1.1: Course Contents at a Glance
- Page ID
- 44975
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\(\newcommand{\avec}{\mathbf a}\) \(\newcommand{\bvec}{\mathbf b}\) \(\newcommand{\cvec}{\mathbf c}\) \(\newcommand{\dvec}{\mathbf d}\) \(\newcommand{\dtil}{\widetilde{\mathbf d}}\) \(\newcommand{\evec}{\mathbf e}\) \(\newcommand{\fvec}{\mathbf f}\) \(\newcommand{\nvec}{\mathbf n}\) \(\newcommand{\pvec}{\mathbf p}\) \(\newcommand{\qvec}{\mathbf q}\) \(\newcommand{\svec}{\mathbf s}\) \(\newcommand{\tvec}{\mathbf t}\) \(\newcommand{\uvec}{\mathbf u}\) \(\newcommand{\vvec}{\mathbf v}\) \(\newcommand{\wvec}{\mathbf w}\) \(\newcommand{\xvec}{\mathbf x}\) \(\newcommand{\yvec}{\mathbf y}\) \(\newcommand{\zvec}{\mathbf z}\) \(\newcommand{\rvec}{\mathbf r}\) \(\newcommand{\mvec}{\mathbf m}\) \(\newcommand{\zerovec}{\mathbf 0}\) \(\newcommand{\onevec}{\mathbf 1}\) \(\newcommand{\real}{\mathbb R}\) \(\newcommand{\twovec}[2]{\left[\begin{array}{r}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\ctwovec}[2]{\left[\begin{array}{c}#1 \\ #2 \end{array}\right]}\) \(\newcommand{\threevec}[3]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\cthreevec}[3]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \end{array}\right]}\) \(\newcommand{\fourvec}[4]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\cfourvec}[4]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \end{array}\right]}\) \(\newcommand{\fivevec}[5]{\left[\begin{array}{r}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\cfivevec}[5]{\left[\begin{array}{c}#1 \\ #2 \\ #3 \\ #4 \\ #5 \\ \end{array}\right]}\) \(\newcommand{\mattwo}[4]{\left[\begin{array}{rr}#1 \amp #2 \\ #3 \amp #4 \\ \end{array}\right]}\) \(\newcommand{\laspan}[1]{\text{Span}\{#1\}}\) \(\newcommand{\bcal}{\cal B}\) \(\newcommand{\ccal}{\cal C}\) \(\newcommand{\scal}{\cal S}\) \(\newcommand{\wcal}{\cal W}\) \(\newcommand{\ecal}{\cal E}\) \(\newcommand{\coords}[2]{\left\{#1\right\}_{#2}}\) \(\newcommand{\gray}[1]{\color{gray}{#1}}\) \(\newcommand{\lgray}[1]{\color{lightgray}{#1}}\) \(\newcommand{\rank}{\operatorname{rank}}\) \(\newcommand{\row}{\text{Row}}\) \(\newcommand{\col}{\text{Col}}\) \(\renewcommand{\row}{\text{Row}}\) \(\newcommand{\nul}{\text{Nul}}\) \(\newcommand{\var}{\text{Var}}\) \(\newcommand{\corr}{\text{corr}}\) \(\newcommand{\len}[1]{\left|#1\right|}\) \(\newcommand{\bbar}{\overline{\bvec}}\) \(\newcommand{\bhat}{\widehat{\bvec}}\) \(\newcommand{\bperp}{\bvec^\perp}\) \(\newcommand{\xhat}{\widehat{\xvec}}\) \(\newcommand{\vhat}{\widehat{\vvec}}\) \(\newcommand{\uhat}{\widehat{\uvec}}\) \(\newcommand{\what}{\widehat{\wvec}}\) \(\newcommand{\Sighat}{\widehat{\Sigma}}\) \(\newcommand{\lt}{<}\) \(\newcommand{\gt}{>}\) \(\newcommand{\amp}{&}\) \(\definecolor{fillinmathshade}{gray}{0.9}\)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
- 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
Contributors and Attributions
- Course Contents at a Glance. Provided by: Lumen Learning. License: CC BY: Attribution
- Binoculars Icon. Authored by: Musmellow. Provided by: Noun Project. Located at: https://thenounproject.com/term/binoculars/1234056/. License: CC BY: Attribution