Retailing Swot Analysis

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UNIT I
INTRODUCTION TO RETAIL MARKETING
1.1 Retail
Retail is the process of selling consumer goods and or services to customers through multiple channels of distribution to earn a profit. Demand is created through varied target markets and promotional tactics, sustaining consumers' wants and needs through a lean supply chain.

Figure: 1.1
Retail

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Retail derives from the French word retailer, which denotes to "cutting off, clip and divide" in terms of tailoring (1365). It first was noted as a noun with the meaning of a "sale in small quantities" in 1433 (French). Its literal implication for retail was to "cut off, shred, paring”. Retail is the last stage of any economic activity. By virtue of this …show more content…

1.3 The five principles of retail
i. The customer is the most important person in your business
The customer holds the key to every successful retail operation. Based on experience with a number of different retail businesses, this article will introduce you to the journey to make your business customer, focused, and realize the potential you have to make your retail business a success.
The main retail principle to master is the customer; the customer should be the centreof 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. ii. Retail is detail
One of the most famous principles in retailing is, of course, “retail is detail” this is where the challenge lies, how do you become more detailed and what detail should you focus on, You need to address and improve your understanding of your customer. To do this, every retailer must focus on the detail and get the detail right the majority of the time. Mistakes are OK, but you must learn from them and do not repeat your mistakes. Customers will allow you some mistakes, but too many will turn them away; understanding the detail is a key skill to master in …show more content…

It is the outcome of socio¬economic factors. India is standing on the threshold of retail revolution. Retail Industry is 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 supreme attractive, emerging retail market in the world.
Healthy economic growth, changing demographic profile, growing disposable incomes, changing consumer tastes and preferences are some of the key influences that are driving growth in the organized retail market in India.
Some of the factors responsible for the growth of organized retailing are as under:
i. 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 superiority products at covered prices. Modern retailers offer a wide range of products and value added services to the customers. Hence this has resulted into growth of organized retailing in India. Growing consumerism would be a main driver for organized retail in India. Rising incomes and improvements in infrastructure are enlarging consumer markets and accelerating the convergence (meeting) of consumer

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