Introduction to Retail Management

This course will introduce the basic concepts of retailing to the participants. The key take away would be understanding how a retail business works; the core issues and challenges involved; the key terms and terminologies associated and an appreciation of Indian retail sector.What you'll learn:An understanding of the retail business model for brick and mortar formatsUnderstanding various constituents of retail strategy.A greater awareness of how to develop and sustain a competitive advantage in retail sector.Practical tools and techniques of retail strategy.

Week 1- Understanding Retail Business

• What is retailing?
• How does retail business work
• Characteristics of Retail Business
• Roles & Responsibilities in Retail Business.
• Retail Focus/Significance of Retail Business
• Manufacturer – Retailer Relationship Change
• Terminologies in Retail Business

Week 2- Retail Formats & Strategies

• Philosophy of retail formats classification
• Various basis of classification of retail formats
• Ownership based classification
• Strategy mix based classification-Food & Grocery
• Strategy mix based classification-General Merchandise
• Non-traditional classification
• Evolution of retail formats

Week 3- Retail Competition & Retail Strategy

• Business model-Planning-Strategy
• Retail Competition
• Retail strategy

Week 4- Financial Strategy for retail business

• Strategic profit model
• Profit management path
• Asset management path

Week 5- Merchandise Management

• Merchandise Financials
• Merchandise process
• Inventory management
• Store plan

Week 6- Retail Pricing & Promotion

• Factors Influencing retail pricing
• Pricing methods
• Pricing implementation & adjustments
• Communication strategy
• In store promotions
• Elements of retail promotion mix.