{"id":3248,"date":"2018-07-10T22:50:39","date_gmt":"2018-07-10T22:50:39","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/learning-outcomes\/"},"modified":"2024-04-25T02:33:04","modified_gmt":"2024-04-25T02:33:04","slug":"learning-outcomes","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/wm-retailmanagement\/chapter\/learning-outcomes\/","title":{"raw":"Learning Outcomes","rendered":"Learning Outcomes"},"content":{"raw":"<img class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2986\/2018\/07\/10225038\/outcomes.jpg\" alt=\"decorative image\" width=\"200\" height=\"201\" \/>\r\n\r\nThe content, assignments, and assessments for Retail Management are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/drive.google.com\/open?id=17luRXQ2pntee9s6TJBCAdSLkt8RCieRN\" target=\"_blank\" rel=\"noopener\">Retail Management Learning Outcomes<\/a>.\r\n<h2>Module 1: Introduction to Retailing<\/h2>\r\n<h3>Describe retailing, the entities involved, and the impact of decisions on a retail business<\/h3>\r\n<ul>\r\n \t<li>Define retailing<\/li>\r\n \t<li>Describe the firms involved in a supply chain<\/li>\r\n \t<li>Summarize the key challenges facing retailers<\/li>\r\n<\/ul>\r\n<h3>Analyze the evolution of the retail industry<\/h3>\r\n<ul>\r\n \t<li>Describe the overall change in the structure of the retail industry over the past 60 years<\/li>\r\n \t<li>Discuss the role information systems have played in the changing retail industry<\/li>\r\n \t<li>Explain why a willingness to adapt is essential to a retailer's survival<\/li>\r\n<\/ul>\r\n<h3>Recognize career opportunities available in the retail businesses<\/h3>\r\n<ul>\r\n \t<li>Identify key roles within retail businesses<\/li>\r\n \t<li>List some challenges of working in the retail field<\/li>\r\n \t<li>Categorize the general role requirements of a retail manager<\/li>\r\n \t<li>Discuss the most valuable skills for a retail manager to possess<\/li>\r\n<\/ul>\r\n<h3>Explain the concept of strategic planning within the retail management decision process<\/h3>\r\n<ul>\r\n \t<li>Differentiate between macroenvironment and microenvironment considerations in strategic planning<\/li>\r\n \t<li>Classify the general steps of strategic planning in retail<\/li>\r\n \t<li>Explain the retail mix<\/li>\r\n \t<li>Explain the retailing concept<\/li>\r\n<\/ul>\r\n<h2>Module 2: Retail Environment Analysis<\/h2>\r\n<h3>List the classification characteristics of various types of retailers by ownership<\/h3>\r\n<ul>\r\n \t<li>Match a retailer with its structural organization based on its classification<\/li>\r\n \t<li>Match a retailer with its advantages and disadvantages based on its classification<\/li>\r\n<\/ul>\r\n<h3>Categorize the wide-variety of food retailers<\/h3>\r\n<ul>\r\n \t<li>Identify the most dramatic change in food retailing today<\/li>\r\n \t<li>Assess the variety and assortment of goods carried by each type of food retailer<\/li>\r\n \t<li>Discuss the current trends affecting food retailers<\/li>\r\n<\/ul>\r\n<h3>Compare and contrast service and merchandise retailers<\/h3>\r\n<ul>\r\n \t<li>Assess the variety and assortment levels of goods for each type of merchandise retailer<\/li>\r\n \t<li>Describe the choices each type of merchandise retailer is currently making to adapt in the current landscape<\/li>\r\n \t<li>Name an assortment of service retailer types<\/li>\r\n<\/ul>\r\n<h3>Discuss store-based strategy mixes<\/h3>\r\n<ul>\r\n \t<li>Identify the three levels on the wheel of retailing<\/li>\r\n \t<li>Define scrambled merchandising<\/li>\r\n \t<li>Discuss how a retail institution can evolve through mergers, diversification, and downsizing<\/li>\r\n<\/ul>\r\n<h3>Evaluate the elements of a competitive analysis<\/h3>\r\n<ul>\r\n \t<li>State the places retail managers should go to obtain information on their competition<\/li>\r\n \t<li>Use NAICS codes to determine direct competitors<\/li>\r\n<\/ul>\r\n<h2>Module 3:\u00a0Multi-Channel Retailing<\/h2>\r\n<h3>Compare and contrast single channel, multi-channel, and omnichannel retailing<\/h3>\r\n<ul>\r\n \t<li>Define single channel, multi-channel, and omnichannel retailing<\/li>\r\n \t<li>Match descriptions of retailers with single, multi, or omni-channel retailing<\/li>\r\n \t<li>Explain the main difference between multi-channel and omnichannel retailing<\/li>\r\n<\/ul>\r\n<h3>Describe a wide variety of non-store retail channels<\/h3>\r\n<ul>\r\n \t<li>Match a retailer description with its non-store channel type<\/li>\r\n \t<li>Compare and contrast the benefits of store, catalog, and internet channels<\/li>\r\n<\/ul>\r\n<h3>Discuss the rise of electronic retailing through the internet<\/h3>\r\n<ul>\r\n \t<li>Define the role of the web to retailers<\/li>\r\n \t<li>List some advantages and disadvantages of electronic retailing<\/li>\r\n \t<li>Explain how mobile apps can increase customer interaction<\/li>\r\n<\/ul>\r\n<h3>Recognize the challenges faced by multichannel retailers and how retailers must adapt<\/h3>\r\n<ul>\r\n \t<li>Identify the factors that need to be adjusted depending on the channel<\/li>\r\n \t<li>Describe what a customer would consider a seamless experience across channels<\/li>\r\n \t<li>Summarize the data that could be collected to support the multichannel shopping experience of the future<\/li>\r\n<\/ul>\r\n<h2>Module 4:\u00a0Identifying and Understanding Customer Behavior<\/h2>\r\n<h3>Explain the consumer decision-making process<\/h3>\r\n<ul>\r\n \t<li>Outline the steps of the buying process<\/li>\r\n \t<li>Identify a situation in which a customer has conflicting needs<\/li>\r\n \t<li>Describe how a customer finds information to make a buying decision<\/li>\r\n \t<li>Using the multiattribute model, explain how customers evaluate retailers<\/li>\r\n<\/ul>\r\n<h3>Identify the various models of buying processes<\/h3>\r\n<ul>\r\n \t<li>Describe how a retailer can increase sales from customers engaged in extended problem solving<\/li>\r\n \t<li>Describe how a retailer can increase sales from customers engaged in limited problem solving<\/li>\r\n \t<li>Describe how a retailer can satisfy the needs of habitual decision making customers by choosing to act in ways that increase loyalty<\/li>\r\n<\/ul>\r\n<h3>Describe why it is important for retailers to research and understand their customers<\/h3>\r\n<ul>\r\n \t<li>Define a target market<\/li>\r\n \t<li>Explain why a retailer would want to meet the needs of a specific group of people<\/li>\r\n<\/ul>\r\n<h3>Summarize the main factors used to describe customers<\/h3>\r\n<ul>\r\n \t<li>List a set of common demographic measurements<\/li>\r\n \t<li>Identify some key consumer lifestyle factors<\/li>\r\n \t<li>Outline how a buyer's motivations and attitudes can affect their buying choices<\/li>\r\n<\/ul>\r\n<h3>Examine retailer decisions based on target market planning<\/h3>\r\n<ul>\r\n \t<li>Define a brand community<\/li>\r\n \t<li>Explain why a retailer would select a differentiated marketing strategy over a mass or concentrated one<\/li>\r\n \t<li>Predict a retail strategy mix based on the characteristics, needs, and attitudes of their customers<\/li>\r\n<\/ul>\r\n<h2>Module 5: Strategic Retail Planning and Management<\/h2>\r\n<h3>Explain the importance of strategic planning to retailers<\/h3>\r\n<ul>\r\n \t<li>Outline the steps of retail strategy planning<\/li>\r\n \t<li>Describe the value of an organizational vision and mission<\/li>\r\n \t<li>Explain how a retail strategy guides the decisions of an organization<\/li>\r\n<\/ul>\r\n<h3>Describe step-by-step how retailers create a strategic plan<\/h3>\r\n<ul>\r\n \t<li>Describe how a situation analysis illuminates the opportunities and threats in a business environment<\/li>\r\n \t<li>Differentiate between short and long-run objectives that a retailer will set for itself<\/li>\r\n \t<li>Discuss the strategic implications of various target market techniques<\/li>\r\n \t<li>List some key controllable and uncontrollable variables that should be considered when creating an overall retail strategy<\/li>\r\n \t<li>Summarize a few tactical decisions that can be made to enact the strategy<\/li>\r\n \t<li>Define a retail audit<\/li>\r\n<\/ul>\r\n<h3>Examine possible opportunities that can arise from strategic planning<\/h3>\r\n<ul>\r\n \t<li>Describe how consistent feedback can make the process iterative and roundabout rather than sequential<\/li>\r\n \t<li>Explain how a retailer can build a sustainable competitive advantage<\/li>\r\n \t<li>Classify strategic retail growth opportunities<\/li>\r\n<\/ul>\r\n<h2>Module 6: Trade-Area Analysis and Site Selection<\/h2>\r\n<h3>Explain the significance of selecting a store location<\/h3>\r\n<ul>\r\n \t<li>Define environmental analysis<\/li>\r\n \t<li>Discuss why location selection needs to involve significant analysis of data<\/li>\r\n \t<li>Explain the effects of location choice on short and long run planning<\/li>\r\n<\/ul>\r\n<h3>Analyze the characteristics of a retail trading area<\/h3>\r\n<ul>\r\n \t<li>List the types of demographic data a retailer can obtain from the U.S. census bureau<\/li>\r\n \t<li>Describe the types of data a retailer can obtain from geographic information system software (GIS)<\/li>\r\n \t<li>Identify the main factors to consider when analyzing a retail trading area<\/li>\r\n<\/ul>\r\n<h3>Examine the variety of locations available to retailers<\/h3>\r\n<ul>\r\n \t<li>Compare and contrast the benefits of various retail locations<\/li>\r\n<\/ul>\r\n<h3>Summarize the factors considered in site selection decisions<\/h3>\r\n<ul>\r\n \t<li>Create a summary of the essential site characteristics to be evaluated<\/li>\r\n \t<li>Explain why a retailer should also evaluate societal views when selecting a location<\/li>\r\n \t<li>Use the Huff gravity model to estimate potential sales for a site<\/li>\r\n \t<li>Outline the characteristics of the most common lease types<\/li>\r\n<\/ul>\r\n<h2>Module 7: Information Systems in Retail and CRM Software<\/h2>\r\n<h3>Explain why retailers need a centralized data hub<\/h3>\r\n<ul>\r\n \t<li>Identify some inconclusive methods retailers may use to gather information and make decisions<\/li>\r\n \t<li>Define retail information system and the data they can store and manage<\/li>\r\n \t<li>Differentiate between data warehousing and data mining<\/li>\r\n \t<li>Describe the purpose of UPC, RFID, and QR codes<\/li>\r\n<\/ul>\r\n<h3>Explore the use of information systems to manage the supply chain<\/h3>\r\n<ul>\r\n \t<li>Explain the importance of supply chain management<\/li>\r\n \t<li>Describe the flow of physical goods through a supply chain<\/li>\r\n \t<li>Explain how a good supply chain management system can increase sales and profits<\/li>\r\n \t<li>Summarize the benefits of a coordinated effort between suppliers and retailers<\/li>\r\n<\/ul>\r\n<h3>Discuss how customer shopping data is collected<\/h3>\r\n<ul>\r\n \t<li>Define the purposes of a CRM system<\/li>\r\n \t<li>List the types of data stored in a customer database<\/li>\r\n \t<li>Identify how retailers collect identifying information<\/li>\r\n \t<li>Explain some of the privacy issues surrounding CRM tools<\/li>\r\n<\/ul>\r\n<h3>Examine the objectives for analyzing the customer database<\/h3>\r\n<ul>\r\n \t<li>Explain how retailers use CRM to identify their best customers<\/li>\r\n \t<li>Recognize the goals of market basket analysis, targeting promotions, and assortment planning<\/li>\r\n \t<li>Analyze the various tactics of frequent-shopper or rewards programs<\/li>\r\n \t<li>Identify some customer retention techniques based on collected data<\/li>\r\n<\/ul>\r\n<h2>Module 8: Retail Human Resources<\/h2>\r\n<h3>Describe the organizational patterns of a retail business<\/h3>\r\n<ul>\r\n \t<li>Explain how organizational structure determines the activities that specific employees will perform<\/li>\r\n \t<li>Describe the typical structure of a single-store retailer, national chain, and diversified retailer<\/li>\r\n \t<li>Name some key divisions of a retail business and the people who head them<\/li>\r\n<\/ul>\r\n<h3>Discuss the overarching requirements of human resource management<\/h3>\r\n<ul>\r\n \t<li>List the performance measures of human resource management<\/li>\r\n \t<li>Outline the steps of human resource management<\/li>\r\n \t<li>Summarize the main challenges in retail human resource management<\/li>\r\n<\/ul>\r\n<h3>Explain how retailers can attract the best employees<\/h3>\r\n<ul>\r\n \t<li>Describe the steps to recruiting top talent<\/li>\r\n \t<li>Identify selection and training techniques to develop star employees<\/li>\r\n \t<li>Discuss methods to motivate retail employees<\/li>\r\n \t<li>Predict the benefit of a more diverse and inclusive workforce<\/li>\r\n<\/ul>\r\n<h3>Examine legal issues involved in human resource management<\/h3>\r\n<ul>\r\n \t<li>Differentiate between laws and ethics<\/li>\r\n \t<li>Explain the equal employment opportunity law<\/li>\r\n \t<li>Discuss the details of employee health and safety laws<\/li>\r\n \t<li>Describe the key points of sexual harassment laws<\/li>\r\n \t<li>List some critical laws that pertain to web retailing<\/li>\r\n<\/ul>\r\n<h2>Module 9: Financial Strategies in Retail<\/h2>\r\n<h3>Use strategic profit modeling to create a financial plan<\/h3>\r\n<ul>\r\n \t<li>Identify the financial goals of the business<\/li>\r\n \t<li>Analyze a profit-and-loss statement<\/li>\r\n \t<li>Compare various performance objectives and measurements<\/li>\r\n<\/ul>\r\n<h3>Explain how an income statement is used to evaluate a profit management path<\/h3>\r\n<ul>\r\n \t<li>Define net sales, costs of goods sold, operating expenses<\/li>\r\n \t<li>Analyze the gross margin percentage of sample retailers<\/li>\r\n \t<li>Calculate the net profit margin of a sample retailer<\/li>\r\n<\/ul>\r\n<h3>Explain how a balance sheet is used to evaluate an asset management path<\/h3>\r\n<ul>\r\n \t<li>Define asset, liability, and net worth<\/li>\r\n \t<li>Analyze the asset turnover rate<\/li>\r\n \t<li>Calculate a return on assets (ROA) for a sample retailer<\/li>\r\n \t<li>Use key ratios to inform decisions<\/li>\r\n<\/ul>\r\n<h3>Explain the purpose and logistics of budgeting and cash flow<\/h3>\r\n<ul>\r\n \t<li>Describe each decision of budget preparation<\/li>\r\n \t<li>Differentiate between zero-based and incremental budgeting<\/li>\r\n \t<li>List what needs to be documented in the ongoing budgeting process<\/li>\r\n \t<li>Explain the effect of seasonality on cash flow of some retailers<\/li>\r\n<\/ul>\r\n<h2>Module 10:\u00a0Retail Operations: Managing the Store<\/h2>\r\n<h3>Explain how retailers find the best personnel<\/h3>\r\n<ul>\r\n \t<li>List some ways to screen prospective employees<\/li>\r\n \t<li>Describe the information a retail manager wants to get from interviewing a prospective employee<\/li>\r\n \t<li>Compare and contrast various approaches to training new employees<\/li>\r\n<\/ul>\r\n<h3>Explain how retailers keep the best personnel<\/h3>\r\n<ul>\r\n \t<li>Describe how to evaluate retail employees and provide feedback<\/li>\r\n \t<li>List some reward and compensation plans for great employees<\/li>\r\n \t<li>Identify qualities of strong management leaders<\/li>\r\n<\/ul>\r\n<h3>Describe the operating functions that can reduce costs<\/h3>\r\n<ul>\r\n \t<li>List the key aspects of efficient employee scheduling<\/li>\r\n \t<li>Describe the activities involved in general store maintenance<\/li>\r\n \t<li>Explain strategies to reduce inventory shrinkage<\/li>\r\n<\/ul>\r\n<h2>Module 11: Merchandise Management<\/h2>\r\n<h3>Identify the important aspects of merchandise planning and management<\/h3>\r\n<ul>\r\n \t<li>Define merchandise management<\/li>\r\n \t<li>Describe the characteristics and functions performed within retail buying organizations<\/li>\r\n \t<li>Differentiate between staple and fashion merchandise buying systems<\/li>\r\n<\/ul>\r\n<h3>Examine the merchandise planning process<\/h3>\r\n<ul>\r\n \t<li>Explain how retailers forecast probable sales numbers for merchandise categories<\/li>\r\n \t<li>Compare and contrast various merchandise assortment options<\/li>\r\n \t<li>Summarize how retailers determine product inventory levels<\/li>\r\n \t<li>Outline a system for controlling merchandise flow<\/li>\r\n \t<li>Describe how retailers decide on merchandise allocations<\/li>\r\n \t<li>Explore the techniques used to evaluate merchandising decisions<\/li>\r\n<\/ul>\r\n<h3>Outline the considerations taken by retailers when buying merchandise<\/h3>\r\n<ul>\r\n \t<li>List some of the brand selection possibilities and their benefits<\/li>\r\n \t<li>Describe some of the issues involved with sourcing decisions<\/li>\r\n \t<li>Identify how a retailer can prepare for negotiations<\/li>\r\n \t<li>Explain the value in building strong partner relationships<\/li>\r\n \t<li>Summarize the ethical and social responsibilities that come with buying decisions<\/li>\r\n<\/ul>\r\n<h2>Module 12: Retail Pricing and Sales Strategies<\/h2>\r\n<h3>Identify how pricing fits into the goals of a retail establishment<\/h3>\r\n<ul>\r\n \t<li>Define value<\/li>\r\n \t<li>Differentiate between basic retail pricing strategies<\/li>\r\n \t<li>Explain how pricing is integrated with the rest of the retail mix strategy<\/li>\r\n<\/ul>\r\n<h3>Explain how retailers determine pricing objectives<\/h3>\r\n<ul>\r\n \t<li>List some external factors that impact retail pricing<\/li>\r\n \t<li>Match various pricing strategies with the business objective it represents<\/li>\r\n \t<li>Define price elasticity<\/li>\r\n \t<li>Calculate the price elasticity of a product based on the given situation<\/li>\r\n<\/ul>\r\n<h3>Use various pricing methods to determine product pricing<\/h3>\r\n<ul>\r\n \t<li>Using cost-oriented pricing equations, calculate the retail price, the cost, and the markup percentage of a product<\/li>\r\n \t<li>Calculate the break-even point for retail product sales<\/li>\r\n \t<li>Explain how a retailer can use competition-oriented pricing to determine the price of a product<\/li>\r\n \t<li>Describe how retailers use demand-oriented pricing<\/li>\r\n<\/ul>\r\n<h3>Examine common price adjustment techniques<\/h3>\r\n<ul>\r\n \t<li>Understand the three types of price adjustments used by retailers<\/li>\r\n \t<li>Explain how retailers can reduce the amount of product that ends up in markdowns<\/li>\r\n \t<li>Summarize the options for liquidating markdown merchandise<\/li>\r\n<\/ul>\r\n<h3>Examine pricing techniques used by retailers to increase sales and profits<\/h3>\r\n<ul>\r\n \t<li>Differentiate between first, second, and third-degree price discrimination<\/li>\r\n \t<li>Define loss leader<\/li>\r\n \t<li>Illustrate the technique of price lining<\/li>\r\n \t<li>Explain the concepts of KVC and KVI and their impact on retail pricing<\/li>\r\n<\/ul>\r\n<h2>Module 13: Retail Image: Layout and Visual Merchandising<\/h2>\r\n<h3>Identify the key objectives of good store design<\/h3>\r\n<ul>\r\n \t<li>Explain how store design can create a positive shopping experience for customers<\/li>\r\n \t<li>Use an example of store design that would likely impact sales<\/li>\r\n \t<li>Describe how a store can use design to control costs<\/li>\r\n<\/ul>\r\n<h3>Explain the value of a thoughtful store layout<\/h3>\r\n<ul>\r\n \t<li>Describe customer shopping behaviors and traffic-flow patterns<\/li>\r\n \t<li>Compare and contrast various store layout designs<\/li>\r\n \t<li>Explain how a retailer classifies its products into layout groupings<\/li>\r\n<\/ul>\r\n<h3>Illustrate how the store environment can create a rewarding shopping experience<\/h3>\r\n<ul>\r\n \t<li>Describe why a store's exterior influences its image<\/li>\r\n \t<li>List the benefits and drawbacks of each presentation technique<\/li>\r\n \t<li>Outline the important aspects interior store design<\/li>\r\n<\/ul>\r\n<h3>Use nonstore-retailing atmospheric principles to analyze current web retailers<\/h3>\r\n<ul>\r\n \t<li>List the characteristics of an appealing retailer website<\/li>\r\n \t<li>Describe how web retailers use design features to craft an online store<\/li>\r\n \t<li>Define UX and the role of user experience in web retailing<\/li>\r\n \t<li>Examine the advantages and disadvantages of running an online store<\/li>\r\n<\/ul>\r\n<h2>Module 14:\u00a0Integrated Marketing Communications and Promotions<\/h2>\r\n<h3>Explore the concept of integrated marketing communications and retail promotions<\/h3>\r\n<ul>\r\n \t<li>Explain the value of effective communication with customers<\/li>\r\n \t<li>Define integrated marketing communications<\/li>\r\n \t<li>Differentiate between traditional and new media elements<\/li>\r\n \t<li>Examine the different budget calculation methods<\/li>\r\n<\/ul>\r\n<h3>Explain how retailers build a brand image and increase customer loyalty by using communication programs<\/h3>\r\n<ul>\r\n \t<li>Define brand equity<\/li>\r\n \t<li>Outline the steps involved in the creation of a marketing communication program (SMART)<\/li>\r\n<\/ul>\r\n<h3>Evaluate the key elements of the integrated marketing communications mix<\/h3>\r\n<ul>\r\n \t<li>Describe how advertising is used by retailers<\/li>\r\n \t<li>Outline the types of sales promotions used by retailers<\/li>\r\n \t<li>List some direct marketing tactics used by retailers<\/li>\r\n \t<li>Discuss the various online media elements used by retailers<\/li>\r\n \t<li>Explain why social media is a crucial part of any current retailer's IMC mix<\/li>\r\n \t<li>Evaluate use cases for other miscellaneous media elements<\/li>\r\n<\/ul>\r\n<h2>Module 15:\u00a0Customer Service Strategies<\/h2>\r\n<h3>Identify how retailers can use excellent customer service as a differentiation tool<\/h3>\r\n<ul>\r\n \t<li>Define customer service<\/li>\r\n \t<li>Discuss the value of customer profiles in retail customer service<\/li>\r\n \t<li>Categorize services offered by retailers as basic or luxury<\/li>\r\n \t<li>Compare and contrast personalized and standardized service<\/li>\r\n<\/ul>\r\n<h3>Explain the key components of the customer evaluation process<\/h3>\r\n<ul>\r\n \t<li>Define customer perception and customer expectation<\/li>\r\n \t<li>Describe the main characteristics that affect service quality perceptions<\/li>\r\n \t<li>Explain the role of customer expectations in determining the value of service perceived<\/li>\r\n<\/ul>\r\n<h3>Discuss the gap model of service quality<\/h3>\r\n<ul>\r\n \t<li>Outline how a retailer can close the customer expectations and management perceptions gap<\/li>\r\n \t<li>Outline how a retailer can close the management perceptions and quality specs gap<\/li>\r\n \t<li>Outline how a retailer can close the quality specs and service delivery gap<\/li>\r\n \t<li>Outline how a retailer can close the service delivery and communications gap<\/li>\r\n \t<li>Outline how a retailer can close the actual performance and perceived service gap<\/li>\r\n<\/ul>","rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-254\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/2986\/2018\/07\/10225038\/outcomes.jpg\" alt=\"decorative image\" width=\"200\" height=\"201\" \/><\/p>\n<p>The content, assignments, and assessments for Retail Management are aligned to the following learning outcomes. A full list of course learning outcomes can be viewed here: <a href=\"https:\/\/drive.google.com\/open?id=17luRXQ2pntee9s6TJBCAdSLkt8RCieRN\" target=\"_blank\" rel=\"noopener\">Retail Management Learning Outcomes<\/a>.<\/p>\n<h2>Module 1: Introduction to Retailing<\/h2>\n<h3>Describe retailing, the entities involved, and the impact of decisions on a retail business<\/h3>\n<ul>\n<li>Define retailing<\/li>\n<li>Describe the firms involved in a supply chain<\/li>\n<li>Summarize the key challenges facing retailers<\/li>\n<\/ul>\n<h3>Analyze the evolution of the retail industry<\/h3>\n<ul>\n<li>Describe the overall change in the structure of the retail industry over the past 60 years<\/li>\n<li>Discuss the role information systems have played in the changing retail industry<\/li>\n<li>Explain why a willingness to adapt is essential to a retailer&#8217;s survival<\/li>\n<\/ul>\n<h3>Recognize career opportunities available in the retail businesses<\/h3>\n<ul>\n<li>Identify key roles within retail businesses<\/li>\n<li>List some challenges of working in the retail field<\/li>\n<li>Categorize the general role requirements of a retail manager<\/li>\n<li>Discuss the most valuable skills for a retail manager to possess<\/li>\n<\/ul>\n<h3>Explain the concept of strategic planning within the retail management decision process<\/h3>\n<ul>\n<li>Differentiate between macroenvironment and microenvironment considerations in strategic planning<\/li>\n<li>Classify the general steps of strategic planning in retail<\/li>\n<li>Explain the retail mix<\/li>\n<li>Explain the retailing concept<\/li>\n<\/ul>\n<h2>Module 2: Retail Environment Analysis<\/h2>\n<h3>List the classification characteristics of various types of retailers by ownership<\/h3>\n<ul>\n<li>Match a retailer with its structural organization based on its classification<\/li>\n<li>Match a retailer with its advantages and disadvantages based on its classification<\/li>\n<\/ul>\n<h3>Categorize the wide-variety of food retailers<\/h3>\n<ul>\n<li>Identify the most dramatic change in food retailing today<\/li>\n<li>Assess the variety and assortment of goods carried by each type of food retailer<\/li>\n<li>Discuss the current trends affecting food retailers<\/li>\n<\/ul>\n<h3>Compare and contrast service and merchandise retailers<\/h3>\n<ul>\n<li>Assess the variety and assortment levels of goods for each type of merchandise retailer<\/li>\n<li>Describe the choices each type of merchandise retailer is currently making to adapt in the current landscape<\/li>\n<li>Name an assortment of service retailer types<\/li>\n<\/ul>\n<h3>Discuss store-based strategy mixes<\/h3>\n<ul>\n<li>Identify the three levels on the wheel of retailing<\/li>\n<li>Define scrambled merchandising<\/li>\n<li>Discuss how a retail institution can evolve through mergers, diversification, and downsizing<\/li>\n<\/ul>\n<h3>Evaluate the elements of a competitive analysis<\/h3>\n<ul>\n<li>State the places retail managers should go to obtain information on their competition<\/li>\n<li>Use NAICS codes to determine direct competitors<\/li>\n<\/ul>\n<h2>Module 3:\u00a0Multi-Channel Retailing<\/h2>\n<h3>Compare and contrast single channel, multi-channel, and omnichannel retailing<\/h3>\n<ul>\n<li>Define single channel, multi-channel, and omnichannel retailing<\/li>\n<li>Match descriptions of retailers with single, multi, or omni-channel retailing<\/li>\n<li>Explain the main difference between multi-channel and omnichannel retailing<\/li>\n<\/ul>\n<h3>Describe a wide variety of non-store retail channels<\/h3>\n<ul>\n<li>Match a retailer description with its non-store channel type<\/li>\n<li>Compare and contrast the benefits of store, catalog, and internet channels<\/li>\n<\/ul>\n<h3>Discuss the rise of electronic retailing through the internet<\/h3>\n<ul>\n<li>Define the role of the web to retailers<\/li>\n<li>List some advantages and disadvantages of electronic retailing<\/li>\n<li>Explain how mobile apps can increase customer interaction<\/li>\n<\/ul>\n<h3>Recognize the challenges faced by multichannel retailers and how retailers must adapt<\/h3>\n<ul>\n<li>Identify the factors that need to be adjusted depending on the channel<\/li>\n<li>Describe what a customer would consider a seamless experience across channels<\/li>\n<li>Summarize the data that could be collected to support the multichannel shopping experience of the future<\/li>\n<\/ul>\n<h2>Module 4:\u00a0Identifying and Understanding Customer Behavior<\/h2>\n<h3>Explain the consumer decision-making process<\/h3>\n<ul>\n<li>Outline the steps of the buying process<\/li>\n<li>Identify a situation in which a customer has conflicting needs<\/li>\n<li>Describe how a customer finds information to make a buying decision<\/li>\n<li>Using the multiattribute model, explain how customers evaluate retailers<\/li>\n<\/ul>\n<h3>Identify the various models of buying processes<\/h3>\n<ul>\n<li>Describe how a retailer can increase sales from customers engaged in extended problem solving<\/li>\n<li>Describe how a retailer can increase sales from customers engaged in limited problem solving<\/li>\n<li>Describe how a retailer can satisfy the needs of habitual decision making customers by choosing to act in ways that increase loyalty<\/li>\n<\/ul>\n<h3>Describe why it is important for retailers to research and understand their customers<\/h3>\n<ul>\n<li>Define a target market<\/li>\n<li>Explain why a retailer would want to meet the needs of a specific group of people<\/li>\n<\/ul>\n<h3>Summarize the main factors used to describe customers<\/h3>\n<ul>\n<li>List a set of common demographic measurements<\/li>\n<li>Identify some key consumer lifestyle factors<\/li>\n<li>Outline how a buyer&#8217;s motivations and attitudes can affect their buying choices<\/li>\n<\/ul>\n<h3>Examine retailer decisions based on target market planning<\/h3>\n<ul>\n<li>Define a brand community<\/li>\n<li>Explain why a retailer would select a differentiated marketing strategy over a mass or concentrated one<\/li>\n<li>Predict a retail strategy mix based on the characteristics, needs, and attitudes of their customers<\/li>\n<\/ul>\n<h2>Module 5: Strategic Retail Planning and Management<\/h2>\n<h3>Explain the importance of strategic planning to retailers<\/h3>\n<ul>\n<li>Outline the steps of retail strategy planning<\/li>\n<li>Describe the value of an organizational vision and mission<\/li>\n<li>Explain how a retail strategy guides the decisions of an organization<\/li>\n<\/ul>\n<h3>Describe step-by-step how retailers create a strategic plan<\/h3>\n<ul>\n<li>Describe how a situation analysis illuminates the opportunities and threats in a business environment<\/li>\n<li>Differentiate between short and long-run objectives that a retailer will set for itself<\/li>\n<li>Discuss the strategic implications of various target market techniques<\/li>\n<li>List some key controllable and uncontrollable variables that should be considered when creating an overall retail strategy<\/li>\n<li>Summarize a few tactical decisions that can be made to enact the strategy<\/li>\n<li>Define a retail audit<\/li>\n<\/ul>\n<h3>Examine possible opportunities that can arise from strategic planning<\/h3>\n<ul>\n<li>Describe how consistent feedback can make the process iterative and roundabout rather than sequential<\/li>\n<li>Explain how a retailer can build a sustainable competitive advantage<\/li>\n<li>Classify strategic retail growth opportunities<\/li>\n<\/ul>\n<h2>Module 6: Trade-Area Analysis and Site Selection<\/h2>\n<h3>Explain the significance of selecting a store location<\/h3>\n<ul>\n<li>Define environmental analysis<\/li>\n<li>Discuss why location selection needs to involve significant analysis of data<\/li>\n<li>Explain the effects of location choice on short and long run planning<\/li>\n<\/ul>\n<h3>Analyze the characteristics of a retail trading area<\/h3>\n<ul>\n<li>List the types of demographic data a retailer can obtain from the U.S. census bureau<\/li>\n<li>Describe the types of data a retailer can obtain from geographic information system software (GIS)<\/li>\n<li>Identify the main factors to consider when analyzing a retail trading area<\/li>\n<\/ul>\n<h3>Examine the variety of locations available to retailers<\/h3>\n<ul>\n<li>Compare and contrast the benefits of various retail locations<\/li>\n<\/ul>\n<h3>Summarize the factors considered in site selection decisions<\/h3>\n<ul>\n<li>Create a summary of the essential site characteristics to be evaluated<\/li>\n<li>Explain why a retailer should also evaluate societal views when selecting a location<\/li>\n<li>Use the Huff gravity model to estimate potential sales for a site<\/li>\n<li>Outline the characteristics of the most common lease types<\/li>\n<\/ul>\n<h2>Module 7: Information Systems in Retail and CRM Software<\/h2>\n<h3>Explain why retailers need a centralized data hub<\/h3>\n<ul>\n<li>Identify some inconclusive methods retailers may use to gather information and make decisions<\/li>\n<li>Define retail information system and the data they can store and manage<\/li>\n<li>Differentiate between data warehousing and data mining<\/li>\n<li>Describe the purpose of UPC, RFID, and QR codes<\/li>\n<\/ul>\n<h3>Explore the use of information systems to manage the supply chain<\/h3>\n<ul>\n<li>Explain the importance of supply chain management<\/li>\n<li>Describe the flow of physical goods through a supply chain<\/li>\n<li>Explain how a good supply chain management system can increase sales and profits<\/li>\n<li>Summarize the benefits of a coordinated effort between suppliers and retailers<\/li>\n<\/ul>\n<h3>Discuss how customer shopping data is collected<\/h3>\n<ul>\n<li>Define the purposes of a CRM system<\/li>\n<li>List the types of data stored in a customer database<\/li>\n<li>Identify how retailers collect identifying information<\/li>\n<li>Explain some of the privacy issues surrounding CRM tools<\/li>\n<\/ul>\n<h3>Examine the objectives for analyzing the customer database<\/h3>\n<ul>\n<li>Explain how retailers use CRM to identify their best customers<\/li>\n<li>Recognize the goals of market basket analysis, targeting promotions, and assortment planning<\/li>\n<li>Analyze the various tactics of frequent-shopper or rewards programs<\/li>\n<li>Identify some customer retention techniques based on collected data<\/li>\n<\/ul>\n<h2>Module 8: Retail Human Resources<\/h2>\n<h3>Describe the organizational patterns of a retail business<\/h3>\n<ul>\n<li>Explain how organizational structure determines the activities that specific employees will perform<\/li>\n<li>Describe the typical structure of a single-store retailer, national chain, and diversified retailer<\/li>\n<li>Name some key divisions of a retail business and the people who head them<\/li>\n<\/ul>\n<h3>Discuss the overarching requirements of human resource management<\/h3>\n<ul>\n<li>List the performance measures of human resource management<\/li>\n<li>Outline the steps of human resource management<\/li>\n<li>Summarize the main challenges in retail human resource management<\/li>\n<\/ul>\n<h3>Explain how retailers can attract the best employees<\/h3>\n<ul>\n<li>Describe the steps to recruiting top talent<\/li>\n<li>Identify selection and training techniques to develop star employees<\/li>\n<li>Discuss methods to motivate retail employees<\/li>\n<li>Predict the benefit of a more diverse and inclusive workforce<\/li>\n<\/ul>\n<h3>Examine legal issues involved in human resource management<\/h3>\n<ul>\n<li>Differentiate between laws and ethics<\/li>\n<li>Explain the equal employment opportunity law<\/li>\n<li>Discuss the details of employee health and safety laws<\/li>\n<li>Describe the key points of sexual harassment laws<\/li>\n<li>List some critical laws that pertain to web retailing<\/li>\n<\/ul>\n<h2>Module 9: Financial Strategies in Retail<\/h2>\n<h3>Use strategic profit modeling to create a financial plan<\/h3>\n<ul>\n<li>Identify the financial goals of the business<\/li>\n<li>Analyze a profit-and-loss statement<\/li>\n<li>Compare various performance objectives and measurements<\/li>\n<\/ul>\n<h3>Explain how an income statement is used to evaluate a profit management path<\/h3>\n<ul>\n<li>Define net sales, costs of goods sold, operating expenses<\/li>\n<li>Analyze the gross margin percentage of sample retailers<\/li>\n<li>Calculate the net profit margin of a sample retailer<\/li>\n<\/ul>\n<h3>Explain how a balance sheet is used to evaluate an asset management path<\/h3>\n<ul>\n<li>Define asset, liability, and net worth<\/li>\n<li>Analyze the asset turnover rate<\/li>\n<li>Calculate a return on assets (ROA) for a sample retailer<\/li>\n<li>Use key ratios to inform decisions<\/li>\n<\/ul>\n<h3>Explain the purpose and logistics of budgeting and cash flow<\/h3>\n<ul>\n<li>Describe each decision of budget preparation<\/li>\n<li>Differentiate between zero-based and incremental budgeting<\/li>\n<li>List what needs to be documented in the ongoing budgeting process<\/li>\n<li>Explain the effect of seasonality on cash flow of some retailers<\/li>\n<\/ul>\n<h2>Module 10:\u00a0Retail Operations: Managing the Store<\/h2>\n<h3>Explain how retailers find the best personnel<\/h3>\n<ul>\n<li>List some ways to screen prospective employees<\/li>\n<li>Describe the information a retail manager wants to get from interviewing a prospective employee<\/li>\n<li>Compare and contrast various approaches to training new employees<\/li>\n<\/ul>\n<h3>Explain how retailers keep the best personnel<\/h3>\n<ul>\n<li>Describe how to evaluate retail employees and provide feedback<\/li>\n<li>List some reward and compensation plans for great employees<\/li>\n<li>Identify qualities of strong management leaders<\/li>\n<\/ul>\n<h3>Describe the operating functions that can reduce costs<\/h3>\n<ul>\n<li>List the key aspects of efficient employee scheduling<\/li>\n<li>Describe the activities involved in general store maintenance<\/li>\n<li>Explain strategies to reduce inventory shrinkage<\/li>\n<\/ul>\n<h2>Module 11: Merchandise Management<\/h2>\n<h3>Identify the important aspects of merchandise planning and management<\/h3>\n<ul>\n<li>Define merchandise management<\/li>\n<li>Describe the characteristics and functions performed within retail buying organizations<\/li>\n<li>Differentiate between staple and fashion merchandise buying systems<\/li>\n<\/ul>\n<h3>Examine the merchandise planning process<\/h3>\n<ul>\n<li>Explain how retailers forecast probable sales numbers for merchandise categories<\/li>\n<li>Compare and contrast various merchandise assortment options<\/li>\n<li>Summarize how retailers determine product inventory levels<\/li>\n<li>Outline a system for controlling merchandise flow<\/li>\n<li>Describe how retailers decide on merchandise allocations<\/li>\n<li>Explore the techniques used to evaluate merchandising decisions<\/li>\n<\/ul>\n<h3>Outline the considerations taken by retailers when buying merchandise<\/h3>\n<ul>\n<li>List some of the brand selection possibilities and their benefits<\/li>\n<li>Describe some of the issues involved with sourcing decisions<\/li>\n<li>Identify how a retailer can prepare for negotiations<\/li>\n<li>Explain the value in building strong partner relationships<\/li>\n<li>Summarize the ethical and social responsibilities that come with buying decisions<\/li>\n<\/ul>\n<h2>Module 12: Retail Pricing and Sales Strategies<\/h2>\n<h3>Identify how pricing fits into the goals of a retail establishment<\/h3>\n<ul>\n<li>Define value<\/li>\n<li>Differentiate between basic retail pricing strategies<\/li>\n<li>Explain how pricing is integrated with the rest of the retail mix strategy<\/li>\n<\/ul>\n<h3>Explain how retailers determine pricing objectives<\/h3>\n<ul>\n<li>List some external factors that impact retail pricing<\/li>\n<li>Match various pricing strategies with the business objective it represents<\/li>\n<li>Define price elasticity<\/li>\n<li>Calculate the price elasticity of a product based on the given situation<\/li>\n<\/ul>\n<h3>Use various pricing methods to determine product pricing<\/h3>\n<ul>\n<li>Using cost-oriented pricing equations, calculate the retail price, the cost, and the markup percentage of a product<\/li>\n<li>Calculate the break-even point for retail product sales<\/li>\n<li>Explain how a retailer can use competition-oriented pricing to determine the price of a product<\/li>\n<li>Describe how retailers use demand-oriented pricing<\/li>\n<\/ul>\n<h3>Examine common price adjustment techniques<\/h3>\n<ul>\n<li>Understand the three types of price adjustments used by retailers<\/li>\n<li>Explain how retailers can reduce the amount of product that ends up in markdowns<\/li>\n<li>Summarize the options for liquidating markdown merchandise<\/li>\n<\/ul>\n<h3>Examine pricing techniques used by retailers to increase sales and profits<\/h3>\n<ul>\n<li>Differentiate between first, second, and third-degree price discrimination<\/li>\n<li>Define loss leader<\/li>\n<li>Illustrate the technique of price lining<\/li>\n<li>Explain the concepts of KVC and KVI and their impact on retail pricing<\/li>\n<\/ul>\n<h2>Module 13: Retail Image: Layout and Visual Merchandising<\/h2>\n<h3>Identify the key objectives of good store design<\/h3>\n<ul>\n<li>Explain how store design can create a positive shopping experience for customers<\/li>\n<li>Use an example of store design that would likely impact sales<\/li>\n<li>Describe how a store can use design to control costs<\/li>\n<\/ul>\n<h3>Explain the value of a thoughtful store layout<\/h3>\n<ul>\n<li>Describe customer shopping behaviors and traffic-flow patterns<\/li>\n<li>Compare and contrast various store layout designs<\/li>\n<li>Explain how a retailer classifies its products into layout groupings<\/li>\n<\/ul>\n<h3>Illustrate how the store environment can create a rewarding shopping experience<\/h3>\n<ul>\n<li>Describe why a store&#8217;s exterior influences its image<\/li>\n<li>List the benefits and drawbacks of each presentation technique<\/li>\n<li>Outline the important aspects interior store design<\/li>\n<\/ul>\n<h3>Use nonstore-retailing atmospheric principles to analyze current web retailers<\/h3>\n<ul>\n<li>List the characteristics of an appealing retailer website<\/li>\n<li>Describe how web retailers use design features to craft an online store<\/li>\n<li>Define UX and the role of user experience in web retailing<\/li>\n<li>Examine the advantages and disadvantages of running an online store<\/li>\n<\/ul>\n<h2>Module 14:\u00a0Integrated Marketing Communications and Promotions<\/h2>\n<h3>Explore the concept of integrated marketing communications and retail promotions<\/h3>\n<ul>\n<li>Explain the value of effective communication with customers<\/li>\n<li>Define integrated marketing communications<\/li>\n<li>Differentiate between traditional and new media elements<\/li>\n<li>Examine the different budget calculation methods<\/li>\n<\/ul>\n<h3>Explain how retailers build a brand image and increase customer loyalty by using communication programs<\/h3>\n<ul>\n<li>Define brand equity<\/li>\n<li>Outline the steps involved in the creation of a marketing communication program (SMART)<\/li>\n<\/ul>\n<h3>Evaluate the key elements of the integrated marketing communications mix<\/h3>\n<ul>\n<li>Describe how advertising is used by retailers<\/li>\n<li>Outline the types of sales promotions used by retailers<\/li>\n<li>List some direct marketing tactics used by retailers<\/li>\n<li>Discuss the various online media elements used by retailers<\/li>\n<li>Explain why social media is a crucial part of any current retailer&#8217;s IMC mix<\/li>\n<li>Evaluate use cases for other miscellaneous media elements<\/li>\n<\/ul>\n<h2>Module 15:\u00a0Customer Service Strategies<\/h2>\n<h3>Identify how retailers can use excellent customer service as a differentiation tool<\/h3>\n<ul>\n<li>Define customer service<\/li>\n<li>Discuss the value of customer profiles in retail customer service<\/li>\n<li>Categorize services offered by retailers as basic or luxury<\/li>\n<li>Compare and contrast personalized and standardized service<\/li>\n<\/ul>\n<h3>Explain the key components of the customer evaluation process<\/h3>\n<ul>\n<li>Define customer perception and customer expectation<\/li>\n<li>Describe the main characteristics that affect service quality perceptions<\/li>\n<li>Explain the role of customer expectations in determining the value of service perceived<\/li>\n<\/ul>\n<h3>Discuss the gap model of service quality<\/h3>\n<ul>\n<li>Outline how a retailer can close the customer expectations and management perceptions gap<\/li>\n<li>Outline how a retailer can close the management perceptions and quality specs gap<\/li>\n<li>Outline how a retailer can close the quality specs and service delivery gap<\/li>\n<li>Outline how a retailer can close the service delivery and communications gap<\/li>\n<li>Outline how a retailer can close the actual performance and perceived service gap<\/li>\n<\/ul>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-3248\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Learning Outcomes. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Shared previously<\/div><ul class=\"citation-list\"><li>Magnify. <strong>Authored by<\/strong>: Eucalyp. <strong>Provided by<\/strong>: Noun Project. <strong>Located at<\/strong>: <a target=\"_blank\" href=\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\">https:\/\/thenounproject.com\/term\/magnify\/1276779\/<\/a>. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":17533,"menu_order":3,"template":"","meta":{"_candela_citation":"[{\"type\":\"cc\",\"description\":\"Magnify\",\"author\":\"Eucalyp\",\"organization\":\"Noun Project\",\"url\":\"https:\/\/thenounproject.com\/term\/magnify\/1276779\/\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"},{\"type\":\"original\",\"description\":\"Learning Outcomes\",\"author\":\"\",\"organization\":\"Lumen 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