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1.1: Course Contents at a Glance

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    44975
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    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

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