1.1: Learning Outcomes

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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: Retail Management Learning Outcomes.

Module 1: Introduction to Retailing

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

Define retailing
Describe the firms involved in a supply chain
Summarize the key challenges facing retailers

Analyze the evolution of the retail industry

Describe the overall change in the structure of the retail industry over the past 60 years
Discuss the role information systems have played in the changing retail industry
Explain why a willingness to adapt is essential to a retailer’s survival

Recognize career opportunities available in the retail businesses

Identify key roles within retail businesses
List some challenges of working in the retail field
Categorize the general role requirements of a retail manager
Discuss the most valuable skills for a retail manager to possess

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

Differentiate between macroenvironment and microenvironment considerations in strategic planning
Classify the general steps of strategic planning in retail
Explain the retail mix
Explain the retailing concept

Module 2: Retail Environment Analysis

List the classification characteristics of various types of retailers by ownership

Match a retailer with its structural organization based on its classification
Match a retailer with its advantages and disadvantages based on its classification

Categorize the wide-variety of food retailers

Identify the most dramatic change in food retailing today
Assess the variety and assortment of goods carried by each type of food retailer
Discuss the current trends affecting food retailers

Compare and contrast service and merchandise retailers

Assess the variety and assortment levels of goods for each type of merchandise retailer
Describe the choices each type of merchandise retailer is currently making to adapt in the current landscape
Name an assortment of service retailer types

Discuss store-based strategy mixes

Identify the three levels on the wheel of retailing
Define scrambled merchandising
Discuss how a retail institution can evolve through mergers, diversification, and downsizing

Evaluate the elements of a competitive analysis

State the places retail managers should go to obtain information on their competition
Use NAICS codes to determine direct competitors

Module 3: Multi-Channel Retailing

Compare and contrast single channel, multi-channel, and omnichannel retailing

Define single channel, multi-channel, and omnichannel retailing
Match descriptions of retailers with single, multi, or omni-channel retailing
Explain the main difference between multi-channel and omnichannel retailing

Describe a wide variety of non-store retail channels

Match a retailer description with its non-store channel type
Compare and contrast the benefits of store, catalog, and internet channels

Discuss the rise of electronic retailing through the internet

Define the role of the web to retailers
List some advantages and disadvantages of electronic retailing
Explain how mobile apps can increase customer interaction

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

Identify the factors that need to be adjusted depending on the channel
Describe what a customer would consider a seamless experience across channels
Summarize the data that could be collected to support the multichannel shopping experience of the future

Module 4: Identifying and Understanding Customer Behavior

Explain the consumer decision-making process

Outline the steps of the buying process
Identify a situation in which a customer has conflicting needs
Describe how a customer finds information to make a buying decision
Using the multiattribute model, explain how customers evaluate retailers

Identify the various models of buying processes

Describe how a retailer can increase sales from customers engaged in extended problem solving
Describe how a retailer can increase sales from customers engaged in limited problem solving
Describe how a retailer can satisfy the needs of habitual decision making customers by choosing to act in ways that increase loyalty

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

Define a target market
Explain why a retailer would want to meet the needs of a specific group of people

Summarize the main factors used to describe customers

List a set of common demographic measurements
Identify some key consumer lifestyle factors
Outline how a buyer’s motivations and attitudes can affect their buying choices

Examine retailer decisions based on target market planning

Define a brand community
Explain why a retailer would select a differentiated marketing strategy over a mass or concentrated one
Predict a retail strategy mix based on the characteristics, needs, and attitudes of their customers

Module 5: Strategic Retail Planning and Management

Explain the importance of strategic planning to retailers

Outline the steps of retail strategy planning
Describe the value of an organizational vision and mission
Explain how a retail strategy guides the decisions of an organization

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

Describe how a situation analysis illuminates the opportunities and threats in a business environment
Differentiate between short and long-run objectives that a retailer will set for itself
Discuss the strategic implications of various target market techniques
List some key controllable and uncontrollable variables that should be considered when creating an overall retail strategy
Summarize a few tactical decisions that can be made to enact the strategy
Define a retail audit

Examine possible opportunities that can arise from strategic planning

Describe how consistent feedback can make the process iterative and roundabout rather than sequential
Explain how a retailer can build a sustainable competitive advantage
Classify strategic retail growth opportunities

Module 6: Trade-Area Analysis and Site Selection

Explain the significance of selecting a store location

Define environmental analysis
Discuss why location selection needs to involve significant analysis of data
Explain the effects of location choice on short and long run planning

Analyze the characteristics of a retail trading area

List the types of demographic data a retailer can obtain from the U.S. census bureau
Describe the types of data a retailer can obtain from geographic information system software (GIS)
Identify the main factors to consider when analyzing a retail trading area

Examine the variety of locations available to retailers

Compare and contrast the benefits of various retail locations

Summarize the factors considered in site selection decisions

Create a summary of the essential site characteristics to be evaluated
Explain why a retailer should also evaluate societal views when selecting a location
Use the Huff gravity model to estimate potential sales for a site
Outline the characteristics of the most common lease types

Module 7: Information Systems in Retail and CRM Software

Explain why retailers need a centralized data hub

Identify some inconclusive methods retailers may use to gather information and make decisions
Define retail information system and the data they can store and manage
Differentiate between data warehousing and data mining
Describe the purpose of UPC, RFID, and QR codes

Explore the use of information systems to manage the supply chain

Explain the importance of supply chain management
Describe the flow of physical goods through a supply chain
Explain how a good supply chain management system can increase sales and profits
Summarize the benefits of a coordinated effort between suppliers and retailers

Discuss how customer shopping data is collected

Define the purposes of a CRM system
List the types of data stored in a customer database
Identify how retailers collect identifying information
Explain some of the privacy issues surrounding CRM tools

Examine the objectives for analyzing the customer database

Explain how retailers use CRM to identify their best customers
Recognize the goals of market basket analysis, targeting promotions, and assortment planning
Analyze the various tactics of frequent-shopper or rewards programs
Identify some customer retention techniques based on collected data

Module 8: Retail Human Resources

Describe the organizational patterns of a retail business

Explain how organizational structure determines the activities that specific employees will perform
Describe the typical structure of a single-store retailer, national chain, and diversified retailer
Name some key divisions of a retail business and the people who head them

Discuss the overarching requirements of human resource management

List the performance measures of human resource management
Outline the steps of human resource management
Summarize the main challenges in retail human resource management

Explain how retailers can attract the best employees

Describe the steps to recruiting top talent
Identify selection and training techniques to develop star employees
Discuss methods to motivate retail employees
Predict the benefit of a more diverse and inclusive workforce

Examine legal issues involved in human resource management

Differentiate between laws and ethics
Explain the equal employment opportunity law
Discuss the details of employee health and safety laws
Describe the key points of sexual harassment laws
List some critical laws that pertain to web retailing

Module 9: Financial Strategies in Retail

Use strategic profit modeling to create a financial plan

Identify the financial goals of the business
Analyze a profit-and-loss statement
Compare various performance objectives and measurements

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

Define net sales, costs of goods sold, operating expenses
Analyze the gross margin percentage of sample retailers
Calculate the net profit margin of a sample retailer

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

Define asset, liability, and net worth
Analyze the asset turnover rate
Calculate a return on assets (ROA) for a sample retailer
Use key ratios to inform decisions

Explain the purpose and logistics of budgeting and cash flow

Describe each decision of budget preparation
Differentiate between zero-based and incremental budgeting
List what needs to be documented in the ongoing budgeting process
Explain the effect of seasonality on cash flow of some retailers

Module 10: Retail Operations: Managing the Store

Explain how retailers find the best personnel

List some ways to screen prospective employees
Describe the information a retail manager wants to get from interviewing a prospective employee
Compare and contrast various approaches to training new employees

Explain how retailers keep the best personnel

Describe how to evaluate retail employees and provide feedback
List some reward and compensation plans for great employees
Identify qualities of strong management leaders

Describe the operating functions that can reduce costs

List the key aspects of efficient employee scheduling
Describe the activities involved in general store maintenance
Explain strategies to reduce inventory shrinkage

Module 11: Merchandise Management

Identify the important aspects of merchandise planning and management

Define merchandise management
Describe the characteristics and functions performed within retail buying organizations
Differentiate between staple and fashion merchandise buying systems

Examine the merchandise planning process

Explain how retailers forecast probable sales numbers for merchandise categories
Compare and contrast various merchandise assortment options
Summarize how retailers determine product inventory levels
Outline a system for controlling merchandise flow
Describe how retailers decide on merchandise allocations
Explore the techniques used to evaluate merchandising decisions

Outline the considerations taken by retailers when buying merchandise

List some of the brand selection possibilities and their benefits
Describe some of the issues involved with sourcing decisions
Identify how a retailer can prepare for negotiations
Explain the value in building strong partner relationships
Summarize the ethical and social responsibilities that come with buying decisions

Module 12: Retail Pricing and Sales Strategies

Identify how pricing fits into the goals of a retail establishment

Define value
Differentiate between basic retail pricing strategies
Explain how pricing is integrated with the rest of the retail mix strategy

Explain how retailers determine pricing objectives

List some external factors that impact retail pricing
Match various pricing strategies with the business objective it represents
Define price elasticity
Calculate the price elasticity of a product based on the given situation

Use various pricing methods to determine product pricing

Using cost-oriented pricing equations, calculate the retail price, the cost, and the markup percentage of a product
Calculate the break-even point for retail product sales
Explain how a retailer can use competition-oriented pricing to determine the price of a product
Describe how retailers use demand-oriented pricing

Examine common price adjustment techniques

Understand the three types of price adjustments used by retailers
Explain how retailers can reduce the amount of product that ends up in markdowns
Summarize the options for liquidating markdown merchandise

Examine pricing techniques used by retailers to increase sales and profits

Differentiate between first, second, and third-degree price discrimination
Define loss leader
Illustrate the technique of price lining
Explain the concepts of KVC and KVI and their impact on retail pricing

Module 13: Retail Image: Layout and Visual Merchandising

Identify the key objectives of good store design

Explain how store design can create a positive shopping experience for customers
Use an example of store design that would likely impact sales
Describe how a store can use design to control costs

Explain the value of a thoughtful store layout

Describe customer shopping behaviors and traffic-flow patterns
Compare and contrast various store layout designs
Explain how a retailer classifies its products into layout groupings

Illustrate how the store environment can create a rewarding shopping experience

Describe why a store’s exterior influences its image
List the benefits and drawbacks of each presentation technique
Outline the important aspects interior store design

Use nonstore-retailing atmospheric principles to analyze current web retailers

List the characteristics of an appealing retailer website
Describe how web retailers use design features to craft an online store
Define UX and the role of user experience in web retailing
Examine the advantages and disadvantages of running an online store

Module 14: Integrated Marketing Communications and Promotions

Explore the concept of integrated marketing communications and retail promotions

Explain the value of effective communication with customers
Define integrated marketing communications
Differentiate between traditional and new media elements
Examine the different budget calculation methods

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

Define brand equity
Outline the steps involved in the creation of a marketing communication program (SMART)

Evaluate the key elements of the integrated marketing communications mix

Describe how advertising is used by retailers
Outline the types of sales promotions used by retailers
List some direct marketing tactics used by retailers
Discuss the various online media elements used by retailers
Explain why social media is a crucial part of any current retailer’s IMC mix
Evaluate use cases for other miscellaneous media elements

Module 15: Customer Service Strategies

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

Define customer service
Discuss the value of customer profiles in retail customer service
Categorize services offered by retailers as basic or luxury
Compare and contrast personalized and standardized service

Explain the key components of the customer evaluation process

Define customer perception and customer expectation
Describe the main characteristics that affect service quality perceptions
Explain the role of customer expectations in determining the value of service perceived

Discuss the gap model of service quality

Outline how a retailer can close the customer expectations and management perceptions gap
Outline how a retailer can close the management perceptions and quality specs gap
Outline how a retailer can close the quality specs and service delivery gap
Outline how a retailer can close the service delivery and communications gap
Outline how a retailer can close the actual performance and perceived service gap

Contributors and Attributions

Learning Outcomes. Provided by: Lumen Learning. License: CC BY: Attribution

Magnify. Authored by: Eucalyp. Provided by: Noun Project. Located at: https://thenounproject.com/term/magnify/1276779/. License: CC BY: Attribution