The following list shows a summary of the topics covered in this course. To see all of the course pages, visit the Table of Contents.

Module 1:Introduction to Retailing

Describe retailing, the entities involved, and the impact of decisions on a retail business

• Retailing
• Supply Chains
• Challenges in Retailing

Analyze the evolution of the retail industry

• Historical Changes in Retail
• Information Systems in Retail
• Adaptation in Retail

Recognize career opportunities available in the retail businesses

• Key Roles in a Retail Business
• Why Working Retail Is Tough
• Retail Management Requirements
• Skills of a Retail Manager

Explain the concept of strategic planning within the retail management decision process

• Microenvironment vs. Macroenvironment
• Strategic Planning in Retail
• The Retail Mix
• The Retailing Concept

Module 2: Retail Environment Analysis

List the classification characteristics of various types of retailers by ownership

• Structural Organization of Retailers
• Advantages and Disadvantages of Retailer Types

Categorize the wide-variety of food retailers

• Changes in Food Retailing
• Variety and Assortment of Goods in Food Retail
• Current Trends in Food Retail

Compare and contrast service and merchandise retailers

• Assortment Levels and Types of Retailers
• Types of Service Retailers

Discuss store-based strategy mixes

• Wheel of Retailing
• Scrambled Merchandising
• Evolving Through Mergers, Diversification, and Downsizing

Evaluate the elements of a competitive analysis

• Obtaining Information on Competition
• NAICS Codes and Direct Competitors

Module 3: Multi-Channel Retailing

Introduction to Single Channel, Multi-Channel, and Omni-Channel Retailing

• Describing Retailers and Channels
• Single Channel, Multi-Channel, and Omni-Channel Retailing
• Key Differences Between Single Channel, Multi-Channel, and Omni-Channel Retailing

Describe a wide variety of non-store retail channels

• Retailers and Non-store Channel Types
• Comparison of Store, Catalog, and Internet Channels

Discuss the rise of electronic retailing through the internet

• Role of the Web to Retailers
• Advantages and Disadvantages of Electronic Retailing
• Mobile Apps and Customer Interaction

Recognize the challenges faced by multichannel retailers and how retailers must adapt

• Multichannel Factors to Consider
• Customer Impressions and the Seamless Experience
• Data to Support the Multichannel Shopping Experience

Module 4: Identifying and Understanding Customer Behavior

Explain the consumer decision-making process

• Steps of the Buying Process
• Conflicting Needs of Customers
• Information Used in Buying Decisions
• Multiattribute Model

Identify the various models of buying processes

• Increasing Sales with Extended Problem Solving
• Increasing Sales with Limited Problem Solving
• Habitual Decision-Making

Describe why it is important for retailers to research and understand their customers

• Target Markets
• Meeting the Needs of Specific Groups

Summarize the main factors used to describe customers

• Demographic Measurements
• Consumer Lifestyle Factors
• Motivation, Attitude, and Buying Choices

Examine retailer decisions based on target market planning

• Brand Community
• Differentiated, Mass, and Concentrated Marketing Strategies
• Predicting a Retail Strategy Mix

Module 5: Strategic Retail Planning and Management

Explain the importance of strategic planning to retailers

• Steps of Retail Strategy Planning
• Visions and Missions
• Decisions and Strategy

Describe step-by-step how retailers create a strategic plan

• Situation Analysis
• Short and Long-Run Objectives
• Target Market Techniques
• Key Variables in Planning
• Tactical Decisions
• Retail Audits

Examine possible opportunities that can arise from strategic planning

• The Feedback Process
• Building a Competitive Advantage
• Retail Growth Opportunities

Module 6: Trade-Area Analysis and Site Selection

Explain the significance of selecting a store location

• Environmental Analysis
• Data Analysis for Location Selection
• Location Effects on Planning

Analyze the characteristics of a retail trading area

• U.S. Census Bureau and Demographic Data
• GIS and Location Decisions
• Factors in Analyzing Trading Area

Examine the variety of locations available to retailers

• Comparing Location Benefits

Summarize the factors considered in site selection decisions

• Evaluating Site Characteristics
• Influence of Societal Views
• Huff Gravity Model
• Common Lease Types

Module 7: Information Systems in Retail and CRM Software

Explain why retailers need a centralized data hub

• Methods to Gather Information
• Retail Information Systems
• Data Warehousing and Data Mining
• UPC, RFID, and QR Codes

Explore the use of information systems to manage the supply chain

• Supply Chains
• Flow of Goods
• Sales and Information Systems
• Supplier and Retailer Coordination

Discuss how customer shopping data is collected

• CRM
• Customer Database
• Collecting Identifying Information
• Privacy Issues

Examine the objectives for analyzing the customer database

• Identifying Best Customers
• Goals of Data Analysis
• Frequent-Shopper and Rewards Programs
• Customer Retention Techniques

Module 8: Retail Human Resources

Describe the organizational patterns of a retail business

• Organizational Structure and Employee Activities
• Retailer Structures
• Divisions of a Retail Business

Discuss the overarching requirements of human resource management

• Performance Measures
• Steps of Human Resource Management
• Challenges in Human Resource Management

Explain how retailers can attract the best employees

• Recruiting Talent
• Developing Star Employees
• Motivating Employees
• Diverse and Inclusive Workforce

Examine legal issues involved in human resource management

• Laws Vs. Ethics
• Equal Employment Opportunity Law
• Employee Health and Safety Laws
• Sexual Harassment Laws
• Web Retailing Laws

Module 9: Financial Strategies in Retail

Use strategic profit modeling to create a financial plan

• Financial Goals
• Profit-and-Loss Statements
• Performance Objectives and Measurements

Explain how an income statement is used to evaluate a profit management path

• Sales, Costs, and Expenses
• Gross Margin Percentage
• Net Profit Margin

Explain how a balance sheet is used to evaluate an asset management path

• Assets and Liabilities
• Asset Turnover Rate
• Return on Assets
• Key Ratios

Explain the purpose and logistics of budgeting and cash flow

• Budget Preparation
• Zero-Based vs. Incremental Budgeting
• Ongoing Budgeting Process
• Seasonality and Cash Flow

Module 10: Retail Operations: Managing the Store

Explain how retailers find the best personnel

• Screening Prospective Employees
• Interviewing Prospective Employees
• Training New Employees

Explain how retailers keep the best personnel

• Employees Evaluations and Feedback
• Rewards and Compensation Plans
• Strong Leader Qualities

Describe the operating functions that can reduce costs

• Employee Scheduling
• Store Maintenance
• Reducing Inventory Shrinkage

Module 11: Merchandise Management

Identify the important aspects of merchandise planning and management

• Merchandise Management
• Retail Buying Organizations
• Merchandise Buying Systems

Examine the merchandise planning process

• Forecasting Sales Numbers
• Merchandise Assortment Options
• Inventory Levels
• Merchandise Flow
• Merchandise Allocations
• Merchandising Decisions

Outline the considerations taken by retailers when buying merchandise

• Brand Selection
• Sourcing Decisions
• Negotiations
• Building Partner Relationships
• Ethical and Social Responsibilities

Module 12: Place: Retail Pricing and Sales Strategies

Identify how pricing fits into the goals of a retail establishment

• Defining Value
• Retail Pricing Strategies
• Pricing and the Retail Mix

Explain how retailers determine pricing objectives

• External Factors and Retail Pricing
• Pricing Strategies
• Price Elasticity
• Price Elasticity Calculations

Use various pricing methods to determine product pricing

• Cost-Oriented Pricing Equations
• Break-Even Point
• Competition-Oriented Pricing
• Demand-Oriented Pricing

Examine common price adjustment techniques

• Markdown Optimization Software
• Reducing Product Markdowns
• Liquidating Markdown Merchandise

Examine pricing techniques used by retailers to increase sales and profits

• Price Discrimination
• Loss Leader
• Price Lining
• History of Odd Pricing

Module 13: Retail Image: Layout and Visual Merchandising

Identify the key objectives of good store design

• Design and the Shopping Experience
• Design and Sales
• Design and Costs

Explain the value of a thoughtful store layout

• Customer Shopping Behaviors
• Store Layout Designs
• Product Layout

Illustrate how the store environment can create a rewarding shopping experience

• Store Exterior
• Presentation Techniques
• Store Interior Design

Use nonstore-retailing atmospheric principles to analyze current web retailers

• Characteristics of Retailing Websites
• Online Store Design
• User Experience
• Pros and Cons of an Online Store

Module 14: Integrated Marketing Communications and Promotions

Explore the concept of integrated marketing communications and retail promotions

• Customer Communication
• Integrated Marketing Communications
• Media Elements
• Budget Calculations

Explain how retailers build a brand image and increase customer loyalty by using communication programs

• Brand Equity
• Marketing Communication Program (SMART)

Evaluate the key elements of the integrated marketing communications mix

• Advertising in Retail
• Sales Promotions in Retail
• Direct Marketing in Retail
• Online Media and Retail
• Social Media and Retail
• Other Media Elements

Module 15: Customer Service Strategies

Identify how retailers can use excellent customer service as a differentiation tool

• Customer Service
• Customer Profiles
• Offered Services
• Personalized vs. Standardized Service

Explain the key components of the customer evaluation process

• Perception vs. Expectation
• Service Quality Perceptions
• Customer Expectations

Discuss the gap model of service quality

• Gap 1: Customer Expectation vs. Management Perception
• Gap 2: Management Perception vs. Quality Specifications
•  Gap 3: Quality Specifications vs. Service Delivery
• Gap 4: Service Delivery vs. External Communications
• Gap 5: Actual Performance vs. Perceived Service Gap

Contribute!

Improve this pageLearn More