MODULE 4
STORE MANAGEMENT
* All questions in Module 4:-
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1. Share details of various support functions within the Store, e.g., Inventory Management, Information Technology, Administration, Cash and Billing, Marketing, Security, Maintenance, Housekeeping, Human Resource, Workshop etc.2. Write down the process of inventory management in the Store.
3. Write down your views regarding price of the product and services.
4. How is promotional budget prepared in the Store?
5. Write down your experience regarding cash and credit management of the Store.
6. Have you observed any activity being outsourced? Write a brief note.
7. List out the views of customers about the support function of the Store. How far do you agree?
ANSWER:-
Support functions are functions which support and indirecly contribute to two main purpose and include, but are not limited to human resource training and development, salaries. It, auditing, marketing, legal, accounting/ credit/ control and communications.
Control and Communications. support services are the activities and processes required for successful execution and completion of a revenue generating core program or process efficiently and within the repeated time frame and cost.
2. Write down the process of inventory management in the Store.
ANSWER:-
There are some process of inventory management in the store:-
1) Create a centralized record of all products
2) Identify stock location
3) Do regular and accurate stock counts
4) Continue sales data with inventory data to simplify reporting
5) Create a purchasing process
6) Establish a process for a markdowns and promotions
7) Create a stock receiving procedure
8) Create a procedure for returns
9) Determine a dead stock procedure
10) Pick your inventory KPI's
3. Write down your views regarding pricing of the product and service.
ANSWER:-
Pricing is important since it defines the value that define the value that your product are worth for you to make and for your customer to use.
It is the tangible price point to let customers known whether it is worth their time and investment.
The cost of our product or service is the amount you spend to produce it.
The price is your financial reward for providing the product or service, the value is what your customer believes the product or service is worth to them.
4. How is promotional budget prepared in the Store?
ANSWER:-
The budget is often set according to a percentage of sales or profits for an established business, a percentage of startup costs or use of funds in the case of a startup, a percentage of raised funds in the case of non-profit or a foundation, in order to maintain an expected growth rate.
5. Write down your experience regarding cash and credit management of the Store.
ANSWER:-
Cash and Credit management service primary functions include: Receipt, verification and processing of deposits. The cash mangement offer to mine store of our daily customers cash transaction on daily basis, and we managed them also.
When some regulars customer have some lack of money while shopping we can gave some credit, so that it would shopped on the way they want.
6. Have you observed any activity being outsourced? Write a brief note.
ANSWER:-
Some of the common services which retail companies seek to outsource are
Information Technology, Accountancy and Book keeping, Order Processing and Management, Retail SOP Design, Process audits, Hopistics and Customer Service Management.
7. List out the views of customers about the support function of the Store. How far do you agree?
ANSWER:-
1) Know the product.
2) Maintain a positive attitude
3) Creatively problem solve
4) Respond quickly
5) Personalize your service
6) Help customer help themselves
7) Focus support on the customers
8) Actively listen.
