About This Chapter
Retail Operations - Chapter Summary
This self-paced chapter explores the fundamentals of retail operations. From retail management decision making to retail sales strategies, this chapter shows you everything you need to know about operating a retail store and effectively selling merchandise. Our expert instructors offer simple definitions and illustrative examples of important retail operations concepts, and they're also happy to answer any questions you may have about the material. The chapter also comes with self-assessment quizzes to help you retain your knowledge. By the end of the chapter, you should be able to:
- Outline the retail organizational structure
- Understand the decision-making process in retail management
- Discuss concepts related to the retail process, retail management and operation awareness
- Recognize the managerial skills that are needed in order to promote productivity
- Identify merchandise management components/categories
- Differentiate between internal and external stakeholders
- Describe the process of hiring and staffing in human resource management
- Compare several employee training methods
- Assess the purpose of financial reporting
- Perform profitability analysis
- Differentiate between immediate, short-term and long-term sales forecasting
- Evaluate effective retail sales strategies
- Explain how upselling can create additional revenue
1. Retail Organizational Structure: Management, Personnel & Training
This lesson will address the organizational structure utilized in retail stores. We will also discuss various management positions, personnel, and training programs that are used in retail stores.
2. Introduction to Decision Making for Retail Management
Do you know what components go into making retail management decisions? This lesson introduces you to management decisions and provides an understanding of retail management.
3. Retail Process, Operation Awareness & Retail Management Components
In this lesson, we'll be taking a look at the retail process, operation awareness, and retail management components, which are three types of decisions made in retail management and operations. After you learn about these different decisions, you can test your knowledge with a quiz!
4. Managerial Skills: How Good Managers Promote Productivity
This lesson will discuss the types of skills a manager needs, including technical, human, and conceptual skills. You'll learn how each of these skill sets impacts a manager's ability to effectively lead his or her employees.
5. Merchandise Management in Retail: Definition, Components & Categories
When you go shopping, whether for shoes or salad dressing, everything that you find in a store has ended up there through a carefully planned and monitored process of merchandise management. This lesson explains what is meant by merchandise management and how retailers organize and control their merchandise.
6. Internal & External Stakeholders: Definition & Examples
Individuals within a company as well as those outside of a company are interested in the financial well-being of a business. In this lesson, you will learn about internal and external stakeholders.
7. Human Resource Management: Hiring and Staffing
In this lesson, we will explore the role a manager plays in human resource management, including hiring and staffing. We will also look at the circumstances affecting employment decisions such as promotion, turnover, downsizing, job redesign and termination.
8. Methods for Training Employees: Mentoring, On-The-Job & Job Rotation
There are several different types of training methods used to acclimate an employee to a new job or even to a new position within his current organization. In this lesson, we'll discuss several different methods, including on-the-job training, job rotation and job mentoring.
9. What Is Financial Reporting? - Purpose, Statement Examples & Analysis
Financial reporting is a vital part of corporate governance. In this lesson, you'll learn what financial reporting is, its primary components, its purpose, and be provided with some examples. A short quiz follows the lesson.
10. What Is Profitability? - Definition & Analysis
Profitability determines whether a business stays in business. In this lesson, you'll learn about profitability and different ways to analyze it. A short quiz follows the lesson.
11. Short-Term, Long-Term & Immediate Sales Forecasting
Creating sales forecasts is a critical activity in an organization as it helps estimate the amount of income that will be coming into the business in the short and long term, as well as immediately.
12. Sales Strategies for Retail
Retailers must employ sales strategies to help differentiate themselves from competitors and generate profit. In this lesson, we will discuss how to utilize promotional pricing, how to display items appropriately, how to market products, and how to utilize online retail platforms.
13. Creating Additional Revenue Through Upselling
In this lesson, you'll learn some techniques you can use to help you upsell, as well as the ethical issues you need to keep in mind to make upselling a profitable option for you.
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Other chapters within the Business 203: Introduction to Retail Merchandising course
- Introduction to Retail Merchandising
- Types of Retailers & Retail Channels
- Retail Location Selection
- Retail Design & Presentation
- Retail Merchandise Planning Process
- Buying Merchandise for Retail
- Retail Pricing Strategies
- Marketing & Communication in Retail
- Retail Buyer Behaviors
- Customer Service in Retail