MGT 247 - Principles of Retailing

1. Demonstrate a general knowledge of the world of retailing.
   1. Define retailing.
   2. Identify the differences between the various types of retail transactions.
   3. Describe how retailing benefits customers, manufactures, and wholesalers.
   4. Describe the factors that will contribute to success in retailing in the future.
2. Demonstrate an understanding of how to create a competitive advantage.
   1. Describe the basic dimensions of retail strategies.
   2. Explain how quality is the result of a successful strategy.
   3. Identify the steps in retail planning.
   4. Explain why retail planning is essential to the retailer.
   5. Define competitive advantage.
3. Demonstrate an understanding of the retail environment.
   1. Discuss how external environments affect retailing.
   2. Describe what constitutes a personal ethical framework.
   3. Describe the basic laws that affect retailing.
   4. Describe how economic environment has affected retailing.
   5. Discuss the competitive market structure and how retailing has changed in response to competition.
   6. Discuss how technological and global environments will transform retailing.
4. Demonstrate an understanding of how to identify the customer.
   1. Explain the importance of customer satisfaction.
   2. Identify basic needs, secondary motives, and patronage motives.
   3. Describe the steps in the purchase decision process.
   4. Describe the new global consumer.
5. Demonstrate understanding of the importance of customer information from research.
   1. Explain why retailers engage in research.
   2. Define the steps in the research process.
   3. Describe how to select a research design.
   4. Explain how to locate and use secondary information.
   5. Describe the different methodologies available to collect primary data.
6. Demonstrate an understanding of the importance of store location and site evaluation.
   1. Describe the guidelines for selecting a retail location.
   2. Describe the various tools available in retail site selection.
   3. Discuss future strategies for retail location.
   4. Discuss and evaluate the advantages and disadvantages of each type of retail location.
   5. Discuss the importance of selecting the appropriate site for the retail store.
   6. Describe the techniques and criteria used in site selection.
7. Demonstrate an understanding of store design and layout.
   1. Explain how to design a comprehensive store plan.
   2. Describe how interior store design is affected by existing space, stock storage, customer traffic flow, and types of goods.
   3. Define the basic interior design elements of a store.
   4. Explain how to develop a planigram and know how it is used.
8. Demonstrate an understanding of store organization.
   1. Describe the basic skills required by retail supervisors.
   2. Define the management concepts that affect retail supervision.
9. Demonstrate an understanding of financial analysis as it relates to retailing.
   1. Describe financial, sales, and merchandise inventory records.
   2. Analyze retailer's financial position.
   3. Define: balance sheet, assets, liabilities, net worth and profit.
   4. Calculate gross margin return on investment, return on space, and return on labor.
10. Demonstrate an understanding of merchandise planning and merchandise budgets.
    1. Develop a merchandise budget for planned purchases.
    2. Calculate a planned sales figure from estimated sales.
    3. Explain the impact of planned reductions on merchandise budgets.
    4. Illustrate how to plan for beginning and ending inventories.
    5. Describe how to manage merchandise using open-to-buy.
    6. Explain the cost, retail, and book methods for determining the value of inventory.
11. Demonstrate an understanding of pricing merchandise.
    1. Define price.
    2. Define the concept of elasticity.
    3. Explain the importance of pricing.
    4. Describe the fundamental pricing strategy.
    5. Discuss markdown strategies and psychological pricing.
    6. Perform pricing calculations
    7. Discuss the federal legal environment of pricing.
12. Demonstrate an understanding of retail selling.
    1. Describe the roles of personal selling, publicity, and sales promotion.
    2. Explain the duties and responsibilities of a sales person.
    3. Explain the retail selling process.
    4. Demonstrate how to manage salespeople and improve employee productivity.
    5. Identify the forms of employee compensation.