Retail Assignement
Retail & Manufacturing Logistics BHT 4017 Topic 1: An Introduction to Retailing Dr. Fahham Hasan Qaiser Ph.D., M.Sc., B.Eng., Pg.Cert. (HE), MCIPS, FHEA Senior Lecturer (Supply Chain and Analytics) Course Leader – MSc. Business Intelligence & Analytics; Logistics & Supply Chain management; Project & Operations Management Huddersfield Business School f.h.qaiser@hud.ac.uk Outline • Define retailing • Introduce the concept of strategic planning • Define distribution types • Show the emphasis on the retail experince and relationship retailing Intended Learning Outcomes To understand: • Retailing • Issues in retailing • Impact of retailing on Economy • Retail strategy • Customer experience • Relationship retailing Session Plan 2 Retailing Retailing encompasses the business activities involved in selling goods and services to consumers for their personal, family, or household use. It includes every sale to the final consumer. 3 Chapter 1: An Introduction to Retailing in Berman, B., Joel, R.E. and Chatterjee, P. (2018), Operations Management, Retail Management. Pearson Education Limited (13th Edition) Issues in Retailing • How can we best serve our customers while earning a fair profit? • How can we stand out in a highly competitive environment where consumers have so many choices? • How can we better coordinate our merchandising, pricing, and service strategy across all our channels when costs, profit margins, and target segments differ across the channels? • How can we grow our business while retaining a core of loyal customers? 4 Chapter 1: An Introduction to Retailing in Berman, B., Joel, R.E. and Chatterjee, P. (2018), Operations Management, Retail Management. Pearson Education Limited (13th Edition) Solution for Issues in Retailing • Retailers can best address these questions by fully understanding and applying the basic principles of retailing, as well as the elements in a well-structured, systematic, and focused retail strategy. 5 Chapter 1: An Introduction to Retailing in Berman, B., Joel, R.E. and Chatterjee, P. (2018), Operations Management, Retail Management. Pearson Education Limited (13th Edition) Question • Can retailers flourish in today’s tough marketplace? • Just look at your favorite restaurant, gift shop, and food store This Photo by Unknown Author is licensed under CC BY- NC 6 https://freepngimg.com/png/63843-thank-discord-media-thought-social-think-emoji https://creativecommons.org/licenses/by-nc/3.0/ https://creativecommons.org/licenses/by-nc/3.0/ Willingness to Adapt changes • A desire to please the customer and a strong market niche. • To prosper in the long term • They all need a strategic plan and a willingness to adapt FIGURE 1-1 7 Chapter 1: An Introduction to Retailing in Berman, B., Joel, R.E. and Chatterjee, P. (2018), Operations Management, Retail Management. Pearson Education Limited (13th Edition) Reasons for Studying Retailing Retailing is an important field to study because of its impact on the economy, its functions in distribution, and its relationship with firms selling goods and services to retailers for their resale or use. 8 Chapter 1: An Introduction to Retailing in Berman, B., Joel, R.E. and Chatterjee, P. (2018), Operations Management, Retail Management. Pearson Education Limited (13th Edition) Impact of Retailing on Economy • Read More …