MKTG 1020 - Dynamics of Retailing

Credit Hours: 3.00

Objectives:

1. Define retailing.
2. Discuss the roles and functions of retailing within society and business.
3. Differentiate between different types of retailers.
4. Discuss trends that are shaping today’s retailers including diversity and technology.
5. Describe market segmentation as it relates to retailers.
6. 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 development.

Objectives:

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

Outcome 3: Upon completion of this course, students will be able to explain the components of retail strategy implementation.

Objectives:

1. Describe how retailers develop profitable merchandise assortments and forecast sales.
2. Explain branding and sourcing decisions.
3. Describe legal and ethical considerations in merchandise buying.
4. Explore pricing strategies and techniques used by retailers.
5. Compare advantages and disadvantages of various IMC tools used by retailers.

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

Objectives:

1. Describe human resource management programs and responsibilities to build a committed workforce.
2. Identify the responsibilities involved in controlling costs.
3. Differentiate between different retail store layout options.
4. Identify elements of store atmospherics.
5. Identify characteristics of successful customer service performance.

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. Research and select a target market.
3. Research and select a retail site.
4. Execute merchandise management strategies, including assortment and variety of decisions.
5. Develop a profit-making pricing strategy.
6. Develop the retail layout, design, and visual merchandising recommendations.
7. Make HR staffing and customer service decisions.
8. Execute an integrated marketing communications strategy.
9. Analyze customer feedback, sales, and competitive data and results.
10. Modify retail strategies based on data analysis.

• Communication: The graduate can communicate effectively for the intended purpose and audience.
• Critical Thinking: The graduate can make informed decisions after analyzing information or evidence related to the issue.
• Global Literacy: The graduate can analyze human behavior or experiences through cultural, social, political, or economic perspectives.
• Information Literacy: The graduate can responsibly use information gathered from a variety of formats in order to complete a task.
• Quantitative Reasoning: The graduate can apply quantitative methods or evidence to solve problems or make judgments.
• Scientific Literacy: The graduate can produce or interpret scientific information presented in a variety of formats.

1. Introduction to Retailing
   1. Types of Retailers
   2. Trends in Retailing - Current and Future
   3. Customer Buying Behavior
2. Retailing Strategy Development
   1. Segmenting and Target Market Development
   2. Developing a Sustainable Competitive Advantage
   3. Strategic Planning in Retailing
   4. Retail Site Selection
   5. Managing Human Resources
   6. Managing Information and the Supply Chain
   7. Customer Relationship Management
3. Retail Strategy Implementation
   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
5. Executing a Retail Plan