Retail store managers oversee employees, purchase and price items, and ensure quality customer service. Requirements vary, but developing soft and technical skills can improve chances of finding work. Small businesses and some large companies promote successful employees. A bachelor’s degree in business administration can be helpful for jobs at large companies. Job advertisements outline requirements […]
The suggested retail price (SRP) is the manufacturer’s recommended price for products or services, which can be used by retailers to normalize prices. Retailers can price products lower than the SRP, and often use it as a strategy to reach financial goals. Car dealerships also use this approach, displaying the MSRP with a lower price […]
A retail store requires a means of receiving payment and distributing change, usually through cash registers operated by retail cashiers who must know how to accept different payment methods, handle returns, and follow opening and closing procedures. Some cashiers also work on the sales floor, which can affect their sales quotas. A place that sells […]
Retail software can range from simple word processors to sophisticated systems that track inventory and customers. Small businesses can use basic programs, but larger businesses may need more advanced software. Retail point of sale software combines multiple functions into one program. Prices vary based on capabilities, and businesses should choose software based on their unique […]
A retail management trainee learns skills needed to become a successful manager through on-the-job training, including delegating tasks and working as a leader. They may also be responsible for running both student and employee jobs, completing projects, and learning about operational and managerial tasks. The duties of a retail management trainee generally focus on the […]
Manufacturers sell products in bulk to retail distributors who then sell them to consumers at a higher price. Retailers may set their own prices, but some manufacturers set a price cap. Unsold items may be returned to manufacturers under certain circumstances. A retail distributor acts as the intermediary between consumers and manufacturers. Most of the […]
Retail design combines marketing, merchandising, advertising, ergonomics, and interior design to create a positive shopping experience. Fixtures must display merchandise effectively and be convenient for customers. Stores use different techniques to guide shoppers through the space, and the exterior design should attract customers based on the type of merchandise sold. Retail design is a highly […]
A retail supervisor oversees sales staff and may have additional responsibilities such as scheduling, inventory, and bookkeeping. They can be promoted from within and benefit from having experience as a sales associate. Their role includes ensuring high levels of customer service, preventing theft, and providing training and support to employees. Advanced education is not always […]
Retail strategic planning involves situational analysis, goal setting, identifying target markets, using specific tactics, controlled processes, and feedback to ensure success. Owners and executives guide the process, starting with a review of the company’s mission, opportunities, and threats, followed by setting objectives and identifying target markets. Specific tactics and controlled processes ensure efficiency and effectiveness, […]
Retail loans are loans made to individual consumers, with collateral or without, by banks, credit unions, mortgage companies, and savings and loan associations. Examples include home mortgages, vehicle loans, and payday loans. Payday loans carry higher interest rates and are meant for emergency purposes only. Retail loans are the term used to describe any type […]
A retail marketing strategy involves decisions about the marketing mix, including product, price, location, promotion, and packaging. It should be part of a business plan and consider the target customer and company’s bottom line. Differentiation and branding are important for creating a strong brand identity. A retail marketing strategy refers to how a store and […]
Retail pharmacists fill prescriptions, manage inventory, provide customer service, administer vaccinations, and may teach. They ensure safe medication dispensing and delegate tasks to pharmacy technicians. They also keep track of inventory and may provide basic vaccinations if authorized. Retail pharmacists assist patients in wellness by filling prescriptions, supervising any pharmacy technician, providing customer service, managing […]
When choosing a seasonal retail job, consider age, schedule, pay rate, and potential for long-term employment. Look beyond traditional department stores and malls for opportunities, such as coffee shops, candy shops, and amusement parks. Start the search early and take each application seriously for the best chance at success. There are several factors to consider […]
Retail wholesalers purchase goods from manufacturers and sell them to retail stores. They often have access to merchandise not available on the market and can offer lower prices. Cultivating relationships with manufacturers and retailers is important for success, and wholesalers can benefit from excess merchandise sales. A retail wholesaler is a distributor who purchases a […]
The retail inventory method groups similar products to estimate an average percentage of the retail cost price, making it a useful tool for businesses with a variety of products. It eliminates the need for physical counts and provides a quick way to create an inventory value report. The retail inventory method is a technique that […]
Developing a retail marketing strategy involves market research, product and promotional mix planning, budgeting, and evaluation. It includes identifying target markets, SWOT analysis, differentiation from competition, location, online and direct marketing, store design, and goal setting. Developing a retail marketing strategy involves market research, product and promotional mix planning, budgeting, and evaluation. A retail marketing […]
