Retail Management
Overview:
Introduction:
The word ‘Retailing’ is derived from the French verb ‘retailer’, which means, "to cut a piece off.” From a marketers point of view, retailing is defined as a set of marketing activities that are designed to provide satisfaction to the end consumer.
Course Objectives:
At the end of this course, the participants will be able to:
- Analyze store operations, supervise employees, and manage inventory.
- Understand customer behavior in a retail environment.
- Develop successful sales plans to grow store profitability.
- Produce a positive shopping experience.
- Use proper merchandising and promotional strategies to improve sales performance and customer loyalty.
Targeted Audience:
Senior retail managers who want to discover the various traits of successful retail management through actual case studies and industry best practices that showcase the required skills and strategies.
Course Outlines:
Unit 1: The Retail Environment and Challenges
- Retailing Defined
- Today’s Retail Environment
- The Pillars of Retail (7Ps) and Related Metrics
- Retailing and Marketing Channels
Unit 2: Retail Strategies and Business Intelligence
- Retail Competitive Strategies
- The 5 Dimensions of a Retail Strategy
- The EST Model: Achieving Strategic Positioning
- Assessing Strengths and Weaknesses for Better Positioning
- Retail Leadership Guidelines
- The Components of Retail Business Intelligence
- Business Intelligence and Retail Operations
Unit 3: Store Sales Performance Metrics
- Critical Performance Questions
- What to Measure and When?
- 15 Key Retail Metrics
- The Strategic Profit Model (DuPont Analysis)
- Computing the Store’s Return on Net Worth
Unit 4: Retail Sales Management and Coaching
- The New Role of the Retail Sales Associates
- Relationship Selling and Retailing
- The Retail Sales Management Process
- Hire
- Train
- Set Goals and Objectives
- Define and Measure Metrics
- Motivate
- Performance Evaluation
- Rewards and Incentives
Unit 5: Retail Performance Management
- The Critical Components of Retail Performance
- Improve the Quality of Leadership
- Instill a High-Performance Culture
- Develop and Implement HR Programs and Processes
- Evaluating Individual Performance Levels
- Developing Balanced Scorecards (Store and Retail Sales Associates)
Unit 6: Customer Service Management
- Trends in Customer Relations
- Shaping Customer Perceptions
- Developing Your Own Service Strategy
- Customer Service Requirements
- Key Ingredients of Service Strategy
- Facts about Customer Complaints
- A Retail Success Blueprint