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We are a group of fun loving retail students using the little technology to journal what we will be discovering about the wonders of retailing. Based on the retailer we had chosen, we will provide readers with our findings and how this retailer operates its business. Ding Li
Regina
Mei Mei
Shree
Jun Jie
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Monday, June 1, 2009, 8:57 AM
NTUC FAIRPRICE PRICE MANAGEMENTPrice management provides decison support to all pricing-focused buisness information to validate and approve pricing and amrkdown suggestions, resulting in higher margins, incrased sales, and strengthened productivity, all while remaining compeitive.
- Increase profitability
- Increaseproductivity
- Ensure optimal inventory levels
- Maintain Price image
- Provide Pricing suggestion and management
NTUC adopts the Everyday Low pricing method. (EDLP)
- Increase customer loyalty = repeat and larger purchase
- Decrease competitor price war = Less advertising cost
- Easier Inventory management
EXAMPLENTUC extends discount on house brand item. The discount schemes, which started in December last year, was supposed to end this month. Besides helping Singaporean cope with higher costs, fairprice have also forced other market players to price their products reasonably.
Going foward, the NTUC social enterprises want to work on help schemes for active senior citizens, working mothers and low wage by pathnering private companies. This scheme is known as U-stretch,The NTUC "U-stretch" vouchers will enable union members to stretch out their hard-earned dollars and in part restore their reduced purchasing power due to higher inflation. Each eligible member will enjoy a discount of up to 5% off $1000 worth of purchases over a period of 8 months. The vouchers can be used, for example, to offset expenditure on groceries from NTUC Fairprice, school fees at NTUC childcare center and services from NTUC clu, NTUC eldercare and NTUC healthcare.
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