About This Chapter
Retail Store Management - Chapter Summary
These short and simple lessons cover essential knowledge and skills that your managers need in order to properly manage retail stores. This corporate training chapter will help your managers:
- Understand inventory costs
- Know how retailers reach different markets to sell their products
- Learn the importance of merchandise planning and how it relates to a store's overall business plan
- Define the benefits of employee buy-in
These lessons highlight retail definitions and include illustrative examples of important managerial concepts. Each lesson includes a self-assessment quiz that's designed to help your employees check their understanding of the material as they work through the chapter. The lessons can be accessed on any computer or mobile device, and managers can learn and review the chapter material at any time.
How It Helps
- Highlights the importance of committed employees: Your managers should understand why it's important for employees to embrace the mission and goals of the company.
- Builds awareness: It's important that your managers become aware of financial factors involved with retail store management, such as inventory cost.
- Encourages planning: Managers will learn the steps needed to implement an effective merchandise plan.
By the end of this chapter, employees should be able to:
- Recognize the different types of inventory cost
- Identify various retail segments and marketing strategies
- Understand the process of merchandise planning
- Explain the concept of employee buy-in
1. Inventory Cost: Definition, Methods & Types
Have you ever thought about how much it costs a business to keep inventory in stock? It's not just the price the business pays for the items that it keeps in stock. It is so much more. In this lesson, we will discuss exactly what constitutes actual inventory cost.
2. Retail Segments, Target Markets and Marketing Strategies
In this lesson, you will learn how to identify four different retail segments and gain an understanding of how producers of goods and services use different types of retailers to reach the different target markets that buy their products.
3. What is Merchandise Planning? - Definition & Process
What is a merchandise plan, how does it fit into the overall business plan, and what are the steps to create it? This lesson explains merchandise planning and shows how teachers can use this information in educating students.
4. Employee Buy-In: Definition & Explanation
Employee buy-in is when employees are committed to the mission and/or goals of the company, and/or also find the day-to-day work personally resonant. Buy-in promotes engagement and a willingness to go the extra mile on the job.
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