Hnd Retail Management

Hnd Retail Management
Discuss how the objectives of the business influence the choice of stock management approaches.

INCREASED SALES AND PROFIT MARGINS

Explain the possible sources of information for stock management

PAST RETAIL SALES

These are appropriate for stock management as they can see which products are preferred and how well they are doing. It can also help by giving Veggie Rocks the data for what consumers may want next month, therefore helping to improve future sales.

CUSTOMER FEEDBACK

Sales are a major objective for any company. Veggie Rocks needs to maximise its sales and by doing this will generate profit. Profit can help the company undergo new training and development to improve sales figures.

MINIMISING STOCK LEVELS AND COSTS

Holding stock can be expensive for any company, and by keeping levels low we can benefit from cheaper insurance, security and maximising warehouse space.

MAXIMUM CUSTOMER SATISFACTION

By performing surveys and questionnaires, Veggie Rocks can find out information from consumers about their visits to departments which have had negative feedback (if any).

EFFECTIVENESS OF SECURITY

Hnd Retail ManagementVeggie Rocks needs to provide a high level of customer service and provide customers with what they want/need. If successful the customer will pass on their good experience and in turn may create extra customers for Veggie Rocks. .

This can help to prevent theft in store by customers and staff. We have to take certain measures to prevent this such as: – Installing CCTC in and around the premises – Don’t leave items from deliveries unattended – Perform regular stock checks – Train staff about security systems, disciplines and procedures.

Continued

Explain the possible approaches to forecasting customer demand The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage. Some continue to grow and others rise and fall. The main stages of the product life cycle are: – researching, developing and then launching the product.

GROWTH – when sales are increasing at their fastest rate.

MATURITY – sales are near their highest, but the rate of growth is slowing down.

DECLINE – final stage of the cycle, when sales begin to fall.

INTRODUCTION

Companies, find it extremely difficult to predict how quickly their revenues will grow. They often end up being over-optimistic and are often disappointed with actual sales results. Another limitation of forecasting is Unforeseen Events. When the unexpected happens, as it often does in business, a company’s revenues and profit are affected. A food manufacturer’s margins could be impacted by bad weather causing damage to the harvests, and this results in higher cost of ingredients. Spikes in the price of oil affect all companies that transport a high volume of goods or companies that consume enormous quantities of fuel. Companies can be hit with unforeseen investigations from members of the public. These factors are difficult if not impossible to plan for. Explain the trade-offs required in balancing stock with customer requirements One trade off used in balancing stock is, if we keep less stock in our shop, then we may find that we have a shortage for customer demand. If this was to happen we would therefore lose sales for that product and that sale would possibly go a competitor. Another trade off would be losing some of the profit for the product in demand. As by keeping the product at higher levels, this will incur more costs to the business, as to hold extra stock, the companies insurance premium will rise.

Time series analysis is a collection of observations (Data) obtained through repeated measurements over time. Measuring the value of retail sales each month of the year would comprise a time series. This is because sales revenue is well defined, and consistently measured at equally spaced intervals. Data collected irregularly or only once are not time series. Market research consists of testing the market to determine the acceptance of a particular product or service, especially amongst different demographics. It is used to establish which portion of the population will, or does purchase a product, based on age, gender, location, income level and many other variables. Market research allows companies to learn more about past, current and potential customers, including their specific likes and dislikes. A limitation of forecasting is that we may not have enough data. The accuracy of a forecast depends on the quality of the data we use. A company entering a new market space does not have any historical data on which to base their forecasting/information.

David Marks

Dear sir/Ma'am

Our dedication and hard work towards developing quality content has made us competent to provide excellent services to the clients as per their needs. We ensure plagiarism free writing obeying academic integrity and honesty making us a dedicated team towards developing original content helping students to ensure high grades. Our services are hassle free, timely yet at an affordable rate driving clients to avail it for a longer period of time making them loyal and satisfied towards us.

Services we offer:
Essay writing
Report writing
Assignment writing
Reflective writing
Proposal writing
Dissertation writing
Thesis writing
CDR writing
Annotated bibliography
PowerPoint presentation
Article/book review
Why us?
Plagiarism free original content
On-time services maintaining deadlines
Experienced writers
Plagiarism and Grammarly report
Dedicate Team Leaders and Quality Checkers
Subjects we cover:
Marketing management
Human resource management
Literature
Law
Finance
Accounts
Economics
Nursing
Sociology
Environmental science
Business studies
Political science
History
Journalism and Masscommunication
Geography

Declaration: Working with us will give you the opportunity to avail divergent range of academic services at affordable rates in assistance with the dedicated team having members from different disciplines holding high degrees in their respective domains. We are experienced in developing B-plan, writing dissertations and theses having employed highly qualified and experienced writers.

You can reach us at-
Email:- ozpaperhelp@gmail.com
https://www.ozpaperhelp.com/
https://www.cheapassignmenthelp.co.uk
https://www.freeassignmenthelp.com
https://cheapassignmenthelp.blogspot.com/
Thanks
Oz Paper Help

https://www.ozpaperhelp.com/
1 Step 1
GET INSTANT ASSIGNMENT HELP
keyboard_arrow_leftPrevious
Nextkeyboard_arrow_right