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Without, the CRM of the event will help the traders to do the financial store again and again. Burrs can also be closed goods and intangibles Seshanna.
It is a condition in which a business gain profit to survive and grow. Business survival. It puts the owner in firms that have established workable business entities in a crucial situation for the firm to break even and stay in business; Fashion boutiques. Small retail stores that sell clothing items and fashion accessories. Management Practices. Methods and techniques applied in managing the business in order for it to gain profit and continue to survive and prosper. Refers to micro, small and medium enterprises.
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Also defined as Just for sex in tarlac business activity that are either single proprietorship, cooperative, partnership or corporation. A person who is actively involved in making crucial management decisions in the daily operation of the business. Related Literature Small Business in the Retail Industry The role of small-scale business is recognized as vital to economic development worldwide. In the Philippines, this kind of establishments is considered the real backbone of the economy. They are also defined as any business activity that are either single proprietorship, cooperative, partnership or corporation. They are classified according either to the number of employees or their total assets value, excluding the land on which the particular Just for sex in tarlac entity's office, plant and equipment are located.
Hence, micro enterprise has a total asset that is not more than P 3,, small enterprise-P15, and medium-P, The LawPhil Project. Most of these MSMEs involve retailing such as general store, boutiques, convenience store, supermarket and others. Retailing is not only a substantial aspect of the economic structure but very much a part of our lives. Most of the times, we practically purchase goods we need everyday from retail stores. As a result, retailing is the largest private industry in the world Seshanna. It is projected that growth rates for retail sales volume in India, the Philippines, Thailand, India, Malaysia, New Zealand, Singapore and South Korea will rise from to marketing-interactive.
Among the products that contribute to the increase in retail sale in the Philippines are the apparel and footwear. It has been reported that due to vigorous consumer spending and rising fashion consciousness among young Filipino consumers, their demands for apparel and footwear continued to post strong growth in euromonitor. Challenges in Running a Fashion Boutique Maintaining the presence of retail stores like fashion boutique in the dynamic market environment is not easy. According to Euromonitor International apparel and footwear remained a highly fragmented market with stiff competition resulting in significant changes in the Philippine market. The prevailing tightening competition forces existing companies to put extra effort to survive and prevail over order to survive and prevail.
Due to these issues, managing small-scale enterprises can be more formidable. There are various activities involved in the different areas of an enterprise that require attention. A keen awareness of how these activities affect the firm is crucial. In this case, management is an important aspect that will largely ensures success of a business venture because it pertains to a process of directing these efforts and activities of people towards that particular objective Massie, J. For the well being of any enterprise and its stakeholders, there is a need to take a closer look of the different stages of firm development of small and growing businesses.
Lewis presented the five stages of firm development, which he delineated as the following: Primarily, the areas of concern are: People refer to customers, who are the foremost concern of the firm. Although it is not explicitly cited, people also include the employees who are responsible in carrying out the business process. On the other hand, processes are the steps to undertake to perform functions Ciccarela, D. The Customer As the initial stage of firm development points out, customers are the very reason for the existence of a business. Hence, any enterprise should identify the customers first and orient the business towards satisfying the customers. Ramasary stated that customer orientation means operating a business with the sole intention of not only serving more and more customers but also satisfying them.
To achieve this objective, there are different management practices that can be applied. To help the customers to procure the desired merchandise from the retail stores for their end use refer to retail management. It includes all the steps required to bring the customers into the store and fulfill their buying needs managementstudyguide. Their research paper shows that the customers in the retail store do not hesitate to change their preference and break their loyalty given certain circumstances not favorable to them. However, the CRM of the organization will compel the customers to visit the retail store again and again.
This practice helps in building personal relationship with the customers leading to the higher level of the customer loyalty. Sending greeting cards including the special offers with schemes for the specific customers only can be done. In addition, cited Parilla cited the management practices enumerated below: This management practice is a guaranteed way that a fashion boutique and other retail store can gain solid reputation in the industry smallbiztrencs. Costumers play high value in the shopping experience, which could significantly affect purchasing behavior.
The elements's apparel retailer also means the trend to increase taxis margins and support its taking bacon Seshana, S. Portion of ownership c.
This is because customers place value on the retail experience, and a group of them simply go for stores that provide the best service. Effective retail management should be applied to make shopping a pleasurable experience and ensure the customers leave the store with a smile. In simpler words, retail management helps customers shop without any difficulty. Likewise, competition takes place not only on the pricing aspect, but also on non-price dimension such as quality of service. Shop ambience is another form of retail service. Clean, efficient and well-designed store environment is also a part of shopping experience that adds to customer service satisfaction Caparas, M.
Hence, the following retail management practices can help make a customer be satisfied: Also, enumerated below are among the top factors that are considered how customers choose to shop in a particular store based from the study conducted by N. Artist bplans. Definitely, satisfied customers results to more sales, which is a guarantee of having profit that will lead to the success of the business. The Product In the specific context of retailing, product is termed as needs satisfying entities that are sold by the retailer and purchased by the consumers. Products can also be tangible goods and intangibles Seshanna. In general, a consumer wants to buy the highest quality product that will give him the highest level of satisfaction but at the minimum cost.
The retailer is the facilitating agent that can assist the consumer attain this objective Caparas, M. However, by doing this role, the retailer also has the goal of making the maximum sale to attain the utmost profit. To drive sales and profitability, it is fundamental that they should implement product and merchandise management. One important decision to make is quality of product to put in the market. One way to undertake is to buy form particular suppliers with a track record for high quality of goods Parilla, E. The physical characteristics of the product, the quantity of these products and the form of retail service to render, also comprise the decision spectrum of a retailer Caparas, M.
Carrying quality merchandise with a wide variety of items e. This is possible when the retailer buys goods in big quantities Parilla, E. In the case of fashion boutiques, products can be varied such as clothing, footwear, handbags, custom jewelry and other accessories. A boutique works well in fashion because buyers often want customized or one-of-a-kind fashion apparel. This process involves retail merchandising. In a broader sense, retail merchandising management is the process of developing, securing, pricing, supporting and communicating merchandise offerings. Parilla cited that selling price can be set in three ways such as: Having a reasonable price is one of the factors consumers find important in deciding where to shop Artist, N.
Successful merchandise management enables retailers to provide the right product to the right place at the right time. The process of planning and preparation involves a multitude of steps before products and fixtures even make their way into the stores. Retailers continue to seek tools to execute their individual merchandise and promotional strategies, and systems that help plan and control retail sales and inventory levels. The overall goal of the merchandise management system is to ensure that the merchandise meets the targeted customer's needs. The other equally important aspect is how to present these products to the consumers. The research work done by Parilla recognized three means to enhance the product presentation.
These comprise: One particular strategy to be implemented is upselling.
Staff upselling in a subtle way enables the staff avoid appearing pushy. A good approach is to select items such as small accessories and place them near the cash register. The items selected should be relatively sez and complement the other products being sold. In a fashion boutique, stylish coin purses, nail polish in chic colors or relatively inexpensive yet ib rings can be placed near the register for the customers to peruse while their purchases are being rung up. Fashion boutique, in particular, requires a merchandise management system that tracks items based on size, color and pricing. It could refine its merchandising strategy and Just for sex in tarlac future merchandise gross margins.
A merchandise atrlac system also would help the retailer improve stock positioning and increase inventory turns. The women's apparel retailer also uses the tool to increase gross margins and support its growing business Seshana, S. It is vital to ensure that the product ln meets anticipated demand to taelac an optimal balance between financial performance and customer taelac risnews. Another necessary component that plays a significant role in attracting the customers into the store, which tarlc motivates them to purchase, is the display of the merchandise.
The attractive display of the products Just for sex in tarlac the store helps to increase sale and generate revenues for the retail store like fashion boutique. The sensible presentation of the products for sale in order to entice the customers and make them a brand loyalist involves merchandising management. Also, promotional merchandising strategy involves the techniques on how the products are displayed and stocked on the shelves in order to influence the buying behaviors of the consumers managemntstudyguide. Likewise, a unique window display will draw potential customers even without entering a store.
Window displays need not be elaborate, but they should be creative and tailored to the boutique's appearance. Even on a relatively small budget, seasonal inventory can be showcased in an eye-catching way. Consumers tend to enjoy seasonal displays Redsteer, A. The window display is big factor that can influence the buying decision of the customers. Shopping may be the last priority of a passing individual but seeing a creative display can catch his interest to enter the store and encourage him to buy managementstudyguide. Additionally, a necessary item to boost the fashion boutique sale is advertising.
On-line advertising through social sites can be utilized to provide information about products, sales events, temporary price reductions and in-store get- togethers Redsteer, A. Flyers and tarpaulins can also be utilized to make the fashion boutique activities known by consumers. There are also other promotional schemes such as free gifts, discounts and rebates. Although customers might not need a product, the discount and use of rebate will encourage them to buy to get products at lower price and redeem their coupon rebate managementstudyguide. Employee According to Ramasarythe employees are the strength of an organization and the prime contributors to its success.
When an organization wants to expand its business or increase its profit, only the employees can make it happen. The motivation level of the rests depends on the management strategies. Hence, it is essential to have key management practices in place to ensure that employees are motivated. The human resource management practices include: These factors directly affect the employee retention, employee productivity and operational performance parameters. Consequently, product quality, speed of delivery and operating cost are also affected Paul, A. Before employees are deployed on their first appointment, they need to be given orientation training to carry out their tasks properly.
The orientation training as stated by Ramasaryshould help them to understand the following: They should also be introduced to their co-workers. These components of the orientation introduce the employees to their job and the business. Furthermore, the employee should be assessed to see whether he has the abilities to perform the duties straightaway or he needs to be put on an apprentice under a mentor. Because there is frequent change in a business, training is not a one-way activity.
Employees need to be given additional help to cope with the change through more training. However, aside from training, the employees should be continuously coached on the job towards the goal. This personal coaching is called mentoring Ramasary, S. Other human resource management practices that should be employed are analyzed in the study of Parilla They are itemized as: Conceptual Framework The conceptual framework below shows the relationships of the different aspects in the study. Management practices of selected Fashion Boutiques in Tarlac City Management practices adopted Just for sex in tarlac the operation of the business with regards to the following: Profits also ensures the success of the business venture, which guarantee its continues survival and growth in a competitive retail industry.
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