Attempt all the questions.
Section-A
Question1) What is the function of range review within product management process.
Question2) Outline the major objectives of category management.
Question3) What are the advantages and disadvantages of centralized and decentralized buying process.
Question4) Describe the scope of product management in retailing?
Section-B
Case Study.
Toys ‘R’ Us and Imagine
Toys ‘R’ Us is one of the group of retailers called ‘category killers’. This type of retailer offers enormous depth within the restricted number of product categories. The name for them is derived from the notion that offer is so extensive that any competitive retailer trading in this category nearby is ‘killed’ Toys ‘R’ Us is like the toy hyper market; having entered warehouse like store, shopper is introduced to row after row of toys, from well-known brands like Barbie, Action Man, Fisher-Price, Tomy and Vtech, to retailer’s own branded alternatives. The customer shops the store like the supermarket, moving up and down aisles and serving themselves, though friendly help is on hand to help customers if they need it. Prices are kept generally low, for customers to compare with other outlets for branded items, while own-branded products give shoppers on the budget opportunity to purchase similar, good quality toys at excellent price points. Though Toys ‘R’ Us are susceptible to seasonality challenges that all toy retailers face, company has always placed good product availability as a high priority, with considerable investments in logistical and systems support that is required to support the outlet network that spans globe and offers the home shopping service. Toys ‘R’ Us presently have 67 stores in the UK and trade in over 20 countries worldwide. The stores are generally located in retail parks along with other large format specially retailers and appeal to car-borne shopper with the availability of free parking outside.
Questions:
Question1) Describe how product ranges at Toys ‘R’ Us reflect needs of their respective customer.
Question2) Assess how category management contributes to efficient consumer response approach to product management.