Cost Management is the activity of measuring and managing the level of cost of various components, which go into delivering the merchandise from the supplier to the final consumer. The objective of this activity is to measure and increase the profitability levels of individual items and types of customers.
All the activities that go into operating a retail organization are analyzed at the corporate level and subsequently, efforts are made at both the corporate and the store level to ensure that the cost in these activities are minimized. At any given point in time, any retailer will be trying to decrease the cost of the merchandise when procured from the supplier, reduce the transportation and inventory carrying costs, reduce the cost of operations of the store and so on.
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