Understanding the Retail Strategy

The new demanding consumer has higher needs and expectations from retailing in particular, than ever before. This has been created by the well-educated smart shopper, a new communications paradigm, pervasive advertising, and a surplus of just about everything – expect time.

The result is the ‘I want it better, cheaper, easier, faster and now’ consumer who knows that if he/she cannot satisfy their demands in one business, there are several alternatives to choose from. Therefore, it is up to the retail management to understand the operations of the retail world today to remain competitive.

## Course Objectives

At the end of the course, learners should be able to anticipate and manage retail problems via:

• Acquiring and applying relevant retail knowledge and skills to manage retail management issues and formulate creative yet feasible solutions for customer care, store care, merchandise care and retail strategies.
• Problem solving and reasoning
• Conducting market research
• Conducting selfdirected learning
• Collaborating with team members
• Probing, notetaking and communicating effectively

Course Outline

Session I – Challenges and Changes in the Retail Industry

Trends and Developments in the Global Retail Industry

• Global Patterns influencing Retail chains Worldwide
• The Free Market and Globalization
• International Cooperation Initiatives

The Changing Ways of Retail Business

• Shifting the Focus towards customers equipment
• Combining products and services
• Standards vs. tailor-made products and services
• Sales by the whole organization (not just by salesperson)

Future Challenges

• The one step ahead attitude
• Seeking out competitive advantage/s and establishing unique selling points
• Identifying Competition for customers scarce resources

Session II – Putting Concepts into Practice

Concepts of retail Management

• Quality, Range, Price and Viability
• The Image Factors: the Corporate vs. the Pavement Image
• Company policies: Service standards and price promises

Identifying Competition

• Establish the demand and supply for your product and services
• Evaluating competition in the area
• Identifying a competitive advantage
• Franchising as an alternative option

Concepts in Sales and Marketing for Retail Industry

• Different approaches to sales techniques
• Introducing sales strategies
• The salesperson personality
• What is a Marketing Plan?
• Marketing on a tight budget

Why Product and Service Knowledge?

• The need for Product and Service knowledge
• Fact as opposed to opinion
• Product and service knowledge has to be fluent
• Sources of information and comparing products and services
• The tactful use of knowledge

Session III – Managing the Budget

Retail Management and Accountancy

• The need for accounting information
• Methods of recording
• Concepts of accounting
• Preparation of final accounts

Budgetary Control and Forecasts

• The Budgetary Control System
• Sales and production budgets
• Financial budgets
• Cash forecasts and budgets
• Preparing a cash forecasts / budget
• Fixed and flexible budgets

Session IV – ICT in Retail for Business Communication

• Internet and Intranet servers
• Video conferencing
• Software of Sale (POS)
• Data Protection and Security

Session V – E-Commerce in Retail

• The growth of e-commerce and the e-commerce consumer
• B2B ( Business to Business) and B2C (Business to Customer)
• Logistical challenges of e-commerce
• The home delivery channels
• Distribution of online purchases

• The last mile problem and home access systems

  Course Methodology

A variety of methodologies will be used during the course that includes:

• (30%) Based on Case Studies
• (30%) Techniques
• (30%) Role Play
• (10%) Concepts
• Pre-test and Post-test
• Variety of Learning Methods
• Lectures
• Case Studies and Self Questionaires
• Group Work
• Discussion
• Presentation