1 Store operations SUBMITTED BY: Vipin (53) PGDRM 2A SUBMITTED TO: Mr. Shashank Mehra Faculty of Marketing Research Center for Retail Management FDDI
2 Store operations The retail store is the place where the customers take a decision on the purchase of the products offered by the retailer. The store also influences the perception that customers form in their minds about the store, the products, services and staff. From the management s point of view, operations of the store and a major element of the cost. As a consequence, the store itself becomes a critical asset of the retail business and it is imperative that the operations are managed well to achieve and sustain customer satisfaction and be cost effective. Managing store operations for a small retail business of any size or complexity from the neighborhood grocer to the national retail chain is a challenging task. It requires integration among various functions within the store. When all the functions are performed in an integration manner, the store operations run smoothly. KEY ROLES IN STORE ENVIRONMENT The retail store is of prime importance to the retail origination, for two reasons. The retail store is the primary source of revenue for the retailer and It is the point where the customer actually interacts with the retail store and its offerings. The primary responsibility within the environment of a retail store lies with the store manager. The store manager has to play a dual role in retail environment. On one hand he is responsible for the various members of the staff and team who report to him and enable the smooth functioning of the day to day operations of the store. On the other hand he also has to ensure that the policies and the guidelines as laid down by the management, are adhered to by the store and all employees within the store.typically, the store manager is responsible for all the activities that are conducted within the environs of the store and would include the opening of the store on time, scheduling of
3 staff, cleanliness, ensuring adequate stock on the floor, closing of the store and also dealing with the customer grievances and complaints. While the store manager may not personally perform all these functions, he would be responsible for the tasks being performed. Thus there may be other individuals who handle these tasks, but the overall responsibility of ensuring that they are performed as per the guidelines laid down by the company, rests with the store manager. Thus, if one were to enlists the responsibilities of the store manager, they would include: BUDGETING AND PLANNING Ensure that the goals are met through appropriate planning and organization of staff, inventory and expenses, for short and long term success. Monitor a loss prevention proagram to protect the company s inventory and assets. Develop and monitor the capital expenses budget to ensure that the store is properly maintained and upgraded so as to meet the high maintenance standards that reflects the profitable image. COMMUNICATION Communication with the regional office/head office as per the requirements laid down by the organization with reference to sales, target customer service, events and local issues. Hold staff meetings to boost employee morale and drive for achieving the results needed. Ensure the company policy and procedures are communicated in a manner and adhered to strictly. Motivate and develop staff in order to encourage their professional development.
4 CUSTOMER SERVICE Instill the employees, the meaning and importance of customer service as outlined in the retail philosophy. Promote and monitor the quality of service among the staff through training and by acting as positive role model. Be personally available to all the customers to communicate and indentify their needs and to address their questions or concerns. PERSONAL Inspire employees so that each person contributes to the productivity of the store. Delegate the work load appropriately and effective. Write performance evaluation and goal assessments for the Assistant Store Manager. LEGAL COMPLIANCE Ensure that the store is in compliance with employment laws, including those regarding wage and hour, human rights and equal employment opportunities. Maintain safe working conditions for the employees and customers coming in the store, resolve any safety concerns quickly. Ensure store security from internal and external theft and get to know the proper apprehension and prosecution procedures for your state.
5 The other important position within the retail store environment is that of a Cashier. The Cashier in the retail store is a person who basically, is responsible transacting the exchange of the money or credit with the customers in return for merchandise or services. The cashier in a retail store is responsible for billing, collection of cash, credit card, foreign currency, and traveler s cheques or a gift voucher, as may be applicable. ELEMENTS/ COMPONENTS OF RETAIL OPERATIONS In order to ensure a smooth flow of operations at the store level, it is necessary that the management defines processes and has the people and the resources to implement them. The tasks to be performed and the processes are usually defined in a store operations manual. This document lists the tasks which need to be carried out at the store level; it states the responsibility and the time period in which these tasks need to be performed. A well prepared operations manual or blue print is the starting point of efficient store operations Typically in a retail store, the following tasks need to be performed. 1. Store administration and management of the premises 2. Managing inventory and display 3. Managing receipts 4. Customer service 5. Managing promotions, events, alliances and partnerships.
6 1. STORE ADMINISTRATION AND MANAGEMENT OF PREMISES Management of premises Managing the operations of a retail store starts by determining how the tasks pertaining to the premises are to be performed. Firstly, the duration of the hours for business need to be determined. It is also necessary to specify with whom the responsibility of opening and closing the store lies with. Some considerations which need to be taken into account while determining the business hours are : the target audience for the store and the kind of products which are to be retailed. For example, a supermarket selling groceries will need to have early opening hours as compared to a lifestyle second factor which affects the working hours of a retail store, is the store location. A free standing store can operate at hours that it chooses to, while store which is a part of a shopping center or mall will need to follow the hours decided upon by the management of the mall. Security of the store premises and of the merchandise in the store is equally important. The size of the retail store and the level of operations determine the level of security required. A small independent retailer may not really need security for his premises, but a large department store may consider it necessary. Security of the premises is necessary in order to ensure that miscreants do not spoil the retail store. Security of merchandise is needed to ensure that pilferage of merchandise or shrinkage as it is commonly termed, is minimal. Inventory shrinkage may arise due to theft by employees, customers or by error on the part of the store at the time of receiving merchandise.
7 A large number of retailer across the world use specially designed tags, which are attached to products. These tags are sensed by the electronic devices specially designed to detect them and are usually placed at the store entrances and exits. If an attempt is made to take the product out of the store without removing these tags, an alarm goes off, thus alerting the store personnel. The other device used for monitoring the movement of customers and staff is video cameras. Some retail store also provide separate entrances and exits for the store staff, so that they can be checked each time they leave and enter the store premises. Transaction per hour = number of transaction/ number of hours This help retailer to keep track of the number of transaction that they are carrying out in an hour. Hourly variation in sales activity could be important for setting store hours and for staff schedule, particularly for cashier. The information can be gathered with cash registers, which keep track of the time of the sales or by having periodically record the number of transaction at selected period of time. Sales per transaction = net sales / number of transactions This measure gives the rupee value of the average sales, net of return and allowances this is used to study sales trends over time, in combination with other measures, decide a high volume of sales is more important than a high rupee value on each sales.
8 Hourly customer traffic = customer traffic in / number of hours A retailer use this measure to track total number of customer traffic per hour, day, week or season this can be applied to a entire store or to a single department to schedule hours and establish staff level. Unless there are automatic counting mechanisms, periodic surveys of customer s traffic are required to arrive at a representative figure. STORE ADMINISTRATION Store administration deals with various aspects like the cleanliness of the store premises, maintenance of the store façade and the display windows etc. Administration is also be responsible for utilizing the store personnel effectively. Time keeping for the store staff is important. It is also necessary to keep track of holidays and the shifts that the staff may be required to work for. The premises of the store need to be maintained as per the standards decided upon by the management. This involves the task of cleaning the store and arranging the merchandise before the first customer can walk into the store. As important task of administration involves ensuring that all the required permissions and licenses to run a retail establishment are procured from the right authorities. It is also necessary that the health and safety norms as required by the law of the land, are met with and satisfied.
9 Stock In order to determine the strength of your stock holding you need answers to this question what is the average selling price (average selling price is calculated by dividing the total value sold during a day or a period by the total quantity sold during the same day or period) compared to the average price (average stock price is calculated dividing the value of the total merchandise in stock by the total quantity in stock). Its an ideal situation if both happens to be around the same value this measure help retailers find out if there store is over stocked or under stocked in any category or even in an SKU. Average selling price = total values of goods sold/ total quantity sold Average stock price = total value of goods and stock / total quantity in stock Turning stock around efficiently yields better profits: the more times the retailers turn his stock the more his margins are. This can be found for any category or any SKU any time by checking the percentage sold from the stock of a specified category or SKU.
10 2. MANAGING INVENTORY AND DISPLAY The task of allocating the merchandise to the various stores, usually rests with the merchandise management team or the category manager as the case may be. As the store, the store staff manages this inventory. To enable them to work efficiently, the complete procedure for the handling of merchandise at the store level needs to be documented. Responsibility with respect to merchandise at the store level involve receiving and in warding the goods. Once the merchandise is received at the store, the quantity and other details like color, style And sizes have to be checked with the document accompanying the goods, to detect any discrepancies. In the case of most large retailers, using a hand held scanner, the merchandise is scanned and the system updated for the stocks received. Proper documentation also needs to be done when returning goods to the various locations as and when required. As the integral part of managing inventory at the store level is displaying it correctly. The best merchandise may lie unsold if it is not displayed in a manner that is appealing and convenient for the customer. For ex in a supermarket, if 15 ltr packs of vegetable oil are placed on the topmost shelf, it may be inconvenient for the customer to pick one up and carry, considering the fact that most of the customer at a supermarket would be women. In case the retailer is running any theme promotion or campaign, the products on offer need to be displayed correctly, and replenished once sold.
11 Stock turnover/ inventory turnover rate = net sales / average retail value of inventory Expressed as number of times, this ration indicates how often the inventory is sold and replaced in a given period of time. Some retailers also use the ratio cost of goods sold divided by average value of inventory at cost. Both can be calculated for any time period. When either of these ratio declines there is a possibility that inventory is excessive. Percent inventory carrying cost = (inventory carrying cost / net sales) * 100 The importance of this measure has increased in recent years with the rise in inventory carrying cost due to high interest rates. This measure is also important to reduce stock obsolescence and to prevent blockage of working capital. Retailers use this measure to track the percentage of their net sales represented by the fixed cost of maintaining inventory. Gross margin return on inventory = Gross margin / average value of inventory Express in rupee terms, the gross margin return on inventory (GMROI) compares the margin on sales on the original cost value of merchandise to yield a return on merchandise investment. Inventory can be valued at retail or at cost but for many retailers inventory valued at retail is more accessible that the value at cost. However, using inventory valued at retail may not give an accurate indication of investment cost. GMROI can be dramatically altered by changes in inventory turnover and gross margin.
12 Space Space productivity is critical to successful retailing, hence it is imperative to have parameters that measure space productivity. The top of the mind dipstick measures are sales per square foot per day and margins per square foot per day. The performance of the store depends on the gross margin return on footage (GMROF). As retailing is all about operating within a given space, its productivity can be measures according to any of the various retail elements, be it employees, stocks, customers or even the store s facilities, besides sales. Occupancy cost per square foot selling space = occupancy cost/ square feet of selling space Expressed in rupees, this measure translates occupancy cost into rupee value per unit of selling space. It gives an estimate of the amount of the gross margin rupee each unit of space employed for retail selling must generate to cover occupancy costs. For a multi unit retailer it is a helpful measure for comparing the performance of units at different locations. It can be calculated for any time period, such as a year or a month. Sales per square foot = net sales/ square feet of selling space Stock per square foot = net stock/ square feet of selling space
13 Expressed in quantity or value, this measure can be used to compare alternative uses of space involving different product lines, or to compare the performance of different departments or stores using a common standard. This ratio will vary according to the type of merchandise and merchandising methods used. Percentage of selling space = (selling space in square feet/ total space in square feet) * 100 Retailers use this measure to calculate the percentage of total space used for sales. This ratio varies according to the type of merchandise and merchandising methods. 3. MANAGING RECEIPTS Managing receipts involves defining the manner in which the retailer is going to receive payment for the sales. The most common method for receiving payments for goods sold in India is by cash or by credit card. While most of the large retail stores would accept either of the above forms of payment, a small local retail store may accept only cash payments. Other modes of receiving payment are by way of cheque or a debit card. Some stores also have a co branded card, which can be used for payment. The use of credit cards in India is largely an urban phenomenon. Most large department stores have started accepting credit cards as a mode of payment. The credit card charges paid by the retailer depend on the volume of business transacted by the retailer and the rate negotiated on the basis of the future business transacted
14 by the retailer. The procedure for accepting payment by way of credit cards and collecting payment from the bank needs to be clearly understood by the staff responsible for this function. 4. CUSTOMER SERVICE The customer service policy to be adopted by the retailer is decided upon the top management. This is actually put into practice by every person working within the retail store. Customer service does not have to begin and end at the customer service counter in the retail store. Each person on the floor of the retail store can ensure that the customer comes in contact with him or her is comfortable and has a pleasant shopping experience. This is something which has to be imbibed in them, and this has to be a top down approach. An important aspect which affects a customer s perception of the retail store, its the experience that he has while billing the products purchased by him. While a customer may spend hours choosing the product that he likes, he does not like waiting for a long time at the time at the time of payment. Long queues may result in some disgruntled customers. Store operations need to be geared to handle such a situation. Many stores, in fact, train each member of the staff to handle the cash counter. Many supermarkets and other retailers have also introduced express check outs for customers who have bought a limited number of products. This ensures that a customer who needs to buy only one or two products does not have to wait in the same queue as a person buying a large number of items. Retailers in India need to be sensitive to the issue of efficiency of billing at times when the number of people buying from the store increases substantially. Specific days of
15 the week may show a trend of increased billing. This may also happen during a discount sale, diwali, Durga puja, Christmas, New Year and other such occasions. Customer conversion ratio =( number of transactions / customer traffic) * 100 This percentage reflects the retailer s ability to turn a potential customer into a buyer. It is also known as the percentage yield rate or the walk to buy ratio. A low figure means that promotional activities are not being converted into sales, or that the overall sales efforts need to be accessed afresh. Unless automatic counting mechanisms are recording customer traffic, periodic surveys of customer traffic are required to arrive at a representative figure. Information on transactions can be gathered from cash register tapes which keep track of the time of the sale, or by having staff records the number of transactions for selected of time. Employees Employee productivity is usually measured in terms of sales. Measurement parameters include total sales per day per salesperson. Total number of cash memos/customers handled by a salesperson in the case of free access retailing (the criteria applied for over the counter retailing is different). It is again the gross margin return on labour employed (GMROL) that matters. Net sales per full time employee = net sales/ total full time employees Express either in quantity or rupee value terms, this measure represents the average sales generated by each full time employee. It is used to set performance targets for sales personnel.
16 Space covered/ customers served per full time employee = total retailing space/number of customers served/ total full time employees Expressed in square feet, this measurement represents the space covered/ number of customers served by each full time employee. This is extensively used by large free access format retailers like department stores. Labour productivity = (total labour costs / net sales) * 100 This percentage measure labour productivity by tracking the labour costs incurred to achieve a given sales volume. This measure can also be applied solely to sales employees. Gross margin per full time employee = gross margin/ total full time employees Expressed in rupee value, this ratio indicates the gross profit generated per employee, and can be used to gauge a sales employee s performance. Though this shouldn t be the only measure of an employee s performance, it can provide a starting point for closer examination. This measure can be adapted to apply to all employees or solely to buyers. Suppliers/quantity or value purchased per buyer = total suppliers/ quantity or value purchased/ total buyers This measure gives an average of the number of suppliers or the quantity or rupee value for each buyer in a store. There is no ideal number, but by comparing the workload of individual buyers through this measure, management can see how well the buying load is being distributed among purchasing staff. Research indicates that an average buyer s ability to make appropriate decisions about buying declines as the number of suppliers increase. This measure should be looked at in conjunction with the number of SKUs the average buyer handles, as well as with the replenishment cycles involved.
17 5. Managing promotions, events, and partnership Events and promotions are very much part of retail marketing scene. In order to enable the success of an event or a promotion, it is necessary that the store where the action is to take place be geared for the same. This may require hiring of additional staff, working existing staff in shifts and running short training programme on the features of the promotion, the hours and the speciality of the merchandise. The complexity of managing a retail store also depends on the type of retail store and the products retailed. While the merchandise sold in a department store or a high fashion boutique changes from season to season, the expertise require for the operations of the supermarket is very different. And integral part of managing a supermarket comprises of understanding the temperatures at which meat needs to be frozen, stored and displayed. The requirements of a bakery and dairy products are again different and need to be understood. Control of perishable and sanitation are two important aspects of the operations of a supermarket.
Nash Finch Companies Buy & Save Video Script = =The video will take place in a Buy & Save store and will be narrated by an actor playing a Buy & Save manager.= = Welcome to my store it may look a little
Week 3 Horngren, Chapter 5, Retailing Operations So far we have looked at businesses that supply services. Now we will deal with the purchase and sale of goods for both wholesale and retail operations.
PowerPoint to accompany Chapter 5 Retailing Operations Learning Objectives 1. Account for the purchase of inventory and GST 2. Account for the sale of inventory and GST 3. Adjust and close the accounts
MALL WORLD TIPS & TRICKS Quick Start Guide Mall World is a Facebook game developed by 50 Cubes and published by 6 Waves where players can start their own boutique, be creative by decorating it, offer fashionable
Teacher manual Contents Introduction 2 Getting started Using the Teacher Reporting Console 3 Logging in Console tools 5 1 Inventory 2 The impact of price 3 Building a promotional plan 4 Raising finance/cash
Systems: Perpetual VS Periodic " Keeps running record of all goods " Does not keep a running record bought and sold " is counted once a year " is counted at least once a year " Used for all types of goods
Guide to Effective Retail Merchandise Management A Step by Step Guide to Merchandising in a Retail Store By BizMove Management Training Institute Other free books by BizMove that may interest you: Free
I N V E N T O R Y C O N T R O L C H E A T S H E E T stuff vs. stock Stock: The products you sell and items required to manufacture the products you manufacturer. Stuff: Everything else. HITS: Annual hits
Chapter 2: Financial Statements & Operations To analyze a liquor store s operations a close look must be taken at the day to day operations as well as examining the liquor store s financial history. Usually
1. Sales Associate Customer facing role, merchandise sales (knowledge of products and services), answers customer enquiries and basic concerns. May or may not handle sale transaction. 2. Cashier A cashier
CHAPTER 8 Accounting for manufacturing CONTENTS 8.1 Cost of goods manufactured statement 8.2 Cost of goods sold 8.3 Statement of financial performance from closing entries 8.4 Missing data in manufacturing
Chapter 24 Stock Handling and Inventory Control Section 24.1 The Stock Handling Process Section 24.2 Inventory Control The Stock Handling Process Key Terms receiving record blind check method direct check
Maximizing ROI Through Inventory Phernell Walker II, AS, NCLC, ABOM Matt Nicholson Rachel Rich Introduction One of the most overlooked yet most important costs to running an optical business is the cost
The Chain Since the origins of Ontario s liquor laws, social norms have changed along with consumption patterns. Work places have changed, too, as have the variety and sources of beverages the LCBO sells.
CHAPTER-VIII FINDINGS AND SUGGESTIONS The present study has brought some novel contributions towards the knowledge of online shopping and found the reasons for the shift in buying behavior from the traditional
R ETAIL J OB D ESCRIPTION H ANDBOOK The Canadian Retail Building Supply Council (CRBSC) has developed a list of job descriptions specific to the building supply/hardlines industry as part of its mandate
64 COSTS AND COSTING 6 MEASURING VALUE ADDED Value Added - Appropriate Measures For Social Enterprises Value Added Exercise Measures Of Added Value Exercise P 239 VALUE ADDED - APPROPRIATE MEASURES FOR
INVENTORY MANAGEMENT: ANALYZING INVENTORY TO MAXIMIZE PROFITABILITY Jon Schreibfeder Effective Inventory Management, Inc. Sponsored by Every company strives to improve profitability. Countless hours are
1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare
CONTROL the retail business solution for Jewellery and Giftware Retailers CONTROL is a fully integrated and feature-rich retail business solution designed to manage multi- and single-store retail and wholesale
2007. M55 Coimisiún na Scrúduithe Stáit State Examinations Commission LEAVING CERTIFICATE EXAMINATION, 2007 A C C O U N T I N G - H I G H E R L E V E L (400 marks) This paper is divided into 3 Sections:
Interpretation of Financial Statements Author Noel O Brien, Formation 2 Accounting Framework Examiner. An important component of most introductory financial accounting programmes is the analysis and interpretation
APPROVED by Resolution No. 1 of 18 December 2003 of the Standards Board of the Public Establishment the Institute of Accounting of the Republic of Lithuania 9 BUSINESS ACCOUNTING STANDARD INVENTORIES Version
Overview This module is designed to give you a rudimentary understanding of the Pilot POS System reporting feature. The content covers the basic principles of reports including how to access the listed
RETAIL MANAGEMENT AN INTRODUCTION RETAILING IS A PART OF OUR LIFE IN RECENT PAST BUYING AND SELLING HAS BECOME MORE FORMAL AND BRAND DOMINATED TRADITINAL FORMS CO EXSIST WITH ORGANIZED RETAILERS. RETAILING
Please enter your analysis directly into the template below. By doing this, you will be developing a complete retailing plan. Good luck! Brief Description of Retail Business: Sally s is a small, independently
1 WJEC Applied Business A level ABUS 1 and ABUS 5 Additional information: formulae, layout and terminology ABUS 1 and ABUS 5 Accounting terminology A number of the terms used in Accounting are changing,
!"#"$!%&'("#&)*+&,"$-./.'/.0+ 1/&+-2/3+-.-2")%&"4/)&+4 1/+-2/3+-.-2")%&"*)55%-./.+4 Rural Grocery Store Audit Original Document: Stuart Reid Adapted by: Dan Kahl, Ben Windholz, and Alexis Wingerson This
Sample of Best Practices For a Copy of the Complete Set Call Katral Consulting Group 954-349-1281 Section 1 Planning & Forecasting Retail Best Practice Katral Consulting Group 1 of 7 Last printed 2005-06-10
WHAT ARE INVENTORY SYSTEMS? CHRISTINE NYANDAT, 25 Oct, 2013 Definition: An inventory control system is a set of hardware and software based tools that automate the process of tracking inventory. The kinds
A Method of Determining Inventory Levels for Retail Jewelers Abe Sherman, CEO Buyers Intelligence Group JCK 2012 Booth: S11487 email@example.com Abe Sherman Buyers Intelligence Group JCK 2012 Booth:
Execute Price Changes in the Store More Effectively How integrated mobile technology can reduce price marking costs 25 percent to 40 percent A ZEBRA BLACK&WHITE PAPER Copyrights 2006 ZIH Corp. Zebra and
Chapter 5 Merchandising Operations Financial Statements of a Service Company and a Merchandiser: - Service Companies: Revenues earned through performance of services. Examples: Dentists, Accounting Firms,
C H A P T E R 7 Inventories Financial Accounting 14e Warren Reeve Duchac human/istock/360/getty Images Safeguarding Inventory The purchase order authorizes the purchase of the inventory from an approved
Franchise Education Guide 1 The basics of franchising Whether you know a little or a lot, franchising can seem complex at times. This guide will strip it back to its basics to give you a solid understanding
Jay Diamond, Professor Emeritus Department of Marketing, Retailing, Fashion Nassau Community College PEARSON Boston Columbus Indianapolis New York San Francisco Upper Saddle River Amsterdam Cape Town Dubai
Accounting for inventory Whats inside Accounting for your inventory is as important as accounting for your sales. Every product you have on the shelf has a cost value, and the total cost of goods is likely
LECTURE 1 SERVICE CAPACITY MANAGEMENT Learning objective To discuss various strategies to manage capacity in services 8.1 Service Capacity Ability of a service system to deliver the intended service and
Merchandise Accounts Chapter 7 - Unit 14 Merchandising... Merchandising... There are many types of companies out there Merchandising... There are many types of companies out there Service company - sells
Chapter 6 Periodic and Perpetual Inventory Systems There are two methods of handling inventories: the periodic inventory system, and the perpetual inventory system With the periodic inventory system, the
GCSE Business Studies Ratios For first teaching from September 2009 For first award in Summer 2011 Ratios At the end of this unit students should be able to: Interpret and analyse final accounts and balance
Answers Fundamentals Level Skills Module, Paper F5 Performance Management September/December 2015 Answers Section B 1 (a) Target costing steps Deriving a target cost Step 1: A product or service is developed
CHAPTER OUTLINE Spotlight: Dynamic Network Services (http://www.dyn.com) 1 Setting a Price Discuss the role of cost and demand factors in setting a price. Cost Determination for Pricing Total cost includes
Alexandru Lucian MIHAI Faculty: Marketing, Academy of Economic Studies, Bucharest, Romania SPORT MARKETING MIX STRATEGIES Keywords Sport marketing Marketing mix Market position JEL Classification M31 Abstract
Income Statement (Explanation) Your AccountingCoach PRO membership includes lifetime access to all of our materials. Take a quick tour by visiting www.accountingcoach.com/quicktour. Introduction to Income
CONTROL - the business solution for Fashion and Footwear Retailers and Wholesalers CONTROL is a fully integrated and feature-rich retail business solution designed to manage multi-store retail and wholesale
Tally ERP All your accounting requirements are supported. And more Accounting, also known as bookkeeping, is the recording and classifying of financial transactions into the books of accounts and associated
1 Economic and Management Sciences Grade 7 Term 2 FINANCIAL LITERACY Topic 5: Accounting Concepts There are certain basic accounting concepts that are used throughout the business world. It is important
The Face of Gift Card Consumers: Meeting the Needs of Five Consumer Segments By First Data and Market Strategies International 2012 First Data Corporation. All trademarks, service marks and trade names
ABOUT FINANCIAL RATIO ANALYSIS Over the years, a great many financial analysis techniques have developed. They illustrate the relationship between values drawn from the balance sheet and income statement
It is concerned with decisions relating to current assets and current liabilities Best Buy Co, NA s largest consumer electronics retailer, has performed extremely well over the past decade. Its stock sold
USER MANUAL TABLE OF CONTENTS OVERVIEW... 3 GENERAL LEDGER AND SUBLEDGERS... 3 FUNDS ON HAND... 4 OPERATING BANK ACCOUNTS... 5 ACCOUNTS RECEIVABLE... 6 INVENTORY... 7 ACCOUNTS PAYABLE... 10 RECORDING TRANSACTIONS...
26 THE ROAD TO THE CONSUMER Insurance. In setting up any kind of business you will need to consider several types of insurance coverage, including 8 : General business liability, including product liability
Textbooks & Buyback Internal Procedures The Adoption Process The Bookstore collects information about textbook adoptions from faculty and the information received is verified by the textbook department.
Merchandising Operations Chapter 5 When a service business earns fees they record revenue from the services rendered. In the case of the merchandising business you still have the revenue transaction, but
22 A fresh take on food retailing Excellence in the fresh-food department requires close attention to several factors, two of which are particularly challenging for retailers: sourcing and shrink reduction.
CHAPTER 5 Merchandising Operations Study Objectives Identify the differences between a service enterprise and a merchandising company. Explain the recording of purchases under a perpetual inventory system.
LS Retail NAV A Proven End-to-End Retail Solution Is Your Business Suffering? The complexity of connecting disparate systems? POS breakdowns in peak times? Poor sales promotion management? Purchases based
Putting a business idea into practice Objectives when starting up What is an objective? An objective is what the business is trying to achieve eg make profit Why do entrepreneurs start a business? There
Operations Management 3.3 Justify the need for Operational Planning and Control in a selected Production Process Key Topics LO3 Understand how to organise a typical production process 3.3 justify the need
5 Costly Inventory Mistakes (and how you can avoid them) grow Discover the Inventory Secrets of Successful Retailers When you set out on your dream voyage to own your own retail store your dream may have
Customer Focus and the Marketing Mix Having a customer focus Quite simply, a business that has a customer focus is one which takes the time and trouble to understand and address customer needs. A customer
Are you thinking of having a garage sale? Garage sales are a great way to make profit while having fun! Planning for your sale Do you have enough items to justify having a sale? Take an inventory of what
Fashion vs. Basic Assortment Planning 1 be selective. retail consulting and industry thought leadership Fashion vs. Basic Assortment Planning: Developing the Appropriate Product Mix and Inventory Level
Executive Summary With the rapidly changing consumer habits in recent the years the convenience sector has risen to be the fastest growing sector of the UK grocery industry. Figures out this April reported
Unit 3 - Merchandising & Display for Retail Sales 1.Know the techniques retail outlets use to merchandise and display their products.merchandising and display techniques: organisational policies, business
WESTERN WASHINGTON UNIVERSITY BELLINGHAM, WASHINGTON ASSOCIATED STUDENTS BOOKSTORE FINANCIAL REPORT JUNE 30, 2005 C O N T E N T S Page INDEPENDENT AUDITORS' REPORT...1 MANAGEMENT DISCUSSION AND ANALYSIS...
Distribution channels Factors influencing the method of distribution Activity 27 : ASOS and Place Distribution channels The place element of the marketing mix refers to where products are made available
12 FINAL ACCOUNTS For most businesses, the final accounts, which are produced at the end of each financial year, comprise: trading account profit and loss account balance sheet Final accounts can be presented
How to Overcome 3 Common Inventory Replenishmemt Challenges This white paper explains the 4 different types of replenishment models used by wholesalers and distributors to avoid making costly inventory
Point of Sale Release 8 Original version by Odoo November 03, 2014 Contents 1 Introduction 3 2 Video Case Study 3 3 Start with Odoo Point of Sale 4 3.1 Install the App & Select your Accounting Package.........................
PG 1 Effectively making use of your information is what brings value. PG 2 Every industry has its own jargon and methods to explain the processes at work in that particular industry. Just like a doctor
Quick Reference for Key Category Management Calculations Average Price - Reflects the average product price in retail stores REGARDLESS of merchandising activity (displays, features, temporary price reductions).
Retail Store Optimization Leveraging Video Analytics to Boost Total In-Store Performance The Intelligent Store Series Whitepaper Page 1 R etail organizations have been using video surveillance as a valuable
Operations Management Lesson 10.1 Operating Procedures Goals Define the functions of management. Describe types of policies that should be included in an operations manual. Vocabulary manager management