Retail Marketing – Tips to Promote a Retail Brand

The mechanism of selling products in small quantities from fixed locations to the customers for their end use is called as retailing.
In the current scenario where the end-user has several options to rely on, it is essential that the retailer promotes his brand well amongst the masses.
Let us go through some tips to promote a retail brand well:

Signage

Signboards go a long way in creating brand awareness and promoting a particular brand.
  • The signage must display the name as well as logo of the retail store.
  • It must be installed at the right place visible to all even from a distance.
  • It should not be very small. Small signages fail to attract the customers.
  • Choose the right paint colour.
  • Don’t add unnecessary information. Keep it simple but informative.
  • Make sure the signage attracts the customers into the store.
  • Choose the right theme.

Advertising

Advertising is a strong medium which influences the buying decision of the customer and prompts him to shop. The retailer must ensure to communicate the USPs of his brand to the target customers well through various modes of advertising. The advertisement must be eye-catching for the end-users to click on them.
Various ways of Advertising
  1. Billboards

    Billboard is one of the best ways of out of home advertising.
    Out of home advertising refers to creating awareness amongst the individuals when they are out of their homes.
    • Install hoardings, banners, bill boards at strategic locations such as heavy traffic areas, major crossings, railway stations, bus stands etc to entice the customers. The retailer must ensure that the banners get noticed and bring results.
    • Newspapers, Television and radio are also effective ways to promote a brand. Television reaches a wider audience and makes the store popular amongst all.
    • The advertisement should be a visual treat, appeal the customers and prompt them to visit the store.
  2. Coupons

    • Coupons are an effective way of promoting a brand as they offer some kind of financial benefit to the customers in the form of discounts and rebates and thus attracting them into the store.
    • Coupons help in furthering the brand image of the retail store without much investment.
    • More and more people visit the stores to redeem the coupons, thus making the brand popular.
    • Discounts, sale, rebates are good ways to promote a brand.
  3. Private Label

    • Private label is an effective way to promote one’s brand at low costs.
    • Products manufactured by one company but sold under another company’s brand name are called Private Label Products.
    • Create your own website.
    • Print your own calendars, diaries, planners, table tops with your store’s name, address as well as logo. Such an activity creates awareness among individuals.
    • Always keep your visiting cards handy and distribute them to as many people as you can.
    • In the current scenario, social networking sites go a long way in promoting brands. Create communities and invite people to join the same.
    • Customer loyalty programs help to retain customers and attract new individuals to the store.
    • Create a positive ambience at the store. Nothing works better than customer satisfaction in the retail industry. One satisfied customer brings ten new customers along with him.

via Blogger http://ift.tt/2hN8UmL

Retail Pricing Models

Retail Pricing – Different Types of Pricing Models


The sale of goods from fixed points (malls, department stores, supermarkets and so on) to the consumer in small quantities for his own consumption is called as retail. According to the concept of retailing, a retailer doesn’t sell products in bulk; in
stead sells the merchandise in small units to the end-users.

Retail Pricing

Cost Plus Pricing Mechanism

Every organization runs to earn profits and so is the retail industry.

Cost plus pricing works on the following principle:

  • Cost Price of the product + Profit (Decided by the retailer) = Final price of the merchandise.

According to cost plus pricing strategy the retailer adds some extra amount to the actual cost price of the product to earn his share of profits. The final price of the merchandise includes the profit as decided by the retailer.

Cost Plus Pricing

  • Cost plus pricing strategy takes into account the profit of the retailer.
  • Cost plus pricing is an easy way to calculate the price of the merchandise.
  • The increase in the retailer price of the merchandise is directly proportional to the increase in the cost price.
  • The customers however do not have a say in cost plus pricing.

Manufacturer Suggested Retail Price (Also called List Price or Recommended retail price)

According to manufacturer suggested retail pricing strategy the retailer sets the final price of the merchandise as suggested by the manufacturer.

MSRP

  • The retailer sells his merchandise at a price suggested by the manufacturer.

Condition 1

  • The retailer sells the product at the same price as suggested by the manufacturer.

Condition 2

  • The retailer sells the merchandise at a price less than what was suggested by the manufacturer – Such a condition arises when the retailer offers “Sale” on his merchandise.

Condition 3

  • Retailers initially quote an unreasonably high price and then reduce the price on the customer’s request to make him realize that a favor has been done to him. A condition of Bargain – where the customer negotiates with the retailer to reduce the price of the merchandise.

Competitive Pricing

The cut throat competition in the current retail scenario has prompted the retailers to guarantee excellent customer service to the buyers for them to prefer them over their competitors.

  • The price of the merchandise is more or less similar to the competitor’s but the retailers add on certain attractive benefits for the customers. (Longer payment term, gifts etc.)
  • The retailers ensure that the customers leave their store with a smile to have an edge over the competitors.
  • He tries his level best to offer better services to the customers for a better business in future.

Pricing Below Competition

According to pricing below competition policy

  • The price of the merchandise is kept lesser than what is being offered by the competitors.

Prestige Pricing (Pricing above competition)

According to prestige pricing mechanism, the price of the merchandise is set slightly above the competitors.

The retailer can charge higher price than the competitors only under the following circumstances:

  • Exclusive Brands at the store.
  • Brand image of the store
  • Prime location of the retail store
  • Excellent customer service
  • Merchandise not available at any other store
  • Latest Trends

Psychological Pricing

  • Certain price of a product at which the consumer willingly purchases it is called psychological price.
  • The consumer perceives such prices to be correct.
  • A retailer sets a psychological price which he feels would meet the expectations of the buyers and they would easily buy the merchandise.

Multiple Pricing

  • According to multiple pricing, the retailer sells multiple products (more than one) for a single price.
  • The retailers combine few products to be sold for a single fixed price.
  • 3 Shirts for $100/- or 3 Perfumes for $20/- and so on.

Discount Pricing

According to discount pricing, the retailer sells his merchandise at a discounted price during off seasons or to clear out his stock.

via Blogger http://ift.tt/2vrEZTF

Retail Mechanism – How does retail work

Image result for Retail Mechanism

Retail Mechanism – How does retail work ?

Retailing is defined as the process of selling merchandise to the consumers for their end use in small quantities. The retailer sells products to the end-users either in single units or in small quantities as per their need and capability.

Retailer ……………………………. Consumer (End -User)
Retailing

How does retail work ?

Let us now understand the various ways a consumer can purchase goods from the retailer.

Largely Retail purchase can be divided in two parts : 1. Counter service/ Sales (Serving customer at our location) OR 2. Delivery Service (Serving customers where they are)

  • Counter service

As the name suggests, counter service refers to the process of procuring the merchandise from the counter. The buyer does not have an easy access to the merchandise of the store and he can’t pick up things on his own. In such a mechanism the buyer has to walk up to the counter and ask for his requirements.

Example:

Jewellery Store

Can you go to a jewellery store and pick up things on your own ? No

You need to ask the sales person to show you the sample designs for you to finalize something as per your taste and pocket.

Chemist Shop

Chemist shop does not allow the buyers to simply walk into the store and pick up medicines. One needs to walk up to the counter, show his prescription from the doctor to get the medicines from the retailer.

  • Delivery Service


The mechanism of shipping goods to the customer’s doorsteps is called as delivery service. The end-user does not have to walk up to the store to procure his merchandise; instead the goods are directly delivered to his house through various means of transportation. Delivery service is a boon for the individuals who have an extremely busy life style and do not have enough time to walk up to the store.

Online Shopping

Internet has helped end-users to shop from their homes only. Online shopping sites like Amazon, eBay etc provide a wide range of options to the consumers who can order the desired merchandise through internet. Once the payment is done through debit or credit cards, the goods are delivered at the address the customer requests for. The transportation charges however are borne by the consumer himself.

Order through telephone

Now a days several restaurants and eating joints provide an option of ordering food while sitting at home. The food outlets upload their complete menu in the website providing a wide range of options to the end-users. One can easily place his order over the phone and the food is delivered at his doorstep within no time.

Pizza Hut, Dominos (Promise to deliver hot and crisp pizza within 30 minutes of placing the order)

  • Door To Door Sales: Door to door sales is a process where the sales person travels from one house to the other and prompts the customers to buy the product. He gives the demo of his product and strives hard to convince the individual to buy the merchandise.

    Examples

    Eureka Forbes operates on this mechanism where experienced sales professional visits the doorsteps of the potential customers, gives them presentations and influences them to purchase the product.

    Telephone companies also sometimes rely on this mechanism to sell their connections.

  • Self Service: In self service the individuals have the liberty to pick up merchandise on their own and help themselves.
  • Second Hand Retail: In second hand retail shops the retailer sells second hand goods to the end-users. Such shops generally run for charity where people donate their used merchandise to be resold to the poor and needy free of cost.

    via Blogger http://ift.tt/2tAyaNA

    Types of Retail Outlets

    Types of Retail Outlets (offline)

    Objective:

    1. For existing retailer: To know in which retail format you are in and adept strategies accordingly
    2. For aspired retail venture (New retail business seeker) : To be clear with retail store formats so that he/she will be clear for starting kind of venture they will love to operate 


    Retailing refers to a process where the retailer sells the goods directly to the end-user for his own consumption in small quantities.

    Types of Retail outlets



    Department Stores

    • A department store is a set-up which offers wide range of products to the end-users under one roof. In a department store, the consumers can get almost all the products they aspire to shop at one place only. Department stores provide a wide range of options to the consumers and thus fulfill all their shopping needs.

    Merchandise:

    • Electronic Appliances
    • Apparels
    • Jewellery
    • Toiletries
    • Cosmetics
    • Footwear
    • Sportswear
    • Toys
    • Books
    • CDs, DVDs

    Examples – Shoppers Stop, Pantaloon



    Discount Stores

    • Discount stores also offer a huge range of products to the end-users but at a discounted rate. The discount stores generally offer a limited range and the quality in certain cases might be a little inferior as compared to the department stores.
    • Wal-Mart currently operates more than 1300 discount stores in United States. In India Vishal Mega Mart comes under discount store.

    Merchandise:

    • Almost same as department store but at a cheaper price.




    Supermarket

    A retail store which generally sells food products and household items, properly placed and arranged in specific departments is called a supermarket. A supermarket is an advanced form of the small grocery stores and caters to the household needs of the consumer. The various food products (meat, vegetables, dairy products, juices etc) are all properly displayed at their respective departments to catch the attention of the customers and for them to pick any merchandise depending on their choice and need.

    Merchandise:

    • Bakery products
    • Cereals
    • Meat Products, Fish products
    • Breads
    • Medicines
    • Vegetables
    • Fruits
    • Soft drinks
    • Frozen Food
    • Canned Juices





    Warehouse Stores

    A retail format which sells limited stock in bulk at a discounted rate is called as warehouse store. Warehouse stores do not bother much about the interiors of the store and the products are not properly displayed.





    Mom and Pop Store (also called Kirana Store in India)

    Mom and Pop stores are the small stores run by individuals in the nearby locality to cater to daily needs of the consumers staying in the vicinity. They offer selected items and are not at all organized. The size of the store would not be very big and depends on the land available to the owner. They wouldn’t offer high-end products.

    Merchandise:

    • Eggs
    • Bread
    • Stationery
    • Toys
    • Cigarettes
    • Cereals
    • Pulses
    • Medicines






    Speciality Stores

    • As the name suggests, Speciality store would specialize in a particular product and would not sell anything else apart from the specific range.Speciality stores sell only selective items of one particular brand to the consumers and primarily focus on high customer satisfaction.

  • Example -You will find only Reebok merchandise at Reebok store and nothing else, thus making it a speciality store. You can never find Adidas shoes at a Reebok outlet.





  • Malls

    Many retail stores operating at one place form a mall. A mall would consist of several retail outlets each selling their own merchandise but at a common platform.





    E Tailers

    Now a days the customers have the option of shopping while sitting at their homes. They can place their order through internet, pay with the help of debit or credit cards and the products are delivered at their homes only. However, there are chances that the products ordered might not reach in the same condition as they were ordered. This kind of shopping is convenient for those who have a hectic schedule and are reluctant to go to retail outlets. In this kind of shopping; the transportation charges are borne by the consumer itself.

    Example – EBAY, Rediff Shopping, Amazon





    Dollar Stores

    Dollar stores offer selected products at extremely low rates but here the prices are fixed.

    Example – 99 Store would offer all its merchandise at Rs 99 only. No further bargaining is entertained. However the quality of the product is always in doubt at the discount stores.

    via Blogger http://ift.tt/2uqMDAL

    Purple Cow (Book Summary) : New era Marketing by being Purple cow

    New era Marketing by being Purple cow

    Image result for the purple cow

    The Purple cow

    Here are 3 lessons from the book:

    1. We live
      in the third era of advertising, where marketing is mainly done
      through word-of-mouth.
    2. Not
      taking risks is riskier than taking risks.
    3. If you
      want your product to succeed, focus on early adopters as your first
      customers.

    Lesson
    1: Today marketing is mainly done through word-of-mouth recommendations.

    Seth walks us through the history of
    advertising and says there were three distinct periods.

    Before advertising was way back in ancient times, when people could
    only spread the word about great deals with their mouths.

    For example in ancient Rome, when
    one of the vendors on the market sold particularly good fish, everyone who
    bought one would of course tell all their friends and family. Likely, the next
    time they’d go to the market, they’d visit that same vendor.

    During advertising was the time during the 18- and 19-hundreds, when
    advertising seemed to work like magic and the only limit to how much you could
    sell through it was how much you were able to buy. Billboards, ads in
    magazines, TV commercials, they all fall into this category.

    But by now we’re in the era after
    advertising. 
    Consumers completely ignore ads now and are already
    blind to banner ads online. Unless they’re looking for something specific,
    for example a car, people won’t look at car ads.

    In the era we are in right now,
    we’ve gone back to word-of-mouth marketing, only that the word is now exchanged
    online, which makes news about good and bad products spread a lot more quickly, thanks
    to social media like Facebook, Twitter or Instagram.

    Lesson
    2: Not taking risks is riskier than taking risks.

    Because we live in a
    post-advertising world and the internet is such a noisy place, you have to be
    truly remarkable to stand out – like a purple cow among brown, black and white
    cows.

    Seth calls this remarkable marketing
    and without it, your product is doomed to fail.

    That’s why the riskiest thing you
    and your company can do right now, is to not take any risks at all.

    Following the trends and trying not
    to make any noise, won’t make you stand out, it will make you invisible.

    For example, Ford is a steady
    company, but they’re not very innovative. They do what they know to do, again
    and again, which is why their stock price has merely changed in 10 years. They’re
    a boring company.

    Take Porsche, and you see a company
    that’s always at the edge. In 2013, Porsche took a massive risk with the
    918 project (Please Google It for more details).

    They built a car with hybrid
    technology, which they’d never done before, the car cost eight times as much as
    any of their normal models, and they limited production to 918 units.

    But what they built was truly
    remarkable, the car caught major attention for it’s space-style design and also set
    an all time record on the Nurburgring.

    The car completely sold out.

    It’s your choice.

    You can never take risks, and never
    build something that’s so great everyone will eventually want it, or you can
    work at the edge, occasionally fall, but rise all the higher in the long run.

    Lesson
    3: If you want your product to successfully reach the masses, focus on
    early adopters first.

    When I hear the word early
    adopters, I always have to think of Simon Sinek and his talk.

    The gist of it is that you need to
    communicate why you do things (Purpose) before you tell people what you
    do, because that’ll help get your product into the right people’s hands.

    In both Seth’s and Simon’s case,
    these people are called early adopters.

    Traditional marketing shoots
    its advertising right at the majority of people, when a new product comes
    out. The mistake with this is that the majority isn’t ready for it yet
    – they want a proven product, not some new gimmick
    .

    Instead, build your product in a way
    that makes it attractive to innovators and early adopters, the tech
    geeks, the people that stand in line for 24 hours to buy an iPhone, and let
    them spread the word
    .

    When you do this and make sure that
    your product is easily shareable, you’ll make sure your product eventually
    reaches the masses through diffusion, and they won’t turn you down at the door.

    The essence of the Purple Cow is about
    being remarkable.  Remarkable products are worth talking about.  They
    get noticed.  They’re exceptional, new, and interesting.  Remarkable
    in marketing means that the product or service remarkable.  In that sense,
    marketing isn’t an add on, but a part of the product cycle as well.  Godin
    emphasizes that if it isn’t remarkable, it’s invisible.  It’s a brown or
    white cow.  His Purple
    Cow
     is about three pertinent
    ideas: the why, the what, and the how of being remarkable.

    1. Why be remarkable

    The author states, using rational argument
    and case examples, that being remarkable is a necessity of marketing.  His
    “TV-industrial complex” system, is dying or dead.  Consumers are hard to
    reach and they ignore mass advertising.  Godin offers multiple examples of
    this (Please read book for the examples, they are worth reading).  Most
    notable is the, often called, most popularly know television ad ever made: “I’d
    like to teach the world to sing” by Coca-Cola.  Godin cites works of other
    which argue that the commercial sold “not one more bottle of Coke.” 

    2. What is remarkable

    Godin lists some products or services
    which are remarkable: Starbucks, Jet Blue, Sam Adams, and others. 
    Remarkable is the insight to realize that there is no other choice to grow a
    business or launch a product.  Passion is not a requisite.  Neither
    is an extreme amount of creativity.  Godin gives the reader an
    interestingly non-marketing example of remarkable: kiteboarding.  It is
    one of the fastest growing sports today.  “Strap a surfboard to your feet,
    hold onto a huge kite, and start racing across the water at thirty miles per
    hour.  Unless, of course, you get dragged across the beach.” Dangerous and
    new are worth talking about.  Remarkable is worth talking about.  It
    is exceptional and worth noticing.

    3. How to be remarkable

    This is the core material of Purple Cow, literally and
    figuratively.  It is the heftiest part of the book, and is filled with
    case examples and stories (Please read the book for all the examples).  It
    is, however, more of a listing of what not to do than what to do.  Godin’s
    “how’s” become increasingly abstract, but three core beliefs stand out.

    • Firms must make more remarkable products and
      services that the “right” people (Micro niche segment of customers) seek
      out.  Creating safe and ordinary products and combining them with
      great marketing no longer works.
    • Purple Cows focus on early adopters
      of products.  Brown cows focus on the masses in the middle of the
      product life cycle.  But the masses also ignore new products. 
      The majority are happy with their choices and unlikely to change. 
      They are stuck consumers.
    • Beyond catering to the early adopters, Purple
      Cows can use them to spread ideas.  Godin calls them “idea viruses”
      and vocal early adopters “sneezers.”  They sneeze products and ideas
      and their friends catch on.  Ideasvirus items are occasionally the
      product of accidental luck; consider the Pet Rock and Psy’s Gangnam Style
      video.  More likely, however, it is the result of hard work and a
      focus on sneezers.  In fact, Godin states “It is useless to advertise
      to anyone except interested sneezers with influence.” 

    Lessons learned

    Purple Cow products are rare because they
    are seen as risky, like kiteboarding.  The real problem with them is
    fear.  Giant brands with large facilities and significant inertia have a
    low tolerance for perceived risk.  Smaller and mid sized firms have less
    to lose.  And, they realize they have far more to gain by playing by a
    different set of marketing and conceptual rules.  Godin calls them
    “cheaters.”  One example is Jet Blue.  They “cheat” by using a low
    cost business structure, underused airports, and a younger non-union
    staff.  This gives them an unfair advantage.  His take on this is
    “who cares?”

    “If Purple Cow is now
    one of the Ps of marketing, it has profound implications for the enterprise. It
    changes the definition of marketing. It used to be that Engineering invented,
    Manufacturing built, Marketing marketed, and Sales sold. There was a clear
    division of labor, and the president managed the whole shebang.” That’s clearly
    not a valid strategy any longer the customer’s mind, creating Killer Brands.

    via Blogger http://ift.tt/2rUF57a

    Inventory Management means saving Money

    Start saving by using these 

    8 Inventory Management Techniques

    Image result for inventory problems

    Why Inventory Management Is Important

    Holding inventory ties up a lot of cash. That’s why good inventory management is crucial for growing a company. Just like cash flow, it can make or break your business. 

    Inventory Management Saves You Money

    Good inventory management saves you money in a few critical ways:

    Avoid Spoilage

    If you’re selling a product that has an expiry date (like food or makeup), there’s a very real chance it will go bad if you don’t sell it in time. Solid inventory management helps you avoid unnecessary spoilage.

    Avoid Dead Stock

    Dead stock is stock that can no longer be sold, but not necessarily because it expired. It could have gone out of season, out of style, or otherwise become irrelevant. By managing your inventory better, you can avoid dead stock.

    Save on Storage Costs

    Warehousing is often a variable cost, meaning it fluctuates based on how much product you’re storing. When you store too much product at once or end up with a product that’s difficult to sell, your storage costs will go up. Avoiding this will save you money.

    Inventory Management Improves Cash Flow

    Not only does good inventory management save you money, it also improves cash flow in other ways. Remember, inventory is product that you’ve likely already paid for with cash (checks and electronic transfers count as cash too), and you’re going to sell it for cash, but while it’s sitting in your warehouse it is definitively not cash. Just try paying your landlord with 500 iPhone cases.

    This is why it’s important to factor inventory into your cash flow management. It affects both sales (by dictating how much you can sell), and expenses (by dictating what you have to buy). Both of these things factor heavily into how much cash you have on hand. Better inventory management leads to better cash flow management.

    When you have a solid inventory system, you’ll know exactly how much product you have, and based on sales, you can project when you’ll run out and make sure you replace it on time. Not only does this make sure you don’t lose sales (critical for cash flow), but it also helps you plan ahead for buying more so you can ensure you have enough cash set aside.

    8 Inventory Management Techniques

    Inventory management is a highly customizable part of doing business. The optimal system is different for each company. However, every business should strive to remove human error from inventory management as much as possible. This means taking of advantage inventory management software. If you run your business with Shopify, inventory management is already built in.

    Regardless of the system you use, the following eight techniques to will help you improve your inventory management—and cash flow.

    1. Set Par Levels

    Make inventory management easier by setting “par levels” for each of your products. Par levels are the minimum amount of product that must be on hand at all times. When your inventory stock dips below the predetermined levels, you know it’s time to order more.

    Ideally, you’ll typically order the minimum quantity that will get you back above par. Par levels will vary by product based on how quickly the item sells, and how long it takes to get back in stock.

    Although it requires some research and decision-making up front, setting par levels will systemize the process of ordering. Not only will it make it easier for you to make decisions quickly, it will allow your staff to make decisions on your behalf. 

    Remember that conditions change over time. Check on par levels a few times throughout the year to confirm they still make sense. If something changes in the meantime, don’t be afraid to adjust your par levels up or down.

    2. First-In First-Out (FIFO)

    “First-in, first-out” is an important principle of inventory management. It means that your oldest stock (first-in) gets sold first (first-out), not your newest stock. This is particularly important for perishable products so you don’t end up with unsellable spoilage.

    It’s also a good idea to practice FIFO for non-perishable products. If the same boxes are always sitting at the back, they’re more likely to get worn out. Plus, packaging design and features often change over time. You don’t want to end up with something obsolete that you can’t sell.

    In order to manage a FIFO system, you’ll need an organized warehouse. This typically means adding new products from the back, or otherwise making sure old product stays at the front. If you’re working with a warehousing and fulfillment company they probably do this already, but it’s a good idea to call them to confirm.

    3. Manage Relationships

    Part of successful inventory management is being able to adapt quickly. Whether you need to return a slow selling item to make room for a new product, restock a fast seller very quickly, troubleshoot manufacturing issues, or temporarily expand your storage space, it’s important to have a good relationship with your suppliers. That way they’ll be more willing to work with you to solve problems.

    In particular, having a good relationship with your product suppliers goes a long way. Minimum order quantities are often negotiable. Don’t be afraid to ask for a lower minimum so you don’t have to carry as much inventory. 

    A good relationship isn’t just about being friendly. It’s about good communication. Let your supplier know when you’re expecting an increase in sales so they can adjust production. Have them let you know when a product is running behind schedule so you can pause promotions or look for a temporary substitute.

    4. Contingency Planning

    A lot of issues can pop up related to inventory management. These types of problems can cripple unprepared businesses. For example:

    • Your sales spike unexpectedly and you oversell your stock
    • You run into a cash flow shortfall and can’t pay for product you desperately need
    • Your warehouse doesn’t have enough room to accommodate your seasonal spike in sales
    • A miscalculation in inventory means you have less product than you thought
    • A slow moving product takes up all your storage space 
    • Your manufacturer runs out of your product and you have orders to fill
    • Your manufacturer discontinues your product without warning

    It’s not a matter of if problems arise, but when. Figure out where your risks area and prepare a contingency plan. How will you react? What steps will you take to solve the problem? How will this impact other parts of your business? Remember that solid relationships go a long way here.

    5. Regular Auditing

    Regular reconciliation is vital. In most cases, you’ll be relying on software and reports from your warehouse to know how much product you have stock. However, it’s important to make sure that the facts matche up. There are several methods for doing this.

    Physical Inventory

    A physical inventory is the practice is counting all your inventory at once. Many businesses do this at their year-end because it ties in with accounting and filing income tax. Although physical inventories are typically only done once a year, it can be incredibly disruptive to the business, and believe me, it’s tedious. If you do find a discrepancy, it can be difficult to pinpoint the issue when you’re looking back at an entire year.

    Spot Checking

    If you do a full physical inventory at the end of the year and you often run into problems, or you have a lot of products, you may want to start spot checking throughout the year. This simply means choosing a product, counting it, and comparing the number to what it’s supposed to be. This isn’t done on a schedule and is supplemental to physical inventory. In particular, you may want to spot check problematic or fast-moving products.

    Cycle Counting

    Instead of doing a full physical inventory, some businesses use cycle counting to audit their inventory. Rather than a full count at year-end, cycle counting spreads reconciliation throughout the year. Each day, week, or month a different product is checked on a rotating schedule. There are different methods of determining which items to count when, but, generally speaking, items of higher value will be counted more frequently.

    6. Prioritize With ABC

    Some products need more attention than others. Use an ABC analysis to prioritize your inventory management. Separate out products that require a lot of attention from those that don’t. Do this by going through your product list and adding each product to one of three categories:

    A – high-value products with a low frequency of sales

    B – moderate value products with a moderate frequency of sales

    C – low-value products with a high frequency of sales

    Items in category A require regular attention because their financial impact is significant but sales are unpredictable. Items in category C require less oversight because they have a smaller financial impact and they’re constantly turning over. Items in category B fall somewhere in-between.

    7. Accurate Forecasting

    A huge part of good inventory management comes down to accurately predicting demand. Make no mistake, this is incredibly hard to do. There are so many variables involved and you’ll never know for sure exactly what’s coming—but you can get close. Here are a few things to look at when projecting your future sales:

    • Trends in the market
    • Last year’s sales during the same week
    • This year’s growth rate
    • Guaranteed sales from contracts and subscriptions
    • Seasonality and the overall economy
    • Upcoming promotions
    • Planned ad spend

    If there’s something else that will help you create a more accurate forecast, be sure to include it.

    8. Consider Dropshipping

    Dropshipping is really the ideal scenario from an inventory management perspective. Instead of having to carry inventory and ship products yourself—whether internally or through third-party logistics—the manufacturer or wholesaler takes care of it for you. Basically, you completely remove inventory management from your business.

    Many wholesalers and manufacturers advertise dropshipping as a service, but even if your supplier doesn’t, it may still be an option. Don’t be afraid to ask. Although products often cost more this way than they do in bulk orders, you don’t have to worry about expenses related to holding inventory, storage, and fulfillment. 

    It’s time to take control of your inventory management and stop losing money. Choose the right inventory management techniques for your business, and start implementing them today.

    Credit: Casandra Campbell is an entrepreneur, craft beer nerd, and content creator at Shopify. for sharing the wonderful details. 

    via Blogger http://ift.tt/2qniugA

    Book: Swami Vivekananda’s Winning Formulas to become Successful Managers by ARK Sharma on how to be successful Manager

    S W A M I V I V E K A N A N D A’s 
    Winning Formulas to become Successful Managers 

    – A.R.K Sharma


    About the Author:

    Mr. A.R.K Sharma, a gold medalist in science. He is a UPSC recruited class 1 officer. At present he is the vice president of Tata Docomo Services. He has been always influenced by Swami Vivekanadha and his writings. He has authored up to 14 books which are best sellers

    Swami Vivekanadha:



    Born as Narendra Dutta, he was a disciple of Ramakrishna. He died at the early age of 39. He is well-known for his speech at the Parliament of World Religions in Chicago, 1893 which he began with the most famous words as “Sisters and Brothers of America”




    Why this Book?

    To Analyse and increase our commitment for our success.

    Characteristic of people :


    1) People with Low commitment and Low competency – like COLORLESS and ODORLESS FLOWERS

    a) Always require monitoring, guidance, cause of correction to perform anything constructive.
    b) They are like colorless and odorless flowers.
    c) They are simple in nature.



    2) People with High commitment and Low competency – Like COLORLESS BUT SCENTED FLOWERS

    a) They work hard with little success.
    b) They are good in ratline & repetitive matters.
    c) Colorless flowers but with excellent fragrance.



    3) People with High competency and low commitment – Like COLORFUL without FRAGRANCE FLOWERS

    a) They are extra ordinary brilliant and have excellent competency.
    b) Lake of commitment makes unsuccessful in spite of competency.
    c) They are like flowers with beautiful colors but without fragrance.




    4) People with high commitment & high competency – Like COLORFUL with FRAGRANCE FLOWERS

    a) They are gift of God. The more such people will bring glory to society.
    b) They are like flowers with beautiful colors and excellent fragrance.

    Commitment Winning formulas as said by Swami Vivekanadha:

    1) Commitment – Early Awakening

    Winning Formula – ARISE! AWAKE! STOP NOT TILL THE GOAL IS REACHED

    The passion to execute plans and achieve results is the fundamental factor in successful people.


    2) Commitment – Sense of Responsibility

    Winning Formula – BLAME NONE FOR YOUR OWN FAULTS 

    Never talk about the faults of others ,no matter how bad they may be.



    3) Commitment – Focus on Execution of Work

    Winning Formula – WORK, WORK, WORK — LET THIS BE YOUR MOTTO


    4) Commitment – Zeal

    Winning Formula – IF YOU FAIL A THOUSAND TIMES, MAKE ATTEMPT ONCE MORE

           What is done is done … do not
    repent; do not brood over past deeds… you can not undo, the effect must come,
    face it, but be careful never to do the same thing.

    5) Commitment – Commitment to Others

    Winning Formula – WHEN THERE IS A CONFLICT BETWEENHEART AND BRAIN,LET THE HEART BE FOLLOWED

    We should break our narrow mindedness and stand by heart at the time of crisis.















    Hear our former president’s vision about Swami Vivekananda




    Competence Winning formulas as said by Swami Vivekanadha:

    1) Competence – Courage

    Winning Formula – STOP RUNNING – FACE THE BRUTES


    Face the challenges with courage instead of running away from it












    2) Competence – Faith 

    Winning Formula – FAITH, FAITH, FAITH IN OURSELVES

    1.         
    The faith is oneself is the
    fundamental factor to win. This winning formula of Swami Vivekananda empowers
    us to move forward in life and attain success. Whatever we think , that we will
    be. If we think we are weak, weak we will be




    3) Competence – Self Respect

    Winning Formula – EYE FOR EYE; TOOTH FOR TOOTH; BUT DO NOT DO ANYTHING WRONG

    Many times fear stops us from going ahead and we strangely back out accepting failure in ignorant manner













    4) Competence – Focus of mind

    Winning Formula – FULL ATTENTION; NO TENSION


    The secret of work is to work without being drawn away in tension and worry

    “Chita burn dead body and chinta burns living body”








    5) Competence – Strength

    Winning Formula – STRENGTH, STRENGTH, STRENGTH, IT IS THAT WE WANT MORE IN HIS LIFE


    via Blogger http://ift.tt/2oLJuE6

    Book: Eat, Pray, Love by Elizabeth Gilbert on how to get connected with self

    Eat, Pray, Love – Elizabeth Gilbert



    About the Author:

    Elizabeth M. Gilbert,47, is an American author, essayist,short story writer, biographer, novelist,and memoiristShe started her career as a journalist.Her books have received several notable prizes.

    Why this Book:
    The memoir of how she left behind all the outward marks of success, and set out to explore three different aspects of her nature, against the backdrop of three different cultures: 
    🍲 pleasure in Italy, 
    📿 devotion in India, and 
    💓a balance between worldly enjoyment and divinetranscendence on the Indonesian island of Bali.

    “One Woman’s Search For Everything across Italy, India and Indonesia”





     Story of the book:

    A travelogue to Italy, India, and Indonesia. It’s also a trip into self-hood, an attempt to understand who she is and what she wants in the wake of a broken marriage.  


    Elizabeth Gilbert tells how she made the difficult choice to leave behind all the trappings of modern American success (marriage, house in the country, career) and find, instead, what she truly wanted from life.

    This is made as a film of the same name featuringJulia Roberts and let us compare it with the videos.
    Eat 🍲 @ ITALY: 

    “Gilbert explored the art of pleasure in Italy 

    She moves to Italy and starts to understand the art of pleasure by exploring various foods across the city.




    Pray 📿 @ INDIA: 

    “Gilbert explored the art of devotion in India



    She invokes spiritual reality within herself and finds inner peace



     
    Love 💓 @ BALI: 

    “Gilbert explored the art of balancing the two in Bali

    She found true love in Bali – A Brazilian business man.
    Life Lessons we can learn from her novel:
    💢IT IS NEVER TO LATE TO FIND
    YOURSELF, OR REINVENT YOURSELF
    💢HAPPINESS IS ALL A STATE-OF-MIND.
      💢IT IS VERY IMPORTANT TO TAKE OUT TIME FOR YOURSELF 
     💢YOU HAVE TO LEARN TO SELECT YOUR THOUGHTS
      💢DON’T BE AFRAID OF CHANGE, IT IS BOUND TO COME 
     💢BUILD THE LIFE YOU WANT, NOT THE LIFE THAT EVERYONE EXPECTS YOU TO HAVE
    The below video shows her interview where she expresses her view on “Finding Your Passion” 

    via Blogger http://ift.tt/2oyXzK8

    Go Cashless (Know how to do it)

    Shared what are the medias and process one can start using tools available for online payments and initiate digital payment process with ease.

    Objective of the Presentation is:

    To share mediums we can use for online transactions

    To share take cares while doing digital payments so that individual who is new to the process can use it effectively and be in flow

    Also shared do’es and Don’ts while going digital

    Benefits of digital payment and

    Things needs to be taken care while doing digital transactions

    Some of the tools/ applications mentioned are:

    Paytm

    BHIM

    Net Banking

    Mobile Banking

    Aadhar enabled Payment

    via Blogger http://ift.tt/2jsfN9n

    AvoidThese 5 Body Language Related  Mistakes in an Interview

     Avoid
    These 5 Body Language Related 

    Mistakes
    in an Interview


    Based on wonderful
    article shared by Timesjobs:

    1.  Looking lazy or aggressive

    Do not lean back – you will look lazy. Do not lean forward- you will
    look aggressive. Just sit naturally – straight -you will look alert and
    comfortable. Also do not cross your arms. This shows defensiveness — like you
    are holding yourself back.

    2.  Avoiding eye contact

    Look calmly at the interviewer during the conversation. Do not stare or
    look away while speaking. Understand that you can say a lot through eyes too.

    3.  Constant nodding

    Do not be in the habit of nodding and agreeing to everything the
    interviewer says. This shows you are more of a ‘yes’ person.

    4.  Weak handshakes

    There is nothing worse than a weak handshake to start off or end an
    interview. A firm handshake is a sign of authority and confidence.

    5.  Looking at the clock

    Some interviews can drag on for a long time. Still, if you want to have
    the job, avoid peeking at the wrist watch or the wall clock while you are in
    the middle of a conversation with the interviewer.

    via Blogger http://ift.tt/2hfbDoe