Retail Management: Definition, Processes, Best Practices

Retail Management is the process which helps the customers to procure the desired merchandise form the retail stores for their personal use. It includes all the steps required to bring the customers into the store and fulfill their buying needs. Such management saves time and ensures the customers easily locate their desired merchandise and return home satisfied.

As with any business, the goal is profitable growth. What makes retail management unique are the blurred lines between customers, suppliers, products, and the business itself. Let’s take a closer look at how a strategic approach to retail management can benefit both your company and your customers. Such management involves taking control of a number of internal processes, such as: Inventory management, Offline and online storefronts, Warehouse operations, Payments and accounting, Human resources.

Sales management is just one facet of a company’s overall marketing mix, which encompasses strategies related to the “four or seven Ps”. Objectives related to promotion are achieved through three supporting functions: 1) advertising, which includes direct mail, radio, television, and print advertisements, among other media; 2) sales promotion, which includes tools such as coupons, rebates, contests, and samples; and (3) personal selling, which is the domain of the sales manager.

Although the role of sales managers is multidisciplinary in scope, their primary responsibilities are: 1) setting goals for a sales force; 2) planning, budgeting, and organizing a program to achieve those goals; 3) implementing the program; and 4) controlling and evaluating the results. Even when a sales force is already in place, the sales manager will likely view these responsibilities as an ongoing process necessary to adapt to both internal and external changes.

5 thoughts on “Retail Management: Definition, Processes, Best Practices

  1. 0mniartist says:

    each time i used to read smaller content which also clear their motive, and that is also happening with this
    post which I am reading here. 0mniartist asmr

  2. tinyurl.com says:

    If you are going for most excellent contents like I
    do, simply pay a quick visit this website all the time as
    it provides quality contents, thanks

Leave a Reply

Your email address will not be published. Required fields are marked *