Assignment Code: BRL-003/TMA/2022-23

Course Code: BRL-003

Assignment Name: Retail Management Perspectives and Communication

Year: 2022-2023

Verification Status: Verified by Professor

Attempt all the questions.

(A) Short Type Questions. 10x7

Q1) What are the functions of management? Explain with illustrations.

Ans) The nature of the operations varies amongst functions inside businesses. They could include intricate logistics and physical distribution processes, administrative tasks like managing finances and human resources, and routine activities like sales and marketing.

Planning

Planning is determining a future action. Planning is the most important management function because it precedes all others. Planning involves choosing future activities. Planning involves different periods and types.

1. Mission or Purpose: Mission is a company's purpose. Having a mission statement allows the organisation to focus its activities. A firm's mission is a long-term plan. It might describe the firm's business and target customers.

2. Objectives and Goals: All corporate action is directed by objectives and goals. Specific, quantifiable, achievable, realistic, and time-bound goals are needed. Objectives measure a company's performance. Long-term and short-term goals exist.

3. Policies: Long-term firm policies reflect governance issues and top management philosophy. Policy guides decision-making and action. Policies guide decision-making.

4. Strategies: A strategy is a plan to reach the goal. Strategy gives companies a competitive advantage.

5. Procedure: A procedure is a series of steps to solve a structured problem. Daily difficulties plague organisations. Identifying the problem will be difficult.

6. Rule: A rule is an explicit statement of what an employee can and cannot do. Rule is rigid.

Organizing

Organizing defines and groups activities and creates authoritative relationships.

1. Job Analysis and Design: After determining the firm's mission and objectives, identify and classify necessary activities. Complex tasks must be divided down, and jobs must be defined with work profiles. Each job needs a clear description and specification.

2. Departmentation: Given the given resources, the above jobs must be organised by function.

3. Span of Management: Determine each job's authority. The number of persons reporting to a superior is the span of management. Wide or tail spans are produced by the number of relations for each designation.

4. Delegation: Assign each job power and every profession requires decision-making power.

5. Organizational Structure: This involves horizontally and vertically connecting groups through authority, relationships, and information flows. It shows the organization's relationships and responsibilities graphically. A company's structure helps identify each job's role.

Staffing

Staffing is planning a company's workforce. It's the process of finding the correct individuals for all the organizing-designed positions. 

1. Procurement: This step entails finding the right candidates based on the job description by inviting them to a selection process. It comprises recruiting, selection, and induction.

2. Development: Training and development are included. The company must supply work-based knowledge and enhance staff abilities.

3. Maintenance: Maintenance focuses on retaining employees. This phase focuses on remuneration, incentive, and benefits.

4. Separation: Another significant phase is employee departure. Retirement, death, dismissal, Voluntary Retirement Scheme, Compulsory Retirement Scheme, and other circumstances can lead to an employee leaving an organisation, and each must be handled differently.

Directing

Directing means securing subordinates' obedience without diminishing their initiative and inventiveness. The superior should issue directives without upsetting subordinates. Directing includes the following functions:

1. Motivation: Motivation is the readiness to invest high levels of effort to achieve organisational goals, conditioned on satisfying some individual need.

2. Leadership: Leadership is a manager's capacity to gain followers. Different leadership styles guide subordinates to work and achieve goals. Leaders seek subordinates' esteem and acceptance.

3. Communication: Information is transmitted through communication. Any company needs communication. It maintains organisational stability and speeds up work. It maintains organisational cohesion.

Controlling

Controlling phase realises organisational efforts. Management begins with planning and ends with planning. Controlling ensures that goals are met. Including:

1. Standardizing performance.

2. Performance measurement.

3. Performance versus standards.

4. Detecting deviations.

5. Remedying.

Q2) What is planning? Explain planning process.

Ans) The core of achieving success in an organization is the proper planning of the strategy to be adopted in short as well as in the Jong run. In planning, managers use facts, reasonable presumptions, and constraints to visualize and formulate necessary activities required to achieve desired results. As in every organization, in retail organization also, there are two components of planning mission and vision. While mission outlines the goal of the enterprise and the strategy to be pursued, vision motivate for the future development and expansion of the activities.

Retail Planning Process

There are several benefits one can get out of retail planning process. These may include cost cuttings, enhanced appeal, enhanced customer service and profitability for both the customer as well as for the retailer. Some of the benefits of the retail planning process are:

1. Effective cost control

2. Effective stock management

3. Effective store management

4. Effective display management

5. Efficient customer Service

6. Enhanced customer satisfaction

7. Providing the requested product, at the right place and at right time.

8. Striking a balance of size and operations as per local needs.

9. Increased Profit by planning:

a) More profitable product combinations.

b)  Reduced frequency of over-stocking.

c)  Minimal “Stock Outs”

The other benefits include:

1. Planning timely promotional campaigns .

2. Improved negotiations by increased buying power

3. Faster stock turnover ‘

4. Real-time merchandizing

5. Enhanced forecasting capabilities

6. Market analysis

7. High goodwill in the market

8. Reduced competition

Q3) What is organization structure? Discuss different types of organization structure.

Ans) To enable people to collaborate most productively in achieving goals, organisation is the process of identifying and grouping the work that needs to be done, defining, and allocating responsibility and authority, and establishing relationships. The arrangement of people and occupations within an organisation to enable the completion of its tasks and the achievement of its objectives is referred to as the organisational structure. Formal structure may not be necessary in extremely small work groups with frequent face-to-face communication, but in bigger organisations, decisions about the delegation of specific responsibilities must be made.

Line Structure

The line organisation is defined by its clear chain of command, with top-down approval on operational choices. In tiny enterprises such as accounting offices, law firms, hair salons, and "mom-and-pop" stores, the president or CEO can simply offer information and instructions to subordinates, allowing swift judgments. Line structures are informal and involve few departments, making organisations decentralised. The president is often available throughout the day to answer inquiries and respond to problems. Presidents and CEOs often work with subordinates. Because the president wears multiple "hats" and oversees many operations, she or he cannot be an expert in all fields.

Line-and-Staff Structure

The line structure isn't suited for larger firms, but the line-and-staff structure is because it provides instructions for those directly involved in the organization's work. This structure combines information from the line structure with the staff departments that advise and support them. Line departments make operational choices, while staff areas provide assistance. Line-and-staff organisational structure provides specialised, functional help to all managers, ensures proper checks, and balances, and maintains accountability for end results.

Matrix Structure

The matrix structure differs from line-and-staff. Employees employed into one department may work on projects controlled by another. Matrix organisations are project-based. Matrix organisations blend vertical and horizontal work interactions. Workers report to two supervisors: a functional manager in the department where they work and a special project manager who utilises their services on occasion.

Q4) What is the decision-making process? Explain the various of decision making?

Ans) Decision-making is a key management task. The manager's decisions are vital to the organization's success and failure. Decision making includes planning, organising, staffing, and directing. A decision is a method chosen from preferred options to obtain a result. To achieve organisational goals, managers and non-managers must make decisions. Further categorising these decisions.

Organizational decision-making includes:

1. Programmed And Non-Programmed Decisions: Programmed decisions are routine and repetitive in nature. Non-programmed decisions are not routine or common in nature. These are related to exceptional situations in which guidelines or routine management is not set.

2. Operational and Strategic Decisions: Operational choices are normal business. These judgments take less time than others. Subordinates have many obligations. Harmony in an organisation and competent management are the important decisions.

3. Organizational and Personal Decisions: The organisation goal is a decision made with the organization's goal in mind. Managers make personal decisions. Discretionary. These decisions sometimes harm the organisation.

4. Major and Minor Decisions: These are managerial choices pertaining to the acquisition of new property. These decisions are made by top management, although buying stationery is a trivial matter. Superintendents make a few small decisions.

5. Individual and Group Decisions: A choice is considered an individual decision when it is made by a single person. Routine choices are typically made by employees inside the organization's policy framework. A group of people who function as a standing committee decide as a group.

6. Tactical and Operational Decisions: Organizational policy issues are addressed by policy decisions. These decisions, which have a long-term impact on the organisation, are made by top management. Operational choices are those made on a daily basis to ensure the smooth operation of the company. Managers at the middle and lower levels can take these.

Q5) Define leadership? Explain the functions of leadership.

Ans) The capacity to influence and direct followers or other members of an organisation is referred to as leadership. Making wise and occasionally challenging decisions, establishing, and communicating a clear vision, setting realistic goals, and arming followers with the information and resources they need to attain those goals are all parts of leadership. Most facets of society, including business, politics, local communities, and non-profit groups, demand leaders.

Functions of Leadership

The following are some crucial duties that come with being a leader:

1. Setting Goals: Setting goals is the leader's primary duty. The goals and policies should be framed in accordance with the leader's vision.

2. Organizing: In order to make the organization's many components work sensitively toward the accomplishment of organisational goals or objectives, a leader must design and shape the organisation along scientific lines by allocating positions that are appropriate for individual strengths.

3. Initiating Action: Initiative-taking is a crucial part of leadership. A leader must take the lead in all situations that are important to both the organisation and the group they are tasked with coordinating. He should contribute fresh ideas and not rely on others for judgement or decision-making.

4. Co-Ordination: A leader must balance the needs of the group's individual members with those of the organisation. He or she must also guarantee that the group works effectively together to accomplish the goals of the organisation.

5. Direction and Motivation: A leader's main responsibility is to direct and guide his team while inspiring them to put up their best effort in achieving the group's objectives. When a leader inspires his or her followers, the latter become more self-assured and work harder to reach their objectives.

6. Link between Management and Workers: A leader serves as a liaison between the management and the workforce by explaining the management's policies and programmes to the workforce and standing in for the interests of the workforce before the management.

To accomplish the objectives of the business or organisation, the leaders must carry out the aforementioned duties. The leader should use the right combination of coordination, guidance, and motivation to exercise effective leadership.

 Q6) Explain various stages in control process in your retail company.

Ans) The flow between measuring, comparing, and action occurs continuously during the control process. Every firm aspires to accomplish its objectives quickly and successfully. A procedure called controlling makes sure an organisation stays on its planned course. Control strategies are methods that aid in this process. Techniques and mechanisms for controlling finances, quality, performance, and everything planned are all similar.

Establish Performance Standards: When goals are established throughout the planning process, standards are produced. Any rule created as the foundation for measurement is referred to as a standard. It is a clear, unequivocal declaration of the outcomes that are expected of a certain good, service, piece of equipment, person, or organisational unit. It is typically set for quality, quantity, and time and is expressed numerically.

Measuring Actual Performance: Data are gathered by supervisors to assess real performance and identify deviations from the norm. Timesheets, production tallies, inspection reports, and sales tickets are examples of written data. As fundamental sources of information, managers typically use their own observations, statistical reports, oral reports, and written reports to evaluate employee performance.

Comparing Performance: The level of variation, if any, is decided by the established norms. Because all plans are formed for the future, which is inherently uncertain, some variation is to be expected. Performance may differ when one or more of the underlying predictions are off. The degree of variation can be determined by comparing actual performance to the standards set during planning.

Taking Managerial Action: A manager can opt to do nothing, take remedial action, or they can also change the criteria when there are discrepancies between actual performance and planned performance. The management will wish to implement corrective measures if work activities or actions are the cause of variation in real performance.

Revising the Standards: Managers may feel the urge to alter the standards themselves when taking managerial action is not possible owing to uncontrollable causes.

Q7) Discuss the accounting concepts and conventions.

Ans) The language of business is accounting. Accountants from all across the world have created certain concepts, norms, systems, and methods to ensure that the language conveys the same meaning to all speakers. Generally Accepted Accounting Principles are what they are known as. Accounting concepts and conventions help people understand accounting principles.

Accounting Concepts

The foundational presumptions or conditions upon which the science of accounting is based may be referred to as accounting concepts. The ideas that are most frequently embraced are:

1. Business Entity Concept: This idea holds that the commercial enterprise and its owners are two different things. The company entity, not the owner, is in charge of the transactions and any consequences that result from them.

2. Money Measurement Concept: This idea states that every business transaction must be documented solely in monetary terms, or in the local currency of the nation where the business is located.

3. Going Concern Concept: This is based on the supposition that the company will operate profitably for an infinite amount of time.

4. Dual Aspect Concepts: This idea underlines the fact that every commercial transaction has two components: the receiving and providing of benefits. Money is used to quantify these two factors.

5. Accounting Period Concept: Every corporate entity must compute the profit or loss at regular intervals, known as accounting periods, for the purposes of calculating profits, financial condition, calculating taxes, etc.

6. Cost Concept: According to this idea, the amount paid for fixed assets like buildings, machinery used in plants, furniture, etc., must be reflected in the books of accounts.

7. Realisation Concept: According to this idea, a sale must really be done in order for revenue to be deemed earned. Realization is the term used to describe the legal right to receive funds from a transaction.

8. Accrual Concept: This idea states that income is recognised when it merely becomes a receivable even when cash is not received, and expense is recognised when it merely becomes a payable even though cash is not immediately paid. and both are reported during the relevant accounting period.

Accounting Conventions

The accountant must keep in mind the conventions of accounting, also known as accounting customs, when creating the financial accounts. The following are crucial accounting practises:

1. Consistency: This norm necessitates sticking to the same accounting practises across time. The principles and procedures governing accounting shouldn't alter.

2. Disclosure: All accounting statements must be accurately prepared to disclose all material information in accordance with this convention. In recent years, this convention has grown in favour.

3. Conservation: According to this theory, the operating principle is to not anticipate any benefits but to plan for all potential losses and, when in doubt, to write them off.

4. The Materiality: The materiality convention states that only pertinent and significant information should be included in the financial statements. An item should generally be regarded as material, according to the general rule.

(B) Essay Type Questions. 15x2

Q8) What is the listening? Explain the listening and good listening habits.

Ans) Receiving and interpreting signals from spoken, written, and nonverbal communication is the process of listening. Here, it is important to distinguish between listening and hearing. Hearing is the act of hearing sounds through the ears without thought or analysis. The idea of listening is fairly broad. Just one aspect of listening is hearing.

Through our ears, eyes, minds, and hearts, we listen. Listening tasks should include both the current input and information already stored in memory. When listening, the entire environment is taken into account. In a classroom, listening is different than listening to the same teacher individually.

People frequently avoid hearing or attempt to disrupt a listening process because they perceive listening to be exceedingly difficult. According to cultural norms, sender has a superior rank to receiver when communicating. As a result, everyone tries to send most of the time. People try to impede and try to communicate something from their side while someone is trying to communicate a message. In reality, you will learn a lot when you listen.

The Process of Listening and Good Listening Habits

Three fundamental steps make up the active process of real listening:

1. Hearing: Hearing simply means paying attention long enough to understand what is being said.

2. Understanding: When you take what you have heard and interpret it in your own way, you have completed the second stage of listening.

3. Judging: Once you're certain you comprehend what was said, consider whether it makes sense.

Essentials to become a Good Listener

1. Keep your gaze fixed on the lecturer. Naturally, you will need to look at your notebook to make notes but maintaining eye contact keeps you engaged in the speech and focused on the task at hand.

2. Prioritize the substance over the delivery. Have you ever kept track of how frequently a speaker clears his or her throat over the course of fifteen minutes? If so, your attention wasn't on the content.

3. Keep your emotions out of it. When you listen with too much passion, you often hear what you want to hear rather than what is actually being spoken. Keep an open mind and try to remain objective.

4. Avoid being distracted. Stay focused and resist getting side-tracked by the individual nearby who is rearranging papers. Try to find a solution if you can if the room is too hot or cold. You might need to dress more climatically appropriate for the situation.

5. Consider listening to be a difficult mental task. It's not passive to listen to a presentation made by a consumer or an official, at least it shouldn't be. To properly incorporate the information into your notes, you must pay close attention to what is being stated.

6. Keep your mind engaged by posing queries. You remain alert while you actively listen. Here are a few inquiries you can make as you listen. What is the speaker's main argument? How does this relate to what I already know or have experienced? What is the structure of this presentation?

7. Use the pause that occurs between your mental and speech rates. You can think more quickly than you can speak. That's one reason your thoughts could sometimes stray. All of the aforementioned ideas will aid in keeping your attention on what is being spoken and your thoughts engaged. To keep your attention from wandering, you can really start to guess what the speaker will say next. You may listen, think, write, and reflect all at the same moment in your head.

Q9) What is non-verbal communication? Explain its importance of communication process.

Ans) The technique of communicating through the transmission and reception of wordless signals is commonly known as nonverbal communication. Gesture, body language, posture, facial expression, eye contact, object communication such as clothing, hairstyles, or even architecture symbols and infographics, prosodic features of speech such as intonation and stress, and other paralinguistic features of speech such as voice quality, emotion, and speaking style can all be used to convey messages.

The term "verbal" is typically used in this context strictly, meaning "of or concerned with words," and it is not used as a synonym for oral or spoken communication. Since both employ words, it is commonly accepted that sign languages and writing are types of verbal communication. However, much like speech, both may contain paralinguistic features and frequently coexist with nonverbal cues. Any sensory modality, including sight, hearing, smell, touch, and taste, can be used for nonverbal communication.

What you say is important, but how you say it also matters since it can influence how the other person takes it. In the communication process, nonverbal cues are a crucial part of communication. For three main reasons, one should be attentive of nonverbal behaviour in communication:

1. You will be able to better understand messages being sent to you if you are aware of nonverbal behaviour.

2. Your ability to convey messages that support your communication concept or aim will improve.

3. The perceived psychological intimacy between you and the receiver is viewed as being higher when using this style of communication.

The following suggestions were made by Bovee, Thill, and Schatzmen to enhance nonverbal communication abilities.

Pay Close Attention to Non-Verbal Signals

1. Don't send out contradictory messages.

2. Be as truthful as you can when expressing your emotions.

3. Sincere smile. Trying to fake a smile is clear to onlookers.

4. Keep the expected eye contact with your audience.

5. He is conscious of your gesture and stance.

6. Make an effort to employ the proper verbal cues while limiting unintended messages.

7. Try to look like the individuals you wish to impress.

8. Observe the comfort level of your audience.

9. Adopt a handshake that is consistent with your stance and goals.

10. Be mindful of different perspectives on time.

11. Only use touch when necessary.

Interpret Nonverbal Signals Carefully 

1. Recognize that people can convey misleading nonverbal cues.

2. Remember that gestures rarely convey meaning on their own.

3. Think about nonverbal cues in the context of the environment and culture.