Profession retail entrepreneur

Retail entrepreneurs organise business processes and concepts in his/her personally owned business.

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Personality Type

  • Enterprising / Conventional

Knowledge

  • Law of obligation

    The legal procedures that regulate the rights and duties arising between individuals.

  • Commercial law

    The legal regulations that govern a specific commercial activity.

Skills

  • Study sales levels of products

    Collect and analyse sales levels of products and services in order to use this information for determining the quantities to be produced in the following batches, customer feedback, price trends, and the efficiency of sales methods.

  • Handle financial overviews of the store

    Monitor the financial situation, analyse the store's sales figures.

  • Implement sales strategies

    Carry out the plan to gain competitive advantage on the market by positioning the company's brand or product and by targeting the right audience to sell this brand or product to.

  • Implement marketing strategies

    Implement strategies which aim to promote a specific product or service, using the developed marketing strategies.

  • Supervise sales activities

    Monitor and oversee the activities related to the ongoing sales in the shop to ensure that sales goals are met, assess areas for improvement, and identify or solve problems that customers could encounter.

  • Identify suppliers

    Determine potential suppliers for further negotiation. Take into consideration aspects such as product quality, sustainability, local sourcing, seasonality and coverage of the area. Evaluate the likelihood of obtaining beneficial contracts and agreements with them.

  • Recruit employees

    Hire new employees by scoping the job role, advertising, performing interviews and selecting staff in line with company policy and legislation.

  • Organise product display

    Arrange goods in attractive and safe way. Set up a counter or other display area where demonstrations take place in order to attract the attention of prospective customers. Organise and maintain stands for merchandise display. Create and assemble sales spot and product displays for sales process.

  • Build business relationships

    Establish a positive, long-term relationship between organisations and interested third parties such as suppliers, distributors, shareholders and other stakeholders in order to inform them of the organisation and its objectives.

  • Negotiate sales contracts

    Come to an agreement between commercial partners with a focus on terms and conditions, specifications, delivery time, price etc.

  • Guarantee customer satisfaction

    Handle customer expectations in a professional manner, anticipating and addressing their needs and desires. Provide flexible customer service to ensure customer satisfaction and loyalty.

  • Develop business case

    Gather relevant information in order to come up with a well-written and well-structured document that provides the trajectory of a given project.

  • Manage staff

    Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how an employee undertakes their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.

  • Plan marketing campaign

    Develop a method to promote a product through different channels, such as television, radio, print and online platforms, social media with the aim to communicate and deliver value to customers.

  • Ensure compliance with purchasing and contracting regulations

    Implement and monitor company activities in compliance with legal contracting and purchasing legislations.

  • Perform customers’ needs analysis

    Analyse the habits and needs of customers and target groups in order to devise and apply new marketing strategies and to sell more goods in a more effective way.

  • Analyse data for policy decisions in trade

    Analyse data about a specific company, retailer, market or store formula. Process all gathered information into a corporate plan, and use it to prepare upcoming policy decisions.

  • Provide customer follow-up services

    Register, follow-up, solve and respond to customer requests, complaints and after-sales services.

  • Manage financial risk

    Predict and manage financial risks, and identify procedures to avoid or minimise their impact.

  • Follow quality standards

    Apply a set of measures and standards concerning the quality of processes or products, ensuring that quality is maintained and improved during work activities.

  • Set up pricing strategies

    Apply methods used for setting product value taking into consideration market conditions, competitor actions, input costs, and others.

  • Control of expenses

    Monitoring and maintaining effective cost controls, in regards to efficiencies, waste, overtime and staffing. Assessing excesses and strives for efficiency and productivity.

  • Perform project management

    Manage and plan various resources, such as human resources, budget, deadline, results, and quality necessary for a specific project, and monitor the project's progress in order to achieve a specific goal within a set time and budget.

  • Monitor company policy

    Monitor the company's policy and propose improvements to the company.

Optional knowledge and skills

keep records of merchandise delivery competition law e-commerce systems operate cash point order products maintain relationship with suppliers maintain relationship with customers check deliveries on receipt create annual marketing budget ensure point of sale material availability carry out cross merchandising examine merchandise market pricing maintain financial records comprehend financial business terminology accounting techniques

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