Advantages Of Retail Management

766 Words4 Pages
PRE-WORK Retail management is making available merchandise from an assortment of suppliers and making them available to the public at broken down quantities. It seeks to best understand the needs of customers and focus on a product or customer segment of the market. It is the making available of products and merchandise and adding value to them from the assortment of products kept through association as well as service added value of frontline staff interacting with customers. It includes all the steps necessary in getting customers into the store to make purchases. This includes creating and maintaining customer relationships through ensuring operational efficiency, ensuring good customer service, process and layout flows, merchandise assortment…show more content…
With a competitive market, the market share between competitors are shuffling existing customer too and from businesses with no leaps in growth occuring. Therefore in order to achieve large growth it is necessary to start looking at growth strategies and specifically regarding expansion into the rest of Africa. With the focus on service and insurance industry on gaining market share , a new approach should be taken in order to provide a superior customer service. A primarily telephonic, call centre type business can be transformed and develped into a retail outlet with a focus on better service through accessibility, awareness ,more visible, convenience focused as a multi channel access point. While customers predominantly will get insurance through telepone and internet a brick and motor site will assist customers in customer related interaction, explanation of services and value added advice from…show more content…
Regulation is therefore time consuming and expensive. (Ndzamela, 2013) discusses that regulation such as treating customers fairly, insolvency assessments and short term insurers to align capital requirements to pay multiple claims from policyholders places a large burden on insurers. 2.2 ECONOMICS (Dreyer, 2008) Explains that recessions and economic distress within the country affects insurance industries as the insurance premiums are the firstly expense to be removed from a budget where disposable income becomes a problem. In addition, an increase of fraudulent claims will increase as a result and insurance companies will need to increase staff to deal with these demands as operating cost increase. 2.3
Open Document