Returning visitors shows that the outlet is in the customers mind for future interests. Calculating the metrics right will help us analyze we are keeping eye on the right things that matter and once measured helps retailers t improve their business. Footfall This is the most vital metric as far as retail business is concerned. This helps in calculating most accurate conversion rate of store visitors into potential customers. We can identify the number of visitors over a certain period of time or season.
c) Merchandise Management: Merchandise management is the process of a retailer attempts to propose the right quantity of the right product at the right place and time while meeting the retail firm’s financial goals. Merchandise management is the analysis, planning, procurement, handling, and control of the merchandise investments of a retail function. Merchandising is simply the arrangement of products on the shelf. It is an essential component of the business image. This considered in designing the business logo, business cards, brochures, letterhead, packaging and product
Inventory management performs a significant function in maintaining specific operating requirements for a business (Stewart, 1997). Inventory involves taking stocks for a business to sustain its operation and meet consumer demands. It is considered as one of the most valuable assets because the turnover of inventory represents the primary sources of income and earnings for the company (Shue, Chen, & Shiue, 2009). Maintaining a specific level of inventory is vital because high level inventory and stock out significantly affects the profitability of the business. Possessing high level of inventory for a long period of time tends to increase operating cost due to inventory storage, dead stocks or items that are not selling, and spoilage costs of perishable items.On the other hand, stock out or failure to maintain adequate amount of product supply affects customer satisfaction which might lead to disappointments of potential customers and opportunity to lost
Market Timing is Unique Market investors deal with sentimental battle that some people face of their existence. There are a lot of differences between the sentiments knowledgeable in the trading on the fiscal markets, & what we experience in our lives; it might easily get in the way with our ability to buy and sell. If we're able to recognize the feelings that we might take measures to protect ourselves, we prevent them from influence, and successful (beneficial) market investors and traders. To illustrate, in workplace, work hard and looks to be honestly rewarded for that part of the American vision. Who can disagree from the logic?
It helps in the GDP growth today also it has twenty position rank in Utter Pradesh so we can say that customer relationship management practices in the organized retail sector play a crucial role. The objectives of a Customer Relationship Management strategy should consider a retail specific situation and its customers‟ needs or the requirements and expectations which are increasing in day to day life with different fashion. The data collected as a part of CRM should consider privacy of the customer and the security data. Customers want the belief that their data is not scattered with third parties without their avowal or permission and not accessed illegally by third parties. Mostly customers also want their data used by retailers to provide a benefit to them.
Brand management includes managing the tangible and intangible characteristics of brand. In case of product brands, the tangibles include the product itself, price, packaging, etc. While in case of service brands, the tangibles include the customers’ experience. The intangibles include emotional connections with the product /
The research paper describes the importance of customer satisfaction. It affects future purchase intentions-satisfied customers are more likely to purchase the same product from the same source (Furse, Punj, and Stewart, 1984; Sambandam and Lord, 1995). In addition, customer satisfaction reduces the size of the set of products and retailers considered and minimize switching behavior among previous purchasers (Sambandam and Lord, 1995).The paper suggests that by helping a buyer obtain product information and providing guidelines about what should be expected during the acquisition process and use of a product, a salesperson may influence customer expectations concerning the product and thereby reduce the likelihood of negative disconfirmation with its accompanying discontent (Grewal and Sharma, 1991). The paper’s findings indicate that successful salespeople often tailor their presentation to the needs of each customer (Spiro and Weitz, 1990) so that not only product/service desires are addressed but also the consumer’s sales process needs (Szymanski, 1988). It concludes by stating that Selling Orientation – Customer Orientation indirectly affects satisfaction with the dealer, product, and manufacturer.
Marketing are activities of a company associated with buying and selling a product or service. It includes advertising, selling and delivering products to people. People who work in marketing departments of companies try to get the attention of target audiences by using slogans, packaging design, celebrity endorsements and general media exposure. Q1-A The Customer relationship management (CRM) is a term that refers to practices strategies and technologies that companies use to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving business relationship with customer, assisting in customer retention and driving sales growth. CRM systems are designed to compile information on customers
Trading strategies determine whether traders should buy or sell currency pairs at any given period of time. According to Charles Schwab, these strategies can be technical analysis charting tools based or news based. There are multiple signals that trigger the decisions whether to buy or sell the currency. The strategies can be automated or manual: Manual systems require a trader to sit and look for signals and interpret them to make buy/sell decisions.
From this definition it appears, that management operation involves the activities that transform resources into usable goods and services which generate value for the organization and it also linked with the business strategy. In the context of operation management, the functions of managers and the role of leaders outline the organization acts on the chosen path towards the execution of