Retail Management

Upon successful completion of this course, participants will be able to:

Chapter 1

• Identify the elements of a seamless shopping experience; and
• Specify the requirements of an omnichannel retailing system; and
• Describe the tactics that can be used to increase retail sales.

Chapter 2

• Identify the aspects of an enhanced level of customer service.

Chapter 3

• Specify the requirements for a retailer’s vision statement; and
• Identify the trade-offs involved in developing a strategic plan; and
• Recall the different types of retailer strategies; and
• Specify how to simplify and implement a strategy; and
• Describe the characteristics, advantages, and disadvantages of the different types of business organization.

Chapter 4

• Specify when to use scrambled merchandising; and
• Specify how the different types of retailers conduct their operations; and
• Recall how outshopping applies to a retailer’s strategy.

Chapter 5

• Recall how shopper attitudes towards a retailer can be enhanced; and
• Specify how to minimize customer dissatisfaction with purchased goods; and
• Identify the different research methods used to investigate strategic options.

Chapter 6

• Recall the most rigid element of a retailer’s strategy; and
• Recall the steps used to find an appropriate store location.

Chapter 7

• Specify how an organizational structure can benefit a retailer; and
• Identify how a job analysis and a job description can be used; and
• Recall the methods used by a retailer to search for job candidates, and the benefits of each one; and
• Specify the advantages of requiring candidates to complete a job application form; and
• Identify the best practices for reviewing job applications and resumes; and
• Recall the reasons why retailers use job interviews; and
• Specify the red flags to watch out for when reviewing a job candidate’s references; and
• Identify the different types of employee training.

Chapter 8

• Recall the format and uses of each of the financial statements.

Chapter 9

• Specify the general methods used to drive down costs within a retailer; and
• Identify the goals of a system of inventory management; and
• Recall the maintenance issues that store managers must deal with; and
• Specify the advantages of using a standardized store layout; and
• Recall the nature of Little’s Law.

Chapter 10

• Specify the various viewpoints on how to organize the buying and selling functions; and
• Identify the problems encountered when sourcing from foreign suppliers; and
• State the nature of slotting fees; and
• Recall the circumstances under which floor-ready merchandise is used; and
• Specify the various transport options for goods, and when each one works best; and
• Identify the advantages and disadvantages of a direct store delivery system; and
• Recall the different types of deductions that a retailer might take from its supplier payments.

Chapter 11

• Specify the different types of inventory system that a retailer might use; and
• Identify how to calculate the retail method for estimating ending inventory; and
• Recall the methods for managing markdowns; and
• Specify the different types of sales forecasting methods used by retailers.

Chapter 12

• Identify when different types of pricing strategies should be used.

Chapter 13

• Recall the characteristics of a well-designed storefront, interior, and layout for a store.

Chapter 14

• Specify the different types of sales promotions.

Chapter 15

• Identify the advantages and disadvantages of direct marketing.

Chapter 16

• Recall the reasons why profits tend to be elevated over the requirements of other stakeholders.

Chapter 17

• Specify the various metrics that can be applied to a retail operation, and their characteristics.