Monday, October 22, 2012

Retailing

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I. Introduction/Overview

Retailing is selling products and services to consumers for personal use. It is the second largest industry in the United States both in number of establishments and number of employees. Retail is one of the fastest growing, most dynamic parts of the world economy. Careers in retail are fast-paced, people oriented, and exciting. (Encyclopedia 4) This field is worth taking a good look at, particularly if you like these sorts of things. There are several options, many including store management, buying, merchandising and central management. This paper will focus mainly on the management position.

In the United States, small, family-owned stores have been around for centuries. The first large chain store began to operate in the late 1th century. One of the aims of early chain stores was to provide staples for the pioneers of the newly settled West. Because chain store corporations were able to buy goods in large quantities and store them in warehouses, they were able to undersell private merchants. (Outline of the U.S. Economy )

The number of retail stores, especially supermarkets, began to grow during the 10s. Cheaper transportation also contributed to the growth of retail stores because goods could be shipped and sold more economically. Unlike the early family-owned stores, giant retail outlets employed large numbers of people, requiring various levels of management to oversee the business. Retail managers were hired to oversee particular

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areas within department stores. Higher-level managers were also needed to make more general decisions about a company’s goals and policies. (Outline of the U.S. Economy -) A management position is retail seems to be a powerful job.

II. Duties/Responsibilities/Activities/Requirements/Skills

Retail managers are responsible for every phase of a store’s operation. They often are one of the first employees to arrive in the morning and the last ones to leave at night. Their duties include hiring, training, and supervising other employees, maintaining the physical facilities, managing inventory, monitoring expenditures and receipts, and maintaining good public relations. (Career Discovery 71)

It seems that the most important responsibility is hiring and training qualified employees. Managers will eventually then assign duties to employees, monitor their progress, promote employees, and increase salaries when appropriate. When an employee is not performing satisfactory, a manager must find a way to improve the performance or, if necessary, fire him or her. Basically they decide who is best to work in their store.

Managers should be good at working with people. Differences of opinion and personality clashes among employees are inevitable, and the manager must be able to restore good feelings among the staff. Not being able to get along with your manager will make working conditions unbearable; I know from experience. Managers often have to deal with customer’s grievances and must attempt to restore a positive attitude toward the store when customers are dissatisfied. Needless to say, patience must be a strong

virtue. Retail managers keep accurate and up-to-date records of store inventory. When new merchandise arrives, the manager ensures items are recorded, priced, and displayed or shelved. The must know when stock is getting low and order new items in a timely

manner. Communication skills must be strong in order to keep the store running well. Diplomacy often is necessary when creating schedules for workers and in disciplinary matters. (Career Discovery 74) Managers carry a lot of weight on their backs. Without good management skills, a store is sure to fall apart.

Store managers are also responsible for advertising and merchandise promotions. The manager may confer with an advertising agency representative to determine appropriate advertising for the store. The manager also may decide what products to put in sale for advertising purposes.

The duties of store managers vary according to the type of merchandise being sold, size of store, and number or employees. In small, owner operated stores, managers often are involved in accounting, data processing, marketing, research, sales, and shipping. In large retail corporations, managers may be involved in only one or two of those activities. (Occupational 505)

As far as requirements go, a minimum high school education generally is required for this position. Most retail stores prefer applicants with a college degree. Liberal arts, social sciences, and business are the most common degrees held by retail managers. To prepare for a career as a retail store manager, courses in accounting, business, marketing, English, advertising, and computer science would be helpful to take. (Occupational 507)

Many large retail stores and national chains have established formal training programs for their new employees. The training period may last for a week or as long as one year. Training for a department store manager may

include working as a salesperson in several departments in order to learn about the stores operations. (Occupational 507-508)

III. Advantages/Disadvantages

As mentioned before, a retail manager may put in very long hours. This can definitely be looked at as a disadvantage. Some managers often work six days a week and as many as 60 hours a week. Busier times of the year, such as the Christmas season, managers will usually put in more hours. Because holiday seasons are peak shopping periods, it is extremely rare that managers can take holidays off or schedule vacations around a holiday, even if the store is not open on that day.

Although managers usually can get away from the store during not-so-busy times, they must often be available if the store is open at night. This is so they can handle the store’s daily receipts and figures.

An advantage for a retail manager is opportunities in advancement. More responsibilities, in turn, leads to more money. Advancement varies according to the size of the store, location of the store, and merchandise being sold. Advancement also depends on the individual’s work experience and educational background.

A store manager who works for a large retail chain may be given responsibility for a number of stores in a given area or region or transferred to a larger store in another city. Willingness to relocate to a new city may increase an employee’s promotional

opportunities. Some managers decide to open their own stores after they have acquired enough experience in the retail industry. (Retail Industry Profile 1)

For those who only have a high school degree, it is still possible to advance in this career. This could definitely be look at as an advantage. Many store managers are promoted to their positions from jobs of less responsibility within the organization. Most jobs now-a-days you need a college education for.

IV. a href=http//go-acct.com?go=employment onmouseover=window.status = goto employment;return 1 onmouseout=window.status=Employment/a Forecast/Prediction

The retail industry created more new jobs than any other sector industry last year. According to the National Retail Federation’s Retail Industry Indicators, retail added . million new jobs between 188 and 18. Projections are for million new retail jobs by 008 for a grand total of 5.4 million jobs throughout the industry. Currently, retail encompasses more that 1.4 million U.S. establishments. One in five American workers is employed in retail. (Careers in Marketing )

Although lately retailers have reduced their management staff to cut costs and make operations more efficient, there are still good opportunities in retailing. However, competition for jobs probably will continue to increase, and computerized systems for inventory control may reduce the need for some managers. Applicants with the best educational background and work experience will have the best chances for finding jobs.

V. Compensation/Benefits/Perks/Mobility

There is a significant premium paid for people with skill and desire to work hard in retail. As of 1/000 a store manager, depending on the size of the store, responsibilities, and number of customer served, earns about $5,000 to $170,000. A

District manager will make anywhere from $40,000 to 180,000 + a bonus. A Regional manager will earn around $70,000 to 00,000 + a bonus. (Careers in Marketing 1)

In addition to the money, some stores offer their managers special bonuses, or commissions, which are typically connected to the store’s performance. This is why it is so important for a manager to “stay on top of things”. The achievements of the store reflect on the organization and productivity of the manager. Many stores also offer employee discounts on store merchandise.

VI. Impact of Chosen Career � U.S. Economy

Today, the American economy boasts a wide array of enterprises, ranging from one-person sole proprietorships to some of the worlds largest corporations. In 15, there were 16.4 million non-farm, sole proprietorships, 1.6 million partnerships, and 4.5 million corporations in the United States -- a total of .5 million independent enterprises. (Outline of the U.S. Economy 1)

Small businesses are a continuing source of drive for the American economy. They produced three-fourths of the economys new jobs between 10 and 15, an even larger contribution to a href=http//go-advertising.com?go=employment onmouseover=window.status = goto employment;return 1 onmouseout=window.status=employment/a growth than they made in the 180s. They also represent an entry point into the economy for new groups. (Bryant 166)

Although there are many small and medium-sized companies, big business units play a dominant role in the American economy. There are several reasons for this. Large companies can supply goods and services to a greater number of people, and they frequently operate more efficiently than small ones. In addition, they often can sell their products at lower prices because of the large volume and small costs per unit sold. They

have an advantage in the marketplace because many consumers are attracted to well-known brand names, which they believe guarantee a certain level of quality. (Bryant 166-167)

Large businesses are important to the overall economy because they tend to have more financial resources than small firms to conduct research and develop new goods. They generally offer more varied job opportunities and greater job stability, higher wages, and better health and retirement benefits. (Bryant 168)

In the U.S., Wal-Mart is the world’s largest retailer and the world’s largest company with approximately $45 billion in sales annually. The store alone, also employs more that 1 million associates in the U.S. and more that 00,000 internationally. Without retail stores in the world, life would not be the same. (Retail Industry Profile )

V11. Impact of Chosen Career � Business/Marketing

When a retailing store wants to be successful, the must keep in mind the 4 P’s, product, price, place, and promotion. The 4 P’s are your marketing mix. They are your independent variables. The dependent variable is sales volume. This is where you must start and get organized in order to be successful.

For example, as for retailing, you must first decide what will be sold in the store. After that, a price must be set. As a product moves through the distribution channels, from manufacturer to distributor to dealer to customer, there are prices set along the way. The manufacturers selling price to the distributor becomes the distributors cost. Is that cost in line with competing products which the distributor might carry instead? Is the

cost low enough so that dealers will have enough margins in order to want to carry the product? Obviously, it is important to understand pricing and margins along the

distribution path (Outline of the U.S. Economy ). Ultimately, the price to the consumer or last purchaser in the chain must be such that it is competitive.

Where you decide to place the store is something that is also very important. You can then decide how you want to position yourself with respect to your competitors while at the same time keeping in mind your corporate objectives.

Last, promoting the store and products can be crucial. Promotion is that term which many people confuse with marketing. For many, the words promoter and marketer are synonymous. But, promotion is just one of the four Ps and a good marketer is not just a good promoter but also a good planner and a good listener. (Outline of the U.S. Economy 4)

Promotion can take many forms advertising in various media, events, press releases, trade shows, brochures, flyers, and internet sites to name a few. Promotion means to create awareness although awareness is just the beginning. (Retail Industry Profile 4) Good promotion compels the buyer to buy. The need for the product must be addressed.

Promotion is unlimited. There is virtually no limit on the amount of TV, radio, and newspaper advertising that one can do. For example, if you have the money, one of the smartest things you can do, if you are advertising for the retail industry, is putting in a commercial in the American Super Bowl broadcast. You could not ask for a bigger audience than that. Then it is followed up with an overwhelming amount of print

advertising as well as focused trade publications and trade shows. This is the goal of promoters.

VIII. Global Implications

The top 5 retailers control about 60% of the retail sales volume in the world and account for about 0% of spending on consumer marketing. Thats going to grow geometrically. If you look at the top 5 retailers, 16 or 17 of the top 5 are either U.S. headquartered or concentrate significant decision-making in the United States. That means that the U.S., led by Wal-Mart, is going to have a significant influence on global retail. (Outline of the U.S. Economy 5)

Now every one of these same nations has a colonial empire -- only its retailing instead of a military-industrial complex. Japan is a global exporter of retailing. France is the biggest global exporter of retailing in Europe, followed closely by the Germans, and then the English. Australia exports global retailing. The U.S. has its own colonial empire, again, led by Wal-Mart. (Outline of the U.S. Economy 5-6)

Rather than building new stores, they want to acquire chains in other countries because thats the fastest way to grow and export their global retailing. One of the things driving globalization is that in each country, particularly France and Germany, legislation has been passed that says you cant build new stores, or you cant build big-box stores. Everybody now is racing to acquire other chains in their own countries and then acquire chains that have operations internationally. (Outline of the U.S. Economy 7)

Its Wal-mart, versus the major players in Germany to see who is going to control retailing in Germany. In France its whos going to get bought next because major players in France are all exporting retailing really aggressively. In England a lot of the chains are going international. J. Sainsbury and Marks & Spencer are both looking overseas for growth. In Japan, the globalization trend is even more pronounced than in the U.K. Theres no available land, so they are all going overseas to grow. (Outline of the U.S. Economy 7-8)

IX. Future (S/R & L/R)

Several trends will affect the future of retailing. They include the slowdown in population and economic growth; greater competition and new types of retailers making it harder to improve market shares in existing markets; consumer demographics, lifestyles, and shopping patterns that are changing rapidly; quickly rising costs making more efficient operation and smarter buying essential to successful retailing; and retail technologies growing in importance as competitive tools to produce better forecasts, control inventory costs, order electronically from suppliers, communicate between stores, and sell to consumers within stores. (Careers in Marketing )

Many retailing innovations are partially explained by the wheel of retailing concept. According to this concept, new types of retailing forms challenge established retailers that have become “fat” by letting their costs and margins increase. The new retailers’ success leads them to upgrade their facilities and offer more services, increasing their costs and forcing them to raise prices. Eventually, the new retailers become like the

conventional ones they replaced, and the cycle begins again when still newer types of retail forms evolve with lower costs and prices. (Careers in Marketing -4)

The Wheel of Retailing concept seems to explain the initial success and later troubles of department stores, supermarkets, and discount stores and the recent success of

off-price retailers. To be successful, retailers of the future will have to keep on adapting to the changes in life and go from there.



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