The Procurement Process can be divided into the following steps: 1. Identify a Need for Product or Service The procurement process begins with identifying or anticipating a material, product or service needed by a user in the organisation, which will become the buyer. In the case of smaller organisations or if the purchase requisition requests an item which is a very small rand amount, the purchase order system may allow the user to purchase the item with no huge sourcing process or approval required. The approval might happen through a system such as an e-procurement system, online catalogue, or with a purchasing card. In cases when the rand amount exceeds the users’ permission to generate a purchase order, the purchase must then go through
It contributes to about 10 percent of the GDP and accounts to 8 percent of the employment in India. The overall retail industry is growing at the rate of 12 percent per annum and it is being expected to reach US$ 1 trillion by the year 2020 from US$ 600 billion as in the year 2015 (Indian Brand Equity Foundation). The unorganised retail sector is again divided into the family owned stores and the kirana stores which is approximately more than 12 million and spreads across more than 600,000 villages and more than 5000 towns in India (Venkatesh, 2008; Halepeteet al., 2008). The family owned stores are better maintained and organised than the kirana stores. The kirana stores operates through small stalls which are either moving or fixed (small rooms) and they keep product assortments which basically are of low price and are being regularly consumed by the households (Halepeteet al., 2008; Srivastava, 2008; Sathish and Raju, 2010; Ramkrishnan, 2010).
Under the marketing concept, customer focus and value are the paths to sales and profits. Instead of a product-centered “make and sell” philosophy, the marketing concept is a customer-centered “sense and respond” philosophy. The job is not to find the right customers for the product but to find the right products for the customers. The market concept can be better explained in the Figure 1.3 below: 1.2 Retailing
While in Pay-it-forward, it is not commonly used but it still exists. Pay-it-forward (PIF) pricing is where people are told that someone else has paid for them, and they have the opportunity to pay what they want for the next person. They are still given a chance to selectively choose any price they want, but the payment is treated differently. The relationship developed by these two practices is different. In pay-what-you-want (PWYW) pricing, the developing relationship is between the buyer and the seller.
A retailer is the direct link between producers/wholesalers and the final consumers. They buy their products in bulk and resell them in small quantities. A key component of retailing is selling in a store. Their goods are displayed in different categories and at a large variety to make consumers buy more
It includes panel data, which means that real transaction data are collected from shops, and survey data, which means that customers’ opinions are collected. When being asked, customers will magnify the importance of familiarity and underestimate the influence of their price consciousness. All the articles talk about the certain advantages that store brands have over national brands and the surge in sales of store brands due to changing customer attitudes. “Factors influencing consumer behaviour towards store brands” published in the International Journal of Market Research in 2012 and Consumer attitudes towards store brands by L Guerrera and Y Colomer talks in detail about store brands and their
• They are skilled socially to bargain and forge links between buyers and sellers. • They bring the “personal touch” to parties who may not communicate with each other. • They bring economies of scale y accumulating small suppliers and selling to many other parties. • They stabilise market conditions
F&K Motor Trading act as retailer where is retailer buying products from wholesalers, agents, or distributors and then sell them to consumers. F&K Motor Trading is manufacturer doing direct selling and also a retailer. They buy in large quantities and sell in small quantities to consumers. They sell in locations that convenient to consumers which is in their stores, the same place where they did the services. The role they played as retailer in distribution is to interpret the demands of the consumers and to find and stock the goods the consumers want, when they want, and where they want.