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MKT 104: RETAIL MANAGEMENT

Posted by Administrator September - 15 - 2024 Comments Off on MKT 104: RETAIL MANAGEMENT

500.00

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Description

Course Overview:

This course provides a comprehensive study of retail management, focusing on the role and importance of retailing within the broader framework of marketing channels and distribution.

Students will explore the dynamics of retail operations, retail strategy formulation, and the changing landscape of retailing in response to technological advancements and consumer trends.

The course also covers retail pricing strategies, the role of wholesalers, and the evolution of direct and non-store retailing.

By the end of this course, students will have developed a strong understanding of retail management strategies, decision-making processes, and future trends in the retail industry.


Table of Contents

Module 1: Background Issues on Retailing

This module introduces the fundamental concepts of retailing and the role it plays in the distribution channel.

Students will learn about retail institutions, their functions, and the theoretical foundations of channel management.

  • Unit 1: Marketing Channels and Institutions
    Overview of marketing channels, the institutions involved, and their significance in product distribution.
  • Unit 2: The Theory of Conflict, Control, and Cooperation in Channels of Distribution
    A detailed examination of the dynamics within distribution channels, focusing on conflict, control mechanisms, and cooperative strategies.
  • Unit 3: Value, Role, and Functions of Retailing
    Explore the importance of retailing in the marketing process, focusing on how retailers add value through various functions.
  • Unit 4: Types of Retail Outlets
    Examination of the different types of retail outlets, including specialty stores, department stores, supermarkets, and e-commerce.
  • Unit 5: Wholesaling
    Overview of wholesaling as a vital component of the distribution channel, its role, and its relationship with retailers.

Module 2: Issues in Retail Management

In this module, students will delve into the key issues that affect retail management, from retail strategy formulation to pricing decisions and the growing influence of non-store retailing.

  • Unit 1: Retail Management Decisions
    Focus on the various decisions that retail managers must make, including product assortment, layout, and customer service.
  • Unit 2: Non-Store Retailing
    Study of retail formats that do not involve physical stores, such as online retailing, direct mail, and telemarketing.
  • Unit 3: Retail Strategy
    Learn how retailers develop strategies to compete in the market, considering factors such as target market selection and positioning.
  • Unit 4: Retail Management Strategy
    Explore the development and execution of comprehensive management strategies to ensure long-term success.
  • Unit 5: Retail Pricing
    Examination of pricing strategies in retailing, including factors that influence pricing decisions and competitive pricing models.
  • Unit 6: Factors Affecting Retail Pricing Decisions
    Detailed analysis of the internal and external factors that affect pricing in retail, such as costs, competition, and customer demand.

Module 3: Strategic Issues in Retail Management

This module looks at advanced issues in retail management, focusing on strategic planning, auditing, and the future of retailing.

  • Unit 1: The Changing Nature of Retailing
    Understand the shifts in retailing due to technological advancements, evolving consumer preferences, and market dynamics.
  • Unit 2: Direct Marketing
    Study of direct marketing techniques and their growing relevance in the retail landscape.
  • Unit 3: Retail Auditing
    Learn about retail auditing practices, which help businesses assess their performance and make informed decisions.
  • Unit 4: Future Changes in Retailing
    Explore potential future trends in retailing, including the impact of artificial intelligence, automation, and changing consumer behavior.
  • Unit 5: Strategic Planning for Retailing
    An in-depth look at how retailers engage in strategic planning to remain competitive, considering both short- and long-term goals.

Learning Outcomes:

By the end of the course, students will:

  • Understand the role and significance of retailing within the marketing and distribution channels.
  • Analyze the various types of retail outlets and the strategic decisions involved in retail management.
  • Gain insights into the growing trend of non-store retailing and its impact on traditional retail formats.
  • Explore pricing strategies and the factors influencing retail pricing decisions.
  • Develop a strategic mindset for managing retail operations and preparing for future changes in the industry.

This course equips students with the knowledge and skills to effectively manage and strategize within the retail sector.

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