HRM Strategies In Retail Marketing

e) Promotional campaigns: Segmentation helps the retailer in developing more effective and accurate promotional operations.

f) Positioning: Segmentation helps a retailer in positioning itself in the market. Thus, shoppers stop and crossroads have targeted the upper-income class, while Westside has targeted the larger base of middle-and upper –middle-class consumers.

B) Retail Management:

Management in retail marketing are given below:

a) Human resource management:

HRM process consists of the following interrelated personal activities:

i) Human resource planning: Human resource planning is identifies the requirement of human resources, financial resources, technology, etc. It ensures the availability of resources by facilitating the recruiting,

The supervisor’s goals are to oversee personnel, attain good performance, motivate people, control costs, communicate, and resolve problems etc. It is provided by personal contact, meetings, and reports. vi) Performance appraisal: performance appraisal is the process of determining and communicating to an employee how he is performing the allocated job and forecasting for improvement in future.

b) Retail Product and Brand Management:

Product management may be defined as a set of decisions related to the selection and removal of products from the retailers’ portfolio, along with the related product and market analysis.

In product categories across a wide range of products and services, consumers report a desire for large assortments.

In product selection, selecting the right product understands the complexity of the modern shopper, and an ability to blend product to satisfy both physical and emotional needs of the shopper.

Product selection criteria are discussed in the selection criteria for the

Brand management and retailing:

A brand is any name, term, or sign that identifies a product or group of products as being produced and supplied by a particular firm. Various elements of a brand are as follows: Brand name, Logo, Trademark, Distinctive packaging etc. Brand management is based on several challenges to the retailer. The key issues in retail branding are as follows: BM of the retail outlet, i.e., retail brand and deciding whether or not to opt for the strategy of self or own branding, i.e., store brand or private label.

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