Operations Management module 1

What is Store Management?

Material management is only possible if proper records of the stores are maintained. Stores are very
important in carrying out day-to-day operations. The objective behind stores is the continuous
supply and production of goods and services. Managing the stores ensures that every project, no
matter how large or small is properly managed.

Store keeping’s basic function is to receive the materials, recognize, place the same and issue the
raw materials on the requisition made by the respective department.

The term “store management” refers to the efficient management of materials. It ensures that all
the various activities involved during the process of storekeeping are carried out economically and
efficiently.

What is the purpose of Store Management?

Objectives of Store Management

The various objectives of store management are as follows:

1) Minimizing Cost of Production:

The store’s primary goal is to produce services at the lowest possible cost by minimizing production
costs. The total material cost in production includes the cost of materials, the cost of procurement,
and the cost of transporting and transferring materials. The costs of the store include preservation,
accounting, insurance, and store equipment. These costs have a direct or indirect effect on the total
cost of the product. So, the company is trying to minimize these costs.

2. Maintaining the Worth of Stock:

The primary goal of store management is to keep materials at a minimum on a regular basis in order
to make the best use of working capital. It also contributes to lower storage costs. The stock-keeping
in the store is completed in a shorter period of time. The storekeeper tries to prevent the inventory
from becoming obsolete and also tries to minimize the warehouse time for the stock. The
storekeepers work tirelessly to keep the store’s merchandise valuable.

3) Services to Organisation:
The store management helps in providing different types of services to the organization. The service
consists of monitoring all the stages, i.e., raw materials and work-in-progress, finished goods, and
controlling the scrap.
 1. There is the proper movement of raw materials, components, tools, equipment, and any
other commodities required for the production of products and services.
2. They assist with the upkeep of materials, spare parts, and stores as needed.
3. They help in maintaining a proper supply of materials at the time of work in progress.
4. They assist in obtaining and storing scrap items.

They help with keeping records of all the receipts, issues, and goods in

4) Establishing Co-ordination with other Departments:

Management relies heavily on coordination. The basic objective of store management is to have
proper communication with the material control department. The store manager, for proper
functioning, needs to cooperate with another department. They give a continuous flow of
information and materials for providing and maintaining services to other departments.

5 ) Advising Materials Manager:

The store plays an important role in material management. Management is reliant on the store’s
formulation of various types of investment policies. The store manager needs to have proper
knowledge of the store and the store’s items for framing various kinds of policies. Other
departments can use this information to keep the stock at the proper quality, quantity, and order
level.

Different types of retail stores

https://accountlearning.com/retail-store-meaning-types-of-retail-stores/#

Read this in detail .All the different types of stores are explained we’ll In this article

5 Types of Merchandising You Should Know

Merchandising refers to selecting and presenting products or services to put them up for sale. Any
practice or strategy that stimulates the consumers and persuades them to purchase the
merchandise denotes ‘merchandising.’ They include product selection, design, packaging, pricing,
display, and other marketing tactics. Visual merchandising is the key to boosting one’s business.

Product Merchandising
Product merchandising signifies all promotional activities and business practices undertaken to
boost the sales of both physical and digital products. For example, neatly stacked shelves displaying
trendy apparel with life-sized mannequins flaunting voguish attire combinations will entice the
customers to try out some clothes, thus increasing the chances of purchase.
Similarly, when the latest smartphones or other chic electronics appear on one’s screen while
browsing, consumers cannot help but consider owning them. In short, product merchandising is as
essential as showing the products to the customers in a unique way.

Retail Merchandising
Retail merchandising is specific to retail products, where the inventory is displayed and promoted in
an actual physical store. Effective retail merchandising is indispensable in today’s competitive
marketplace, where retail stores have to stand out from other retailers and digital stores.

Apart from the traditional brick-and-mortar stores, retail merchandising is also relevant to pop-up
stores and makeshift booths on the streets or flea markets. From developing innovative product
displays and increasing foot traffic to creating fulfilling shopping experiences for the customers,
retail merchandising involves substantial efforts and creativity

Visual Merchandising

Visual merchandising is related to the display techniques and strategies implemented to exhibit the
goods and services so that their appearance lures the spectators and converts them into buyers. In-
store visual merchandising aims to engage the customers and let them discover the products in a
friendly way.

Visual merchandising is all about designing the floor layouts, creative window exhibits, using lively
color schemes and bright lighting, and arranging interactive or three-dimensional displays; in other
words, creating an environment that drives sales.

Digital Merchandising
Digital merchandising, vital in today’s cyber era, represents all marketing strategies and promotional
activities businesses undertake to publicize and promote their merchandise on digital platforms.
Developing and maintaining a professional website, conducting successful digital marketing
campaigns, including email marketing, creating a robust social media presence, etc., are some of the
approaches that fall under e-commerce or online merchandising. Pairing retail merchandising with
digital one provides a broader scope for a successful business.

Omnichannel Merchandising

Omnichannel merchandising is a combination of promotional activities conducted with respect to

multichannel commerce online, from a physical shop, or through telephone. This merchandising
aims at offering their customers a seamlessly unified shopping experience across all avenues. For
example, retail stores with social media presence connect with their regular customers online or
share information about any upcoming promotional events or offers through emails and telephone.

Similarly, if someone browses through an online store and adds certain items to their cart, they
eventually leave without buying. They soon receive an email or a notification reminding them about
the cart or offering discounts.

6 Different types of store layouts and Design

https://www.indeed.com/career-advice/starting-new-job/store-layout-
planning

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Retail store opening and closing checklist

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and-closing-procedures-
checklist?amp_gsa=1&amp_js_v=a9&usqp=mq331AQKKAFQArABIIACAw%3D%3D#amp_tf=F
rom%20%251%24s&aoh=16627098608952&referrer=https%3A%2F%2Fwww.google.com&a
mpshare=https%3A%2F%2Farirms.com%2Fretail-stores-operations-opening-and-closing-
procedures-checklist

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What is a distribution center?

A distribution centre is a specialized warehouse that serves as a hub to strategically store finished
goods, streamline the picking and packing process, and ship goods out to another location or final
destination. Often used interchangeably with the term fulfillment center, distribution centres
handle order fulfillment and other value-added service

Distribution center” and “warehouse” are terms many people think are one and the same, but there
are some key differences.
At its core, a traditional warehouse only stores inventory (typically on a long-term basis), where a
distribution center is a facility that briefly stores inventory until orders get fulfilled and then sent to
their next or final destination.

How security tags work

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Store manager responsibilities

Typical duties of a store manager or retail manager include:

1. recruiting, training, supervising and appraising staff

2. managing budgets
3. maintaining statistical and financial records
4. dealing with customer queries and complaints
5. overseeing pricing and stock control
6. maximising profitability and setting/meeting sales targets, including motivating staff to do so
7. ensuring compliance with health and safety legislation
8. preparing promotional materials and displays
9. liaising with head office.