In Issue 6, I introduced the notion of 'types' of business, where businesses have common features even though each one has different targets etc. Now, I'll look at two ends of the spectrum - 'retailers' and 'professions'. Once your people understand these different sectors, then they can not only deal with a lot of these firms, but can start to adapt that knowledge quickly and effectively into other types of business, too. The prime function of a retail activity is to break down large volumes of product sourced from a manufacturer or other bulk supplier, and to make the product available to an individual user.
Retailers buy product by the carton, and sell it in units.
These key result areas are important to a retailer, and these questions will focus on the features of each industry or a client. So a retailer has to have some stock. Each firm should answer this type of question as part of its market positioning. That would encourage a firm to hold low amounts of stock and turn it over rapidly. Fashion is important in some sectors, too.