which the consumer is hesitating to buy. The reasons could be price, value, and change in the needs of the consumer.
Marketer needs to step up the game. Start by reminding the customers of the reason behind their decision to buy the product.
Furthermore give as much information regarding your brand reiterating that you are the best provider of the product that can fulfill his needs.
Retargeting by simple email reminders can enforce the purchase decision.
- Post-Purchase Evaluation
This is the last stage and most often ignored by marketers.
After buying the product, customers compare products with their expectations. There can be two outcomes: Either satisfied or dissatisfied. BRL 01 Free Solved Assignment
Consumers will be happy after buying the product if it has satisfied their needs. But in case the product was not up to his expectations, the consumer will be dissatisfied. A consumer can be lost even at this stage.
A dissatisfied customer might feel as though he took an incorrect decision. This will result in returns! Offering an exchange will be a straightforward action.
However, even when a customer is satisfied, there is no guarantee that the customer might be a repeat customer.
Customers, either satisfied or dissatisfied, can take actions tot distribute their experience in the form of customer reviews.
This may be done through reviews on customer forums, website, social media conversations or word of mouth.
A marketer has to make sure that the consumer will be satisfied with the product so that his experience will lead to repeat customers. Brands need to careful to create positive post-purchase experience. BRL 01 Free Solved Assignment
Q 9 What are the precautions that can be taken before adopting a new technology in a Retail Store? How do these precautions help in the adoption of a new technology in Retail Stores?
Ans: PRECAUTIONS WHILE HANDLING TECHNOLOGY IN RETAIL aer –
1) A retail store before adopting any new technology should spend time in studying the applications.
It’s advisable to speak to stores who have already adopted such technology successfully. Complete prior information comes in very handy while deciding on such issues.
2) Any technology transfer without proper training support and updating is useless. While going for any new technology a retail organisation must be very clear on these issues. Moreover training is a continuous process.
The need may arise anytime in future to may be train some newly recruited personnel. There should be scope for such in the contract for technology transfer. 33 Technology in Retailing
3) It is always in the interest of the retail organisation to have its own data processing or technology using staff.
Depending on technology vendor, such services may be quite expensive and also not fit from a strategic perspective.BRL 01 Free Solved Assignment
4) At any point, retail organisation should not assign the handling of processes which are technology oriented only to one or two personnel.
Such indispensability of those personnels can put the organisation in a fix. A second line of command should always be present in such critical areas.
5) In the post WTO era issues related to copyrights and title of technology are very critical. Especially if purchasing from international vendors one must carefully read through the contract and take legal advice before signing on the contract.
6) As a part of the disaster plan a crisis management plan should be in place to tackle situation arising out of system failure or snags in the software. Such circumstances are common and should be planned for.
7) While acquiring any technology one important aspect is its price. This is also a decisive factor for its acquisition.
Thus generally it has been seen that to show the product pri6e low some hidden costs in other forms exist in the contract.
Such hidden costs make the product’s cost to company much higher. While taking such decisions one must consider all monetary aspects including recurring costs as minutely as possible.BRL 01 Free Solved Assignment
8) In traditional organisations existing for long periods older people resist implementation and introduction of any technological products.
Instead of replacing them with younger people one must get down to motivation, persuasion, training and incentivising such usage. This approach will be in the greater interest of the organisation.
Retail businesses inevitably experience theft. Depending on the type of business, the risk of theft could vary depending on product type.
For instance, jewelry or technology stores may face a higher risk of shoplifting because their inventory is more expensive.
However, implementing a security solution tailored to meet your business’ needs, can benefit significantly with loss prevention.
The mere presence of a security system often deters theft. If a potential thief sees cameras or signs warning they are being filmed, they’ll be less likely to attempt to shoplift.
With a security system in place, it becomes obvious that the retail store is taking loss prevention seriously, and become a less likely target for thieves.
Peace of mind BRL 01 Free Solved Assignment
Because the obvious presence of a security system deters theft, business owners will have peace of mind knowing that the likelihood of shoplifting is low.
As such, managers and owners can fully dedicate their attention to other aspects of the business, not having to worry about retaining their inventory.
Should an unfortunate incident occur in the store, having a video record of it can aid law enforcement. It provides a visual record of the incident and can help identify perpetrators.
If a thief is identified, the police have a much higher chance of being able to track them down, and you have a possibility of prosecuting them and possibly recovering the stolen items.
The cost of lost inventory can pile up quickly. Most retail stores are at some risk of theft, either during business hours or after That’s why seeking retail stores security services can be invaluable to a company.
Security in retailing can be classified under the following major heads:
• External Security
• Internal Security
• Data Security
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