Sometimes, the terms retail and company are used interchangeably by people. But there are two separate terminologies for retail and business. In order to explain this distinction, it is possible to analyze retail and business management on three main grounds: definition, method, and function.
Difference of Conceptual
Retail is just a part of a company that is functional. Company is a wider concept which may include different roles such as development, supply chain, advertisement, retail, HR , finance, administration, etc. The activities involved in the management of a business enterprise’s retail operations come under the framework of its retail management. Not only retail management, but also management of other functions such as HR, marketing , finance, development, etc. will be part of the scope of business management.The functional department is restricted and overlapping, however, in small and medium-sized enterprises. In particular, the functional divisions are not evident in small-scale businesses such as grocery stores, mom and pop stores, general or Kirana stores, and such functions and duties are shared or carried out by the owner(s) themselves or assigned to the store assistants.But practical practises occur also in these stores (payment of wages and pensions for workers, day-to-day accounting activities such as holding journals and account books, acquisition of products from manufacturers and distributors and merchandising, etc.).
Business process management is implemented by businesses to smoothly streamline, optimise and conduct their various functional processes. Management of business processes enhances organisational integration and improves the effectiveness and effectiveness of the functional processes by aligning them with the goals and objectives of the organisation. It is also possible to extend the concepts and model of business process management to retail functions and retail operations.
A retail company’s business management includes many main roles, including logistics and supply chain, retail, merchandising and shop operations, advertising, HR , finance, information system and analytics, etc. And as a mechanism of interdependencies with other roles and procedures, each of these roles is carried out. Retail process management streamlines and optimises the different retail management functional systems, taking into account the strategic priorities and objectives of a retail business enterprise.
Management of business processes includes all the main functional processes, including retail. Retail is presented and performed as a mechanism from the viewpoint of BPM. But retail itself consists of a variety of sub-functions that are regulated as integrated processes. This is where management of retail processes comes into the frame.
Difference Between Role and Skill
Retail is a particular process that involves a specific set of experience, abilities, and expertise with a specific set of roles and responsibilities. A retail manager must concentrate on the activities of the retail store in that specific store, which includes store management, ensuring product availability, maintaining merchandising quality , customer support, accounts, monitoring and information system, staff management etc.The owner of the company enterprise or a superior authority who may be in charge of the overall operation of the business may be referred to the same retail manager. All fields of company management such as manufacturing, supply chain, marketing and retail, HR , finance etc. need to have the general knowledge , experience, abilities and competencies of this superior authority.
Retail management is part of company management; it is one of the tasks of the company and is seen as a business operation. This is the crux of all the distinctions between retail and business management that exist. However, in retail stores, where much of the emphasis remains on retail management and retail practises such as visual merchandising, consumer attraction and footfall, billing and accounting, staff management , inventory and transportation, etc., these discrepancies are shadowed.