Week |
Subject |
Related Preparation |
1) |
• Define retailing and explain it through different perspectives
• Explain the concept of strategic planning and its application
• Explain why the retailing concept is the foundation of a successful business, with an emphasis on the total retail experience, customer service, and relationship retailing
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2) |
• Explain what “value” really means and its pivotal role in retailers’ building and sustaining relationships
• Describe how both customer relationships and channel relationships may be nurtured in today’s highly competitive marketplace
• Examine the differences in relationship building between goods and services retailers
• Explain the impact of technology on relationships in retailing
• Explain the interplay between retailers’ ethical performance and relationships in retailing
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Homework: to be posted by email |
3) |
Identify the value of strategic planning for all types of retailers
• Discuss the steps in strategic planning for retailers: situation analysis, objectives, identification of consumers, overall strategy, specific activities, control, and feedback
• Explain the individual elements of a retail strategy (both controllable and uncontrollable), and discuss strategic planning as a series of integrated steps
• Explain how a strategic plan can be prepared |
Homework: to be posted by email |
4) |
• Explain the ways in which retail institutions can be classified
• Identify retailers on the basis of ownership type and discuss the characteristics of each
• Discuss the methods used by manufacturers, wholesalers, and retailers to exert influence in the distribution channel
• Explain the wheel of retailing and the retail life cycle and discuss how they can help explain the performance of retail strategy mixes
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Homework: to be posted by email |
5) |
• Define single-channel and multi-channel retailing
• Discuss the characteristics of the three major retail institutions involved with nonstore-based strategy mixes: direct marketing, direct selling, and vending machines – with an emphasis on direct marketing
• Explain the emergence of electronic retailing through the World Wide Web
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Homework: to be posted by email |
6) |
midterm exam |
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7) |
Explain the importance of determining customer needs in retailing
• Describe a number of consumer demographics, lifestyle factors, needs and desires and explain how these concepts can be applied to retailing
• Explain consumer attitudes toward shopping and consumer shopping behavior, including the consumer decision process and its stages
• Discuss retailer actions based on target market planning and explain
the environmental factors that affect consumer shopping
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8) |
• Discuss the importance of store location for a retailer and identify the process of choosing a store location
• Discuss the concept of a trading-area and its related components
• Explain how trading-areas may be delineated for existing and new stores
• Describe three major factors: population characteristics, economic base characteristics, and competition/level of saturation
• Explain the types of locations available to a retailer: isolated stores, unplanned business districts, and planned shopping centers
• Discuss the decisions necessary in choosing a general retail location
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Homework: to be posted by email |
9) |
• Explain the steps in establishing a retail business
• Defining the role of human resources management in retailing
• Retail organization and human resources management |
Homework: to be posted by email |
10) |
• Define operations management and discuss profit planning
• Describe asset management, including the strategic profit model, other key business ratios, and financial trends in retailing
• Explain retail budgeting and resource allocation
• Describe the operational scope of operations management
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11) |
• Describe various buying organization formats and the processes they use
• Explain merchandise plans: forecasts, innovativeness, assortment, brands, timing, and allocation
• Discuss category management and merchandising software
• Describe the steps in the implementation of merchandise plans: gathering information, selecting and interacting with merchandise sources, evaluation, negotiation, concluding purchases, receiving and stocking merchandise, reordering, and re-evaluation
• Explain the roles of logistics and inventory management in the implementation of merchandise plans
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Homework: to be posted by email |
12) |
• Explain the major aspects of financial merchandise planning and management
• Identify the cost and retail methods of accounting
• Describe the merchandise forecasting and budgeting process
• Explain the alternative methods of inventory unit control
• Discuss the role of pricing in a retail strategy
• Discuss the impact that consumers, government, manufacturers, wholesalers, current/potential competitors have on pricing decisions
• Identify a framework for developing a retail price strategy: objectives, broad policy, basic strategy, implementation, and adjustments
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Homework: to be posted by email |
13) |
• Explain the importance of communicating with customers and discuss the concept of retail image
• Describe how a retail store image is related to the atmosphere it creates via its exterior, general interior, layout, and displays
• Discuss ways of encouraging customers to spend more time shopping
• Explain the elements of retail promotion: advertising, public relations, personal selling, and sales promotion
• Discuss the strategic aspects of retail promotion: objectives, budgeting, implementing the mix, reviewing and revising the plan
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Homework: to be posted by email |
14) |
• Discuss the importance of integrating a retail strategy
• Explain key factors in the development of an integrated retail strategy: planning procedures and opportunity analysis, defining productivity, performance measures, and scenario analysis
• Discuss how industry and company data can be used in strategy planning and analysis (benchmarking and gap analysis)
• Discuss the value of a retail audit
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Homework: to be posted by email |
15) |
final exam |
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Program Outcomes |
Level of Contribution |
1) |
Explain the essential body of knowledge in the area of business administration, including evolution of the discipline, the state-of-the-art concepts, scientific methodology, theories and models |
4 |
2) |
Employ the appropriate tools and analytical techniques to collect and analyze quantitative and qualitative data in the related areas, interpret results and propose solutions |
5 |
3) |
Recognize the importance of technological development, especially in information technologies, and utilize them in business administration |
5 |
4) |
Evaluate the body of knowledge in the dynamic business world and business functional areas to asses needs, manage and lead change by using critical and innovative thinking |
4 |
5) |
Discover and create entrepreneurial opportunities and expertise to successfully establish and develop their own ventures |
2 |
6) |
Fulfill their responsibility in teamwork and projects in businesses, and act as a leader |
2 |
7) |
Communicate in written and oral English with people from diverse backgrounds, and have the English proficiency to follow and interpret the global dynamics in the areas of business administration |
1 |
8) |
Recognize individual and multi-cultural diversity, and can emphatically interact with individuals from diverse cultural backgrounds in social and professional settings |
5 |
9) |
Identify standards of personal, professional, social and business ethics, evaluate the ethical implications of various practices in the related areas, and be aware the importance of ethical behavior in adding value to the society |
2 |
10) |
Recognize interrelationship among business and other disciplines, and relate knowledge from diverse areas to formulate novel solutions in the area of business administration |
1 |