University:
California State University, Northridge
Course:
MKT 443 | Retail Management
Academic year:

2023
Views:

13

Pages:

2
Author:

Mahmoud M.

Retail management notes 8 Ways to sell every business has its own framework. This is the principle of selling, generating sales and managing competition for Knowledge: Baptiston University Every retailer has a sales strategy, just like a company name. What should each store's sales be? How does it work? Define: Target customer Offer The category that should meet the needs of the target group, if your shoes are brand or glass or f and b or chat etc. key differences Different features - variety, variety, quality, tolerance, price, service. Feet: Number of people entering the store at a given time - measured by security personnel Measured by ticket sales or electronic cameras Rule of thumb FF on business days = FF on holidays (measured) NOB: Number of values measured by you minus Percent Conversion - FF and NOB Rate - (per 100 Customers Entering) (Select) Average Cost - Total Cost / Number of Paying Customers (NOB) Important because the nature of your sales - Increased foot traffic, conversion rate or average cost - or a combination of both - and there is no other way, they ultimately determine your sales and whether you reach your goal. How to increase average price / change / buy bundles billing promotions - cart analysis - big price increase - buy cart deals (buy something value created at this price to get something for free) increase conversions? How? Promotion - BOGO - Buy One Get One Promotion - Attract People to Your Store What is the Best Price? Is additional ABV, conversion, or foundation required? Substitution Conversions - 3x (Other) Other Far - In turn, Similarity facilitates Which store is higher? Every Day, Super or Specialty Shop Foot Car - Shop Exchange - Shop Every Day

Effective Strategies for Sales: Maximizing Revenue and Managing Competition

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