| Course Introduction: |
Retailing includes all activities involved in selling of goods and services to consumers for their personal, family or household use. Historically, the retail sector in India was highly fragmented yet, with passage of time the sector has evolved and emerged as one of the key contributors to the Indian economy. If you look at the retail sector in developed countries was also fragmented at the beginning of the last century, but thanks to the emergence of major retail chains like Wal Marts, Sears and McDonalds led to rapid growth of organised retail and growing consolidation of the sector in the developed countries. Today, in India we see a rise in income levels, a sharp increase in the number of working women in India’ s urban centers have made goods and services more attainable and enticing to large section of the country’s population. Concomitantly, trade liberalization and more sophisticated manufacturing techniques create goods that are less expensive and of a higher quality are being flooded in the marketplace there by facilitating conditions, which are favorable and conducive for the consistent growth of organised retail in India. However, the Indian retail scenario is much different from its western counterpart. Since Indian cities including the metros are still congested and a large· part of the population is still concentrated in rural and semi urban areas. Besides the Indian houses/households are smaller and are not accustomed to by bulk on weekends. Thus, the Indian retail scene is very different from that prevailing in the developed countries. As organised retail grows, western retail formats are being modified and new formats suitable to Indian conditions are being adopted. In spite of visible organized retail growing rapidly. Yet a large part of Indian retail is still likely to be unorganized . Besides all this, the Indian retail sector is on the growth phase of the sector’s life cycle thereby making it a sunrise industry contributing amply to Indian economy This block includes 3 units. Unit 1: Covers a spectrum of issues ranging from what retailing is all about to the trends and emerging challenges in the Indian context. The rural retail scene and emergence of retail formats, the existence of online retailers are being touched upon Unit 2: The various concepts of retailing is the core of this unit. The changing pattern of consumer behavior is discussed. The classification of retailers the evolution of malls and other aspects such as merchandising , SCM, store location and layout are part of this unit. Unit 3: Is fully devoted to the entire gamut of regulatory bodies their frameworks, the ethical and security issues and the allied which are essential to commence in staring retail business.
The role of planning function assumes paramount importance in every business. Proper and meticulous planning of all the activities that the firm needs to consider in view of accomplishing the goals of growth and development should be looked in a holistic approach with a long-term perspective. The focus of this block is primarily on the systematic planning process of various activities falling under the purview of the different functional areas of retail business. And the range of retail formats both store and non-store based on various criteria.. This block has four units. Unit 4: Focuses the strategic relevance of strategic planning process in retail business. The steps in planning process and the influencing areas determining the strategic planning process has been explained. Strategy development, diagnostic and performance audit are also covered. Unit 5: Understanding the wheel of retailing theory and the phases involved m the metamorphosis of a basic format culminating to most covet retail format. Besides the various stages of retail life cycle has discussed and the theory of natural selection is touched upon. Unit 6: The key focus of this unit lies in the ownership structures of retail organizations which are classified as independent single/mom and pop store/ the kirana’s, the corporate chains the leased departments, consumer cooperatives and a host of other formats are discussed with their characteristics /features along with their merits and caveats. Unit 7: This unit is an extension of Unit-6 where in the focus is on store and nonstore based retail formats. The various types of these formats operating in the Indian context their characteristics /features specific to each of them are commented upon
The core of retail business is the exchange process, i.e., buying from one and selling to the other. You would also agree that this is the basic marketing funda and nothing new. Yet it’s very important for the retailer to devise the most appropriate and relevant retail mix strategy for achieving his core objectives of growth and development. The retail mix strategy so developed should have enough scope for flexibility and innovation to incorporate the changing needs and preference of the end customers. This block includes 5 units. Unit 8: Choosing the right location for retail business is the focus of this unit. All aspects pertaining to location decisions and influencing factors are explained at length. Types of retail locations and techniques for location assessment are also discussed for better understanding. Unit 9: Merchandise is central to any retail business. Therefore, the retail product mix strategy as well as planning for merchandise and deciding on the merchandise mix towards customer pull is the focus of this unit. Unit 10: In view of fierce competition in retail business the only solace and influencing factor that determines sales volumes is by adopting the right price, price as perceived by the customer and not by the seller. You guessed it right! The focus of this unit is on pricing strategy and the relevant do’s and don’ts are explained. Unit 11: The more you tell, the more you sell. That’s precisely the crux of this unit where the retailer needs to adapt an IMC with a view to attract new as well as repeat customers to his store. Unit 12: A successful retail business is one which allocates enough resources for attractive and conducive shopping experience and ambience thereby attracting a huge clientele on a continuous basis is the emphasis of this unit
Having decided the type and category of retail business to embark upon the next step would be the modus operandi of the new retail business. Retail operations thus forms the crux to the overall retail business to be successful in a competitive scenario. All these operations mutually supplement and complement each other to accomplish the retail objectives of performance and profitability. This block includes 4 units. Unit 13: Operations pertaining to store design, store atmospherics including the interior and exterior features are discussed at length in the light of customer pull to the retail outlet. The store space management and its technicalities have been commented for optimal utilization of the premise. In addition the importance of visual merchandising has been mentioned. Unit 14: Success of a retail store primarily lies on the kind of merchandise and more specifically the sourcing decisions and the steps involved in the sourcing process is crucial. Establishing and managing the vendors is another key area of concern which has been dealt holistically. Unit 15: Any business small or big, domestic or global irrespective of the size and nature it has to run and operate by people and processes which is the core of this unit. This unit stresses the need for people and processes and their role and relevance for consistent growth and development Unit 16: Every product/service is conceived, developed and targeted at a specific customer segment enabling them to derive value for money and help them make repeat purchase of the firms offering. Precisely, we conclude this last unit of the course with Customer Relationship Management (CRM). |
