What is range management in retail?
It is also known as assortment planning or range planning. It uses financial information based on history and targets in terms of product mix, target costs, profitability, balance of range e.g. proportion of core and fashion, fabrications, options and space allocation.
What is product range management?
Product range management is the extension of category management upstream in the supply chain. The goal is to organize the supply chain in response to consumer requirements as identified in category and sub‐category roles.
What is the product range of a company?
The range of products is the set of all types and kinds of products offered to customers by the company or any of its units. It can also be understood as a set of products offered by the entire industry. This range can be more or less specialized or generic. It is described by width, length, depth and consistency.
What are the 4 product line expansion?
Virtually all products have a life cycle comprising four phases: launch, growth, maturity and decline. The launch and growth phases are represented by a surge of sales, but eventually, the product wears out.
How do you conduct a range review?
Range review
- Creating a shelf (or category or merchandising) layout that will attract attention to new or added value products.
- Providing ideas about product usage.
- Generating inspiration by making it interesting to shop.
- Tempting shoppers in the category to buy something they hadn’t planned to buy.
What is the difference between the BCG and ansoff’s Matrix?
The Boston and Ansoff Matrix offer ways to look at products and markets, and decide on a future strategy for growth if necessary. The Boston Matrix focuses on products, and the Ansoff Matrix adds in the market as well. Taken together, they can provide a useful support for decision-making.
Why is HBR important innovation?
An explicit innovation strategy helps you design a system to match your specific competitive needs. Finally, without an innovation strategy, different parts of an organization can easily wind up pursuing conflicting priorities—even if there’s a clear business strategy.
What is a product range example?
Examples of a product range can include a peanut butter maker, offering its peanut butter in a variety of similarly priced versions of crunchy, creamy, and no added sugar peanut butter. The products may have more features in each of the larger sizes, but the core TV product remains the same.
Why is product range important?
Having a wide range of product lines increases the chances of satisfying more customers and can improve productivity. However, each line needs its own development, marketing and support, and this can drive up costs.
What do you mean by product range?
A product range refers to variations of a single product that are made in order to create similar yet distinctly different products. Each version of the product is designed to attract a different market segment with the intention of maximizing sales and building the customer base.
How do you increase product range?
5 ways to expand your product range for free or little cost
- Co-promotion with another retailer.
- Increase your product selection with Photoshop.
- Survey your customers for products they want.
- Test-market a non-existent product.
- Make slight changes to your existing product.
What is ranging in retail?
Product Ranging is the process we use to determine which products should appear on our supermarket shelves. Suppliers often ask where they should present their products for ranging: to Foodstuffs, or to their local store(s). …
What does range planning mean in retail category?
Range planning, from setting the concept, purpose and direction through to selecting the products and finalising the price, distribution and sales forecast, is a truly iterative process that typically involves buying and merchandising working hand in hand, often with somewhat opposing objectives….
What are the aims of a retail range?
The ultimate aim is for the final range selected to meet and exceed the customers’ expectations. Additionally buyers will want the range to be innovative and to really shout the brand values whilst merchandisers will want it to achieve high rates of sale and deliver excellent margin.
What are the major trends in retail facilities management?
The growth of mixed-use retail, batteries in energy management, the increased number of restaurants and medical services in retail spaces, and blockchain technology are five major trends driving the retail facilities management industry, according to the Professional Retail Store Maintenance Association (PRSM).
What are some good examples of retail management?
Retail Management. 17 By advertising, marketing, and investing in R&D for the product or service, a retail business can elevate its position in the industry. For example, Google+ and Facebook both are social platforms the consumers use for socializing.
