MKTG 1020 - Dynamics of Retailing

Credit Hours: 3.00

Objectives:

1. Discuss the roles and functions of retailing within society and business
2. Differentiate between the different types of retailers.
3. Discuss trends that are shaping today’s retailers including diversity and technology.
4. Describe market segmentation as it relates to retailers.
5. Explain how consumers decide what to buy and where to shop.

Outcome 2: Upon completion of this course, students will be able to explain the components of retail strategy management.

Objectives:

1. Describe three key components of retail strategy: target markets, retail format, and competitive advantage.
2. Explain financial terminology and financial measures used to assess retail performance.
3. Identify the types of retail locations and their advantages/disadvantages.
4. Explain the issues that are evaluated when determining store location.
5. Describe human resource management programs to build a committed workforce.
6. Explain how efficient information and supply chain management contributes to stronger retailer profits.
7. Describe how CRM programs convert consumer data into customer loyalty.

Outcome 3: Upon completion of this course, students will be able to explain the merchandise management process.

Objectives:

1. Describe how retailers develop profitable merchandise assortments and forecast sales.
2. Discuss the buying systems used to make these decisions.
3. Explain branding and sourcing options.
4. Demonstrate how to set and adjust retail prices.
5. Compare advantages and disadvantages of various IMC tools.

Outcome 4: Upon completion of this course, students will be able to identify the fundamentals of store management.

Objectives:

1. Identify the responsibilities involved in managing store employees.
2. Identify the responsibilities involved in controlling costs.
3. Identify the responsibilities involved in merchandise management.
4. Identify the responsibilities involved in providing customer service.

Outcome 5: Upon completion of this course, students will be able to prepare a retail plan.

Objectives:

1. Discuss marketplace factors that will affect a retailer.
2. Describe the target market.
3. Research and select a retail site.
4. Discuss merchandise recommendations: assortment, branding, sourcing, pricing.
5. Describe store layout, design, and visual merchandising recommendations.
6. Identify customer service and promotion/communication strategies.
7. Provide budget and human resource strategies.

1. Introduction to Retailing
   1. Types of Retailers
   2. Trends in Retailing - Current and Future
   3. Customer Buying Behavior
2. Retailing Strategy Management
   1. Segmenting and Target Market Development
   2. Developing a Sustainable Competitive Advantage
   3. Strategic Planning in Retailing
   4. Financial Planning
   5. Retail Site Selection
   6. Managing Human Resources
   7. Managing Information and the Supply Chain
   8. Customer Relationship Management
3. Merchandise Management
   1. Planning for and Buying Merchandise
   2. Vendor and Supplier Relationships
   3. Retail Pricing Strategies
   4. Integrated Marketing Communications for Retailers
4. Store Management
   1. Employee Recruiting, Development and Management
   2. Store Design, Layout and Visual Merchandising
   3. Customer Service Strategies