John Paul Sibayan IV-M Retail management Retail management can refer to the way business is conducted in the

retail sector: the very stage in which goods and services are delivered to their end users. As a job sector, Retail Management offers positions with names like Retail Store Manager, Retail Area Manager or Retail Assistant Store Manager. Depending on the business model, management can be conducted local or central whereby the approach (how do we approach the customer?) is local, national or global. It is the way business is lead in the retail sector - with retail being the delivery of goods and services to end user (the last station in the production process). Duties and Responsibilities of Being a Retail Store Manager The position of retail store manager is one that holds vast duties and great responsibilities. There are a wide variety of retail stores which employ retail store managers to maintain the overall quality and dayto-day operations of the establishment. In order to learn more about the duties and responsibilities of a retail store manager, it is important to highlight what in fact these individuals do on a daily basis. What Is a Retail Store Manager? The retail store manager is an individual who oversees the daily operations of a retail establishment. That individual is responsible for overseeing the daily work of subordinate employees, ensuring that customers have a pleasant shopping experience and completing many other duties necessary to run the store in an effective and efficient manner. Another important duty and/or responsibility of the retailing manager deals with the money that comes into the store and goes back out as well. The retailing manager is responsible for handling the turning in of cash at the end of each sales associate s day and is required to ensure that all the money is accounted for in the end. In addition, a retailing manager is usually responsible for paying the employees and ensuring that the paychecks match the hours worked by each individual. Meticulous records are needed to be kept by the retailing manager to ensure that all money which has come into the store is accounted for and sales associates and other store employees are paid as they should be.

Lastly, the retailing manager is the person at a particular retailing who may handle advertising and promotional displays. The retailing manager is one who must make their individual store shine when it comes to presenting various promotions in a favorable and enticing manner. Although they may not be responsible for drafting the advertising materials, they should be knowledgeable in how to display the information so that it has the maximum amount of potential possible.

What are the Duties and Responsibilities of a Retail Store Manager? There are many duties this individual is responsible for completing and each duty in and of itself is vital to the smooth operation of the store. The first main duty of a retail store manager is overseeing the hiring, firing and maintaining of personnel. These individuals are ones who make the store a success and 1

it takes a strong manager to ensure that the perfect individuals are hired to fill sales associate positions, clerical positions and other important job titles. In addition to these tasks, the retail store manager must see to it that each individual is adequately trained to fill their job title and supervise the work that they do throughout their employment at the store. Another important duty and/or responsibility of the retail store manager deals with the money that comes into the store and goes back out as well. The retail store manager is responsible for handling the turning in of cash at the end of each sales associate s day and is required to ensure that all the money is accounted for in the end. In addition, a retail store manager is usually responsible for paying the employees and ensuring that the paychecks match the hours worked by each individual. Meticulous records are needed to be kept by the retail store manager to ensure that all money which has come into the store is accounted for and sales associates and other store employees are paid as they should be. Inventory is another responsibility of a retail store manager. Since there needs to be goods in stock to sell, it is imperative that the retail store manager check the inventory on a frequent basis and make sure that orders are in when they are supposed to be. In addition to checking retail store stock and ordering goods, the retail store manager also needs to be responsible for paying for the goods which are ordered as well as keeping track of how much is spent on procuring the goods. One very important duty of the retail store manager relates to customer service responsibilities. From time to time, shoppers within the retail store will ask to speak with a manager whether it be to issue a complaint regarding their shopping experience or provide a compliment to an employee or the store itself. The retail store manager is the higher up individual in the retail ranks who provides an ear to customers who wish to express either their pleasure or displeasure regarding an aspect of the store. Therefore, the retail store manager must be extremely well versed in matters of customer service. The retail store manager is also the pertinent individual at a retail store who confers with the higher up individuals on the corporate level. Since the retail store manager is on the premises on a daily basis, they are the best individuals to let the corporate office know how that particular store is doing. This relates not only to sales but to employer-employee relations as well. This individual is also the one who handles occupational safety and employee relations within the store and relates any issues back to the head office. Lastly, the retail store manager is the person at a particular retail store who may handle advertising and promotional displays. The retail store manager is one who must make their individual store shine when it comes to presenting various promotions in a favorable and enticing manner. Although they may not be responsible for drafting the advertising materials, they should be knowledgeable in how to display the information so that it has the maximum amount of potential possible. Retailing Decisions: Factors to Consider There are many factors for retailers to consider while developing and implementing their marketing plans. Among the major retailing decisions are these related to (a) Target markets (b) Merchandise management (c) Store location (d) Store image (e) Store personnel (f) Store design (g) Promotion, and (h) Credit and collections.

Target Markets: Although retailers normally aim at the mass market, a growing number are engaging in marketing research and market segmentation, because they are finding it increasingly difficult to satisfy everyone. Through a careful definition of target markets, retailers can use their resources and capabilities to position themselves more effectively and achieve differential advantage. The tremendous growth in number of speciality stores in recent years is largely due to their ability to define precisely the type of customers, they want to serve. Merchandise Management: The objective here is to identify the merchandise that customers want, and make it available at the right price, in the right place at the right time. Merchandise Management includes (i) merchandise planning (ii) merchandise purchase, and (iii) merchandise control. Merchandise planning deals with decisions relating to the breadth and depth of the mix, needed to satisfy target customers to achieve the retailers return on investment. This involves sales forecasting, inventory requirements, decisions regarding gross margins and mark ups etc. Merchandise buying involves decisions relating to centralized or decentralized buying, merchandise resources and negotiation with suppliers. Merchandise Control: deals with maintaining the proper level of inventory and protecting it against shrinkage (theft, pilferage etc.). Store Location: Location is critical to the success of a retail store. A store s trading-area is the area surrounding the store from which the outlet draws a majority of its customers. The extent of this area depends upon the merchandise sold. For example some people might be willing to travel a longer distance to shop at a speciality store because of the unique and prestigious merchandise offered. Having decided on the trading area a specific site must then be selected. Factors affecting the site include, traffic patterns, accessability, competitors location, availability and cost and population shifts within the area. Store Image: A store image is the mental picture, or personality of the store, a retailer likes to project to customers. Image is affected by advertising, services; store layout, personnel, as well as the quality, depth and breadth of merchandise. Customers tend to shop in stores that fit their images of themselves. Store Personnel: Sales personnel at a retail store can help build customer loyalty and store image. A major complaint in many lanes of retailing, is the poor attitude of a salesperson. There is a growing trend now, to provide training to, these sales clerks to convert them from order takers to effective sales associates. Store Design: A store s exterior and interior design affect its image and profit potential. The exterior should be attractive and inviting and should blend with the store s general surroundings. The term Atmospherics is used to refer to the retailer s effort at creating the right ambience. Merchandise 3

display is equally important. An effective layout guides the customer though the various sections in the store and facilitates purchase. Promotion: Retail promotion includes all communication from retailers to consumers and between sales people and customers. The objective is to build the stores image, promote customer traffic, and sell specific products. It includes, both, personal and non personal promotion. Personal communication is personal selling the face to face interaction between the buyer and the seller. Department stores and speciality stores, emphasize this form of promotion. Non personal promotion is advertising. The media used are TV, Radio, Newspapers, Outdoor displays and direct mail, other forms of promotion include, displays, special sales, give always and contests etc. Credits & Collections: Retailers are generally wary of providing credit, because of additional costsfinancing accounts receivables, processing forms and bad debts etc. But many customers prefer some form of credit while purchasing. This explains the popularity of different types of credit cards and debit cards.