Nanodegree in Retail Management

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Nanodegree in Retail Management

Categories: Management, Nanodegrees
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About Course

Course Description

The course was developed to align with the Western Association of Food Chains (WAFC) learning outcomes for their Retail Management Certificate. It is intended to be a capstone course and covers various aspects of retail management and store operations including merchandising, operations, layout, store organization, site location, and customer service.

Retail is a growing, fast-paced, and diverse industry with many opportunities for advancement. Careers are available in all areas of business and with over 42 million people employed, and responsible for 1 in 4 jobs in the United States. Retail is a great place to be. Students gain the knowledge, skills, abilities and confidence that empower them to become successful leaders in retail and service oriented companies.

Certification

A verifiable certificate in PDF format is available to download after fulfilling all the course requirements.

Who This Course is for

This course is aimed at anyone who wants to gain the knowledge, skills, abilities and confidence that empower them to become successful leaders in retail and service oriented companies.

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About the instructor

Lumen
Lumen Learning courseware is based on open educational resources (OER). When we can find well designed, effective OER that are appropriately licensed, we use them in our courseware. When we can’t find pre-existing OER, we create original content and license it as OER (under a Creative Commons Attribution license).

Course Curriculum

Module 1: Introduction to Retailing
This module introduces us to the many aspects to the retail experience and process for us to examine and better understand.

  • Why It Matters: Introduction to Retailing
  • Introduction to Retailing
  • Retailing
  • Supply Chains
  • Challenges in Retailing
  • Introduction to the Evolution of Retail
  • Historical Changes in Retail
  • Information Systems in Retail
  • Adaptation in Retail
  • Introduction to Careers in Retail
  • Key Roles in a Retail Business
  • Why Working Retail Is Tough
  • Retail Management Requirements
  • Skills of a Retail Manager
  • Introduction to Strategic Planning in Retail Management
  • Microenvironment vs. Macroenvironment
  • Strategic Planning in Retail
  • The Retail Mix
  • The Retailing Concept
  • Putting It Together: Introduction to Retailing
  • Discussion: Introduction to Retailing
  • Assignment: Retail Challenges

Module 2: Retail Environment Analysis
Why evaluate different types of retail institutions?

  • Why It Matters: Retail Environmental Analysis
  • Introduction to Retailer Classification
  • Structural Organization of Retailers
  • Advantages and Disadvantages of Retailer Types
  • Introduction to Food Retailers
  • Changes in Food Retailing
  • Variety and Assortment of Goods in Food Retail
  • Current Trends in Food Retail
  • Introduction to Service and Merchandise Retailers
  • Assortment Levels and Types of Retailers
  • Adapting to the Current Landscape
  • Types of Service Retailers
  • Introduction to Store-Based Strategy Mixes
  • Wheel of Retailing
  • Scrambled Merchandising
  • Evolving Through Mergers, Diversification, and Downsizing
  • Evolving Through Mergers, Diversification, and Downsizing
  • Introduction to Competitive Analysis
  • Obtaining Information on Competition
  • NAICS Codes and Direct Competitors
  • Putting It Together: Retail Environment Analysis
  • Assignment: Retail Environment Analysis

Module 3: Multi-Channel Retailing

  • Why It Matters: 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
  • Introduction to Non-Store Retail Channels
  • Retailers and Non-store Channel Types
  • Comparison of Store, Catalog, and Internet Channels
  • Introduction to Electronic Retailing
  • Role of the Web to Retailers
  • Advantages and Disadvantages of Electronic Retailing
  • Mobile Apps and Customer Interaction
  • Introduction to Challenges of Multichannel Retailers
  • Multi-channel Factors to Consider
  • Customer Impressions and the Seamless Experience
  • Data to Support the Multichannel Shopping Experience
  • Putting It Together: Multi-Channel Retailing
  • Discussion: Multi-Channel Retailing

Module 4: Identifying and Understanding Customer Behavior

  • Why It Matters: Identifying and Understanding Customer Behavior
  • Introduction to the Customer Decision-Making Process
  • Steps of the Buying Process
  • Conflicting Needs of Customers
  • Information Used in Buying Decisions
  • Multi-attribute Model
  • Introduction to Models of the Buying Process
  • Increasing Sales with Extended Problem Solving
  • Increasing Sales with Limited Problem Solving
  • Habitual Decision-Making
  • Introduction to Understanding Customers
  • Target Markets
  • Meeting the Needs of Specific Groups
  • Introduction to Describing Customers
  • Demographic Measurements
  • Consumer Lifestyle Factors
  • Motivation, Attitude, and Buying Choices
  • Introduction to Target Market Planning
  • Brand Community
  • Differentiated, Mass, and Concentrated Marketing Strategies
  • Predicting a Retail Strategy Mix
  • Putting It Together: Identifying and Understanding Customer Behavior
  • Assignment: The Buying Process

Module 5: Strategic Retail Planning and Management

  • Why It Matters: Strategic Retail Planning and Management
  • Introduction to Strategic Planning in Retail
  • Steps of Retail Strategy Planning
  • Visions and Missions
  • Decisions and Strategy
  • Introduction to Creating a Strategic Plan
  • Situation Analysis
  • Short and Long-Run Objectives
  • Target Market Techniques
  • Key Variables in Planning
  • Tactical Decisions
  • Retail Audits
  • Introduction to Strategic Planning Opportunities
  • The Feedback Process
  • Building a Competitive Advantage
  • Retail Growth Opportunities
  • Putting It Together: Strategic Retail Planning and Management
  • Assignment: Customer Behavior and Strategic Planning
  • Assignment: Visions and Missions

Module 6: Trade-Area Analysis and Site Selection

  • Why It Matters: Trade-Area Analysis and Site Selection
  • Introduction to Selecting a Store Location
  • Environmental Analysis
  • Data Analysis for Location Selection
  • Location Effects on Planning
  • Introduction to Retail Trading Area
  • U.S. Census Bureau and Demographic Data
  • GIS and Location Decisions
  • Factors in Analyzing Trading Area
  • Introduction to Available Retail Locations
  • Comparing Location Benefits
  • Introduction to Site Selection Decisions
  • Evaluating Site Characteristics
  • Influence of Societal Views
  • Huff Gravity Model
  • Common Lease Types
  • Putting It Together: Trade-Area Analysis and Site Selection
  • Discussion: Trade-Area Analysis and Site Selection

Module 7: Information Systems in Retail and CRM Software

  • Why It Matters: Information Systems in Retail and CRM Software
  • Introduction to Centralized Data Hubs
  • Methods to Gather Information
  • Retail Information Systems
  • Data Warehousing and Data Mining
  • UPC, RFID, and QR Codes
  • Introduction to Supply Chain Management
  • Supply Chains
  • Flow of Goods
  • Sales and Information Systems
  • Supplier and Retailer Coordination
  • Introduction to Shopping Data Collection
  • CRM
  • Customer Database
  • Collecting Identifying Information
  • Privacy Issues
  • Introduction to Analyzing the Customer Database
  • Identifying Best Customers
  • Goals of Data Analysis
  • Frequent-Shopper and Rewards Programs
  • Customer Retention Techniques
  • Putting It Together: Information Systems in Retail and CRM Software
  • Assignment: Information Systems in Retail and CRM Software

Module 8: Retail Human Resources
Human resources management and structuring a team are huge components of a successful business. As a retail establishment grows larger, these areas become even more relevant.

  • Why It Matters: Retail Human Resources
  • Introduction to Organizational Patterns of a Retail Business
  • Organizational Structure and Employee Tasks
  • Retailer Structures
  • Divisions of a Retail Business
  • Introduction to Human Resource Management
  • Performance Measures
  • Steps of Human Resource Management
  • Challenges in Human Resource Management
  • Introduction to Attracting the Best Employees
  • Recruiting Talent
  • Developing Star Employees
  • Motivating Employees
  • Diverse and Inclusive Workforce
  • Introduction to Legal Issues in Human Resource Management
  • Laws versus Ethics
  • Equal Employment Opportunity Law
  • Employee Health and Safety Laws
  • Sexual Harassment Laws
  • Web Retailing Laws
  • Putting It Together: Retail Human Resources
  • Discussion: Retail Human Resources

Module 9: Financial Strategies in Retail
Distribution channels are the ways that products or services get to the end user and all the activities that bridge the producers with consumers.

  • Why It Matters: Financial Strategies in Retail
  • Introduction to Financial Plans
  • Financial Goals
  • Profit-and-Loss Statements
  • Performance Objectives and Measurements
  • Introduction to Income Statements
  • Sales, Costs, and Expenses
  • Gross Margin Percentage
  • Net Profit Margin
  • Introduction to Balance Sheets
  • Assets and Liabilities
  • Asset Turnover Rate
  • Return on Assets
  • Key Ratios
  • Introduction to Budgeting and Cash Flow
  • Budget Preparation
  • Zero-Based vs. Incremental Budgeting
  • Ongoing Budgeting Process
  • Seasonality and Cash Flow
  • Putting It Together: Financial Strategies in Retail
  • Assignment: Financial Strategies in Retail

Module 10: Retail Operations: Managing the Store
Effective employees are the backbone of any company.

  • Why It Matters: Retail Operations and Managing the Store
  • Introduction to Finding Personnel
  • Screening Prospective Employees
  • Interviewing Prospective Employees
  • Training New Employees
  • Introduction to Retaining Personnel
  • Employees Evaluations and Feedback
  • Rewards and Compensation Plans
  • Strong Leader Qualities
  • Introduction to Operating Functions
  • Employee Scheduling
  • Store Maintenance
  • Reducing Inventory Shrinkage
  • Putting It Together: Retail Operations and Managing the Store
  • Discussion: Retail Operations: Managing the Store

Module 11: Merchandise Management

  • Why It Matters: Merchandise Management
  • Introduction to Merchandise Planning and Management
  • Merchandise Management
  • Retail Buying Organizations
  • Merchandise Buying Systems
  • Introduction to the Merchandise Planning Process
  • Forecasting Sales Numbers
  • Merchandise Assortment Options
  • Inventory Levels
  • Merchandise Flow
  • Merchandise Allocations
  • Merchandising Decisions
  • Introduction to Buying Merchandise
  • Brand Selection
  • Sourcing Decisions
  • Negotiations
  • Building Partner Relationships
  • Ethical and Social Responsibilities
  • Putting It Together: Merchandise Management
  • Assignment: Merchandise Management

Module 12: Retail Pricing and Sales Strategies

  • Why It Matters: Retail Pricing and Sales Strategies
  • Introduction to Pricing in Retail
  • Defining Value
  • Retail Pricing Strategies
  • Pricing and the Retail Mix
  • Introduction to Pricing Objectives
  • External Factors and Retail Pricing
  • Pricing Strategies
  • Price Elasticity
  • Price Elasticity Calculations
  • Introduction to Product Pricing Methods
  • Cost-Oriented Pricing Equations
  • Break-Even Point
  • Competition-Oriented Pricing
  • Demand-Oriented Pricing
  • Introduction to Price Adjustment Techniques
  • Markdown Optimization Software
  • Reducing Product Markdowns
  • Liquidating Markdown Merchandise
  • Introduction to Pricing Techniques
  • Price Discrimination
  • Loss Leader
  • Price Lining
  • History of Odd Pricing
  • Putting It Together: Retail Pricing and Sales Strategies
  • Assignment: Retail Pricing

Module 13: Retail Image: Layout and Visual Merchandising

  • Why It Matters: Retail Image: Layout and Visual Merchandising
  • Introduction to Store Design
  • Design and the Shopping Experience
  • Design and Sales
  • Design and Costs
  • Introduction to Store Layout
  • Customer Shopping Behaviors
  • Store Layout Designs
  • Product Layout
  • Introduction to Rewarding Shopping Experiences
  • Store Exterior
  • Presentation Techniques
  • Store Interior Design
  • Introduction to Atmosphere in Web Retailing
  • Characteristics of Retailing Websites
  • Online Store Design
  • User Experience
  • Pros and Cons of an Online Store
  • Putting It Together: Retail Image: Layout and Visual Merchandising
  • Assignment: Retail Image

Module 14: Integrated Marketing Communications and Promotions

  • Why It Matters: Integrated Marketing Communications and Promotions
  • Introduction to Integrated Marketing Communications and Promotions
  • Customer Communication
  • Integrated Marketing Communications
  • Media Elements
  • Budget Calculations
  • Introduction to Communication Programs
  • Brand Equity
  • Marketing Communication Program (SMART)
  • Introduction to 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
  • Putting It Together: Integrated Marketing Communications and Promotions
  • Discussion: Integrated Marketing Communications and Promotions

Module 15: Customer Service Strategies
Why learn about customer service strategies?

  • Why It Matters: Customer Service Strategies
  • Introduction to Customer Service Strategies
  • Customer Service
  • Customer Profiles
  • Offered Services
  • Personalized vs. Standardized Service
  • Introduction to the Customer Evaluation Process
  • Perception vs. Expectation
  • Service Quality Perceptions
  • Customer Expectations
  • Introduction to 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
  • Putting It Together: Customer Service Strategies
  • Discussion: Customer Service Strategies
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