Risk Management Advanced Marketing Competencies: Develop strategies for reducing shrinkage from...
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![Page 1: Risk Management Advanced Marketing Competencies: Develop strategies for reducing shrinkage from internal and external sources Explain importance of copyright,](https://reader035.fdocuments.net/reader035/viewer/2022072016/56649efa5503460f94c0bfd8/html5/thumbnails/1.jpg)
Risk ManagementAdvanced Marketing
Competencies:• Develop strategies for reducing shrinkage from internal and
external sources• Explain importance of copyright, registered service mark,
registered trademarks, and brand name protection• Describe legal aspects of marketing management
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What is Risk Management
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Reducing Shrinkage
Shrinkage includes the following:• The difference between the stock you
SHOULD have and the stock you ACTUALLY have• Sources of shrinkage may be INTERNAL
and/or EXTERNAL• Huge issue for businesses- impacts profit
significantly
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Internal Shrinkage
•Employee Theft- Stealing merchandise- Discount abuse- Refund abuse- Credit card fraud
•Administrative/Human Error• POS entry error• Pricing Errors(calculating Mark Down)• Inventory count error
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External Shrinkage
•Vendor Theft•Shoplifting-Concealing and stealing
merchandise- Swapping price tags- Transferring from one container to
another
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Understanding Shrinkage
•Employee Theft is #1 Source of Shrinkage for Retail Business•Shoplifting is # 2 Source of Shrinkage for Retail Business- while smaller than employee theft accounted for $10 billion ANNUAL LOSS
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Strategies to Reduce Shrinkage
Class ActivityStudents work with a partner. Brainstorm and then make a list of ways that you think businesses could reduce shrinkage within their organization. Include strategies for both INTERNAL and EXTERNAL shrinkage.
Share out answers in class discussion
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Strategies to Reduce Internal Shrinkage•Use of technology (cameras, POS computers• Inventory control and comparison•Store Training and Policy Development- including handling merchandise and money
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Strategies to Reduce External Shrinkage• Techonogy/ cameras• Trained Sales Associates/ Customer
Service and Selling Emphasis• Store Policies Regarding Dressing
Rooms/ Monitoring• Immediate Reconciliation of purchase
order to packing slip with vendor
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Copyright; Trademark; Service Mark; and Brand Name Protection
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What is Copyright?
• Form of legal protection automatically granted to authors of work including: artistic, literary, musical, and dramatic• Granted under U.S. Constitution, Article 1,
Section 8