Retail Management

  • Duration: 2 days
Categories:

This course helps existing and potential retail managers acquire the required knowledge and apply the needed skills to grow their businesses and careers. The course provides knowledge and understanding of retailing in the 21st century and shows how managers can contribute more to the success of their organizations. The course delves into the critical strategy development steps necessary to manage retail sales associates, create critical retail metrics to measure performance, and devise a retail sales management approach that really works.

Course Methodology

The course uses a mix of interactive techniques such as videos, brief presentations by the consultant and the participants, group workshops and case studies, self-assessment tools and relevant templates.

Course Objectives

By the end of the course, participants will be able to:

  • Build awareness of the retail industry to foster career growth among people who work in retail
  • Assess their own strengths and weaknesses to devise sustainable strategies to survive and grow in competitive markets
  • Create and analyze retail metrics to monitor store performance and enhance retail staff productivity
  • Explain the retail sales management process and lead, coach, and motivate retail sales associates
  • Develop and implement HR processes and balanced scorecards to evaluate store and individual performance levels
  • Interpret customer behavior in a retail environment in order to produce a positive shopping experience
  • Devise an exceptional customer service roadmap to improve customer loyalty and boost sales in a record time

Target Audience

Most participants on this course are retail employees looking to take their retail organization and careers to the next level. The course is also appropriate for new sales managers and assistant managers as well as anyone pursuing a management career in retail or a related industry.

Target Competencies

  • Retail metrics
  • Retail planning and strategies
  • Recruiting retail sales associates
  • Retail sales management
  • Retail sales process
  • Customer service
  • Retail dashboards and scorecards

Course Outline

  • The retail environment and challenges
    • Retailing defined
    • Today’s retail environment
    • The pillars of retail (7Ps) and related metrics
    • Retailing and marketing channels
  • Retail strategies and business intelligence
    • Retail competitive strategies
    • The 5 dimensions of a retail strategy
    • The ‘est’ model: achieving strategic positioning
    • Assessing strengths and weaknesses for better positioning
    • Retail leadership guidelines
    • The components of retail business intelligence
    • Business intelligence and retail operations
  • Store sales performance metrics
    • Critical performance questions
    • What to measure and when
    • 15 key retail metrics
    • The strategic profit model (DuPont analysis)
    • Computing the store’s return on net worth
  • Retail sales management and coaching
    • The new role of the retail sales associates
    • Relationship selling and retailing
    • The retail sales management process
      • Hire
      • Train
      • Set goals and objectives
      • Define and measure metrics
      • Motivate
      • Evaluate performance
      • Reward and incentivize
  • Retail performance management
    • The critical components of retail performance
      • Improve the quality of leadership
      • Instill a high-performance culture
      • Develop and implement HR programs and processes
    • Evaluating individual performance levels
    • Developing balanced scorecards (store and retail sales associates)
  • Customer service management
    • Trends in customer relations
    • Shaping customer perceptions
    • Developing your own service strategy
    • Customer service requirements
    • Key ingredients of service strategy
    • Facts about customer complaints
    • A retail success blueprint

Price

$150.00
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