Ask The price at which sellers offer currencies to buyers. Bid The price at which buyers offer to buy currencies from sellers. Currency A medium of exchange of value to define by reference to the geographical location of the authorities responsible for it.
Retail Organization and Classification of Retail Units Retail Organization and Classification of Retail Units Retail Organization The term retail organization refers to the basic format or structure of a retail business designed to cater to the needs of the end customer.
Recently, some scholars have started referring to India as a nation of shopkeepers. This epithet has its roots in the huge number of retail enterprises in India, which were over 12 million in Retail firms may be independently owned, parts of a retail chain, operated as a franchisee, leased departments, owned by manufacturers or wholesalers, consumers owned or co-operative society.
A retail unit could be owned by: Organized retail stores are generally characterized by large, professionally managed store formats providing goods and services that appeal to customers, in an ambience that is conducive for shopping and provides a memorable experience to customers.
From positioning and operating perspectives, each ownership format serves a marketplace niche and presents certain advantages and disadvantages.
Retail executives must not lose sight of this in playing up their strengths and working around their weaknesses. Classification of Retail Units Conceptual classification of a business unit provides the marketers with strategic guidelines, useful in the design of retailing strategy.
Besides, retail businesses are extremely diverse and there are quite a few types of retail units. Therefore, retail units are classified on multiple of ownership, geographical locations, kind of customer interaction level of services provided etc.
Retailers Classified on the Basis of Ownership One of the first decisions that the retailer has to make as a business owner is how the company should be structured. This decision is likely to have long-term implications, so it is important to consult with an accountant and attorney to help one select preferred ownership structure.
There are four basic legal forms of ownership for retailers: These firms are owned by one person, usually the individual who has the day-to-day responsibility for running the business.
In a partnership, two or more people share ownership of a single business. Unless incorporated or established as a firm as evidenced by a deed, joint ventures may be taxed like association of persons, sometimes at maximum marginal rates.
It acts like a general partnership, but is clearly for a limited period of time or a single project. Limited liability Company public and private: The owners are members, and the duration of the LLC is usually determined when the organization papers are filed.
Classification of Retailers on the basis of Operational Structure Retail businesses are classified on the basis of their operational and organizational structure.
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Operational structure defines the key strategic decision of retail entity, whether to hire employees and manage the distributed sales function internally or to reach customers though franchised outlets owned and operated by local entrepreneurs. Retail firms can be classified into five heads on the basis of their respective operational structures: An independent retailer owns one retail unit.
Leased Department or Shop-in-shop: Usually this is done in case of department and specialty stores and also at times, in discount stores.
In this context the detailed example of Kendriya Bhandar in India. Classification of Retailers on the basis or Retail Location Retailers have also been also been classified according to their store location. Retailers can locate their stores in an isolated place and attract the customers to the store on their own strength—such as a small grocery store or paan shop in a colony, which attracts the customers staying close by.
Classification of retailers on the basis of location is discussed below: Retailers in a free-standing location: This type of location has several advantages including no competition, low rent, better visibility from the road, easy parking and lower property costs.Retail stores rely on an organizational structure, which is a structure that focuses on three areas: centralized operations, store operations, and regional operations.
Centralized operations include duties such as store planning and human resources.
A Professional Employer Organization (PEO) is a co-employment alternative for small businesses that want to offer professional human resources (HR) and employee benefits options similar to .
Other articles where Retail organization is discussed: marketing: Retail organizations: While merchants can sell their wares through a store or nonstore retailing format, retail organizations can also structure themselves in several different ways.
Key performance indicators (KPIs) are business metrics used by corporate executives and other managers to track and analyze factors deemed crucial to the success of an organization.
Effective KPIs focus on the business processes and functions that senior management sees as most important for measuring progress toward meeting strategic goals and performance targets. In marketing: Retail organizations.
While merchants can sell their wares through a store or nonstore retailing format, retail organizations can also structure themselves in several different ways.
Today, retailers explore new marketing strategies to attract and keep customers in volume. National-brand manufacturers place their branded goods not only in department stores, but also in mass-merchandise discount stores, off-price discount retailers and on the Internet, making retail products in each store very similar.