Podcast
Questions and Answers
What is one of the nation’s largest industries in terms of employment?
What is one of the nation’s largest industries in terms of employment?
Retailing
What are the two types of opportunities in retailing?
What are the two types of opportunities in retailing?
Management opportunities and Entrepreneurial opportunities
What are the two main components of the microenvironment in retailing?
What are the two main components of the microenvironment in retailing?
Competitors and Customers
What are the three main components of the macro environment in retailing?
What are the three main components of the macro environment in retailing?
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What are the strategic decision areas in developing a retail strategy?
What are the strategic decision areas in developing a retail strategy?
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What are the elements of the retail mix?
What are the elements of the retail mix?
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What is the purpose of implementing a retail strategy?
What is the purpose of implementing a retail strategy?
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What is the role of market research in understanding the world of retailing?
What is the role of market research in understanding the world of retailing?
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What is the goal of a retail strategy?
What is the goal of a retail strategy?
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What is the significance of understanding the target market in developing a retail strategy?
What is the significance of understanding the target market in developing a retail strategy?
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Study Notes
Course Introduction
- Course teacher: Dr. Md. Faridul Islam (Preferred name: Farid)
- Contact details: Email - [email protected]
Standing Instructions
- No student will be allowed to enter the classroom after the teacher
- No prior notice will be served for internal evaluations, which can be taken at any class
- Students should be prepared for internal evaluations in each class
- Once a student misses an exam, it will be considered missed forever, except for medical reasons with concrete evidence
- Students should come prepared to class with pen, paper, book, or other reading materials as instructed by the teacher
- Mobile phones must be switched off during class time
Course Outline
- Week 1: Introduction
- Week 2: Types and Nature of Retailers
- Week 3: Digital Retailing
- Week 4: Multichannel and Omnichannel Retailing
- Week 5: Retail Market Strategy
- Week 6: Retail Location
- Week 7: Retail Site Location
- Week 8: Information Systems and Supply Chain Management
- Week 9: Consumer Relationship Management
- Week 10: Managing the Merchandise Planning Process
- Week 11: Buying Merchandise
- Week 12: Retail Pricing
- Week 13: Retail Communication Mix
- Week 14: Human Resources and Managing the Store
- Week 15: Store Layout, Design, and Visual Merchandising
- Week 16: Customer Services
What is Retailing?
- A retailer is a business that sells products or services to consumers for their personal or family use
- Retailers aim to satisfy consumer needs by having the right merchandise, at the right price, at the right place, and at the right time
- Retailers are the final business in a distribution channel that links manufacturers to consumers
Functions of Retailers
- Providing an assortment of products and services
- Breaking bulk
- Holding inventory
- Providing services
Economic Significance of Retailing
- Retail sales affect every facet of life
- Retailing is one of the nation’s largest industries in terms of employment
Opportunities in Retailing
- Management opportunities: raising capital, purchasing goods and services, developing accounting and management information systems, etc.
- Entrepreneurial opportunities: starting new businesses
Retail Management Decision Process
- Understanding the World of Retailing: micro and macro environment
- Developing a Retail Strategy: focusing resources to accomplish objectives
- Implementing the Retail Strategy: developing a retail mix to satisfy customer needs
Retail Mix
- Types of merchandise and services offered
- Merchandise pricing
- Advertising and promotional programs
- Store design
- Merchandise display
- Assistance to customers
- Convenience of the store’s location
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Description
Get to know your marketing course teacher, Dr. Md. Faridul Islam, and understand the course expectations and rules.
