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Chapter 5 - Store Management

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20 views

Chapter 5 - Store Management

Uploaded by

aayman vagh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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Store Management

-Mifzala Ansar
Definition
• According to Afford and Beatty___,” Store
management is that aspect of material control
concerned with the physical storage of goods”.
• According to Maynard___,” Store management is to
receive materials, to protect them while in storage from
damage and unauthorized removal, to issue the
materials in the right quantities, at the right time to the
right place, and to provide these services promptly and
at least cost”.
Meaning
• Store Management refers to the efficient
management of materials. It is concerned with ensuring
that all the activities involved in storekeeping are
carried out efficiently and economically by those
employed in the store.
Stores form the basis of material management. Stores
play a vital role in the operations of a company. In an
organization, stores are mainly intended to provide staff
activity in the production of goods or services. No
industrial unit or public undertaking of any size can be
managed efficiently without it. The basic objective of
storekeeping is to provide services to the operating
functions in the most economical manner.
Objectives of Store
Management
• Minimizing the cost of production by minimizing the cost
of materials
• Maintaining the value of materials
• Services to User departments
• Establishing Co-ordination with other Departments
• Advising Materials managers
Functions of Store Department
• Receipt: It receives and accounts for inventories.
• Storage: It stores and preserves the inventories protecting them from damage,
pilferage, and deterioration.
• Retrieval: It helps easy access to materials and ensures optimum space
utilization. Materials can be located and retrieved with ease.
• Issue: It satisfies the demands of consuming departments by the proper issue of
inventories on receiving the requisitions.
• Records: It keeps proper records of the issue and receipts.
• HouseKeeping: Space is kept neat and clean so that material handling,
preservation, storage, issue, and receipt are done satisfactorily.
• Surplus Stock: Scrap and surplus disposal management is a function of stores.
• Verification: Physical verification and purchase initiation to avoid stock-outs.
• Co-ordination and Co-operation: To interface with the production and
inspection department.
Store Manager
An individual responsible for managing the overall
functioning of the store is called a store manager.
A store manager takes care of the day to day operations
of the store and ensures maximum profitability for his
store.
In simpler words a retail store is a store manager’s baby.
Hierarchy
General Manager
↑
Store Manager
↑
All employees of the store
(Floor manager, cashier, Department manager, Asst
Store manager)
Responsibilities of the Store Manager

• Recruiting employees for the store is the store manager’s prime responsibility. He not only has
to hire the right candidates for the store but also train them for their overall development. He must
ensure that all the employees (floor manager, department manager, cashier and so on) contribute to
their level best for the effective functioning of the store.
He must act as a strong pillar of support and stand by his team at the hour of crisis. It is his
duty to acquaint his team members with the latest trends in fashion or any other newly launched retail
software. It is his responsibility to delegate responsibilities to his subordinates according to their
specializations and extract the best out of them. The store manager must motivate his team members
from time to time.
• The store manager must make sure his store is meeting the targets and earning profits. He is
responsible for the smooth and effective functioning of the store.
• The store manager is responsible for maintaining the overall image of the store. It is his duty
to sensibly display the merchandise so that it immediately catches the attention of the customers.
The store manager must ensure that his store meets the expectations of the customers and lives up
to its predefined brand image.
Roles and Responsibilities
He must ensure:
• The store is kept clean
• Shelves and racks are properly stocked and products do not fall off the
shelves.
• Mannequins are kept at the right place to attract the customers into the store
and rotated frequently.
• The merchandise should be according to the season as well as the latest trends.
• The store is well lit, ventilated and offers a positive ambience to the
customers.
• The signage displaying the name and logo of the store is installed at the right
place and viewable to all.
Human Resource Management in
Retailing
What is Expense Management?
• Expense management is a business approach for
handling the cost of processing, paying, and auditing
business overheads and governing business spending.
In current times, it is done using expense management
software, tools, and technology so as to not only control
the spending but also analyze the data pertaining to
expenses of an organization.
Operations Management
Meaning
Operations management is a business area that implements
practices ensuring the conversion of inputs into goods and
services
with maximum efficiency. The goal is to increase an
organization’s income by improving its operations and
maximizing the use of existing resources.
It also includes the provision and delivery of excellent customer
service.
Cash Management

• Definition: Cash Management refers to the collection,


handling, control and investment of the organizational
cash and cash equivalents, to ensure optimum
utilization of the firm’s liquid resources. Money is the
lifeline of the business, and therefore it is essential to
maintain a sound cash flow position in the organization
CASH MANAGEMENT

Receivables Cash Management


Any amount which the company has earned however not yet received, i.e. its outstanding and is
expected to be received in future, is known as receivables.
An organization must manage its receivables to maintain the surplus cash inflow. It helps the firm to
fulfil its immediate cash requirements.
The cash receivables must be planned in such a way that the organization can realise its debts quickly
and should allow a short credit period to the debtors.
Payables Cash Management
The payables refer to the payment which is unpaid by the organization and is to be paid off shortly.
The organization should plan its cash outflow in such a manner that it can acquire an extended credit
period from the creditors.
This helps the firm to retain its cash resources for a longer duration to meet the short term requirements
and sudden expenses.
Even the organization can invest this cash in a profitable opportunity for that particular credit period to
generate additional income.
Customer relationship management
(CRM)
• Customer relationship management (CRM) is the combination of
practices, strategies and technologies that companies use to manage
and analyze customer interactions and data throughout the
customer lifecycle. The goal is to improve customer service
relationships and assist in customer retention and drive sales growth.
CRM systems compile customer data across different channels, or
points of contact, between the customer and the company, which
could include the company's website, telephone, live chat, direct
mail, marketing materials and social networks. CRM systems can
also give customer-facing staff members detailed information on
customers' personal information, purchase history, buying
preferences and concerns.
Functions-CRM
• In short, CRM (Customer Relationship Management) systems serve
as a hub for organizing and making sense of valuable audience data
and insights, providing all the tools needed to collect and manage
information about people who are important to your business.
• This function can look very different across departments. For
example, CRM can:
• Help sales reps quickly see past interactions and purchases before
making a phone call.
• Provide support teams with the background and contact information
needed to provide great customer service.
• Give marketers access to details that will help them target their
campaigns.
Why is CRM important for
marketers?
• As a marketer, you collect valuable information with each campaign
you send and every customer interaction that results from it (including
clicks, views, and purchases across new, existing, and prospective
customers).
• Your customer knowledge is one of the most valuable resources you
have for improving your marketing and sales to grow your business.
Effectively collecting and organizing your info can tell you everything
you need to know about your customers’ preferences: Which products
they love, what they’re looking for, the messages that tell them what
they need to know, and where you’re still missing the mark.
• The sooner you can begin capturing, organizing and making sense of
that data through a CRM platform, the sooner you can start using it to
improve customer experience and
build more—and better—customer relationships.
Meaning
Mall Management System
Features

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