Advanced Sales & Marketing Level 1

Course Curriculum

Retail management: Inventory Management (SML1) Coming soon

Retail Management

Retail Management is the process of planning, controlling, and managing retail operations — from product sourcing to selling — in order to maximize customer satisfaction and profitability.

It involves:

  • Managing store layout, staff, inventory, pricing, and promotions.
  • Creating a smooth shopping experience for customers.

Key Steps in Retail Management:

Step Description
1. Market Research Understand customer needs, competition, and trends.
2. Product Selection Choose the right products to stock, based on demand.
3. Supplier Management Partner with reliable vendors for cost-effective sourcing.
4. Inventory Management Keep the right stock level to avoid overstock or stockouts.
5. Store Layout & Display Organize products to attract customers and increase sales.
6. Pricing Strategy Set competitive prices with good profit margins.
7. Staff Training & Scheduling Hire, train, and manage employees for service and sales.
8. Promotion & Sales Strategy Run offers, ads, and loyalty programs to attract buyers.
9. Customer Service Ensure fast billing, complaint resolution, returns, etc.
10. Sales Analysis & Feedback Track performance and improve based on data.

What is Inventory Management in Retail?

Inventory Management means tracking and controlling the products in stock — ensuring the right quantity of items is available at the right time.

🎯 Goals:

  • Avoid overstocking (wasted money).
  • Avoid stockouts (lost sales).
  • Improve cash flow and profitability.

📋 Key Inventory Management Techniques:

Method Description
ABC Analysis Prioritize inventory based on value (A = high, B = medium, C = low).
Just-in-Time (JIT) Keep minimal stock and reorder when needed.
FIFO/LIFO Sell oldest stock first (FIFO) or newest first (LIFO), based on type.
Barcode/RFID Systems Use tech for tracking and automating stock movement.
Reorder Point System Set threshold level to reorder automatically.
Stock Audits Regular physical checks to prevent shrinkage (loss).

🧾 Examples of Retail Management in Action:

Retailer Retail Management Example
DMart Maintains low-cost inventory, minimal SKUs, high turnover to offer discounts.
Big Bazaar Focused on promotions, loyalty cards, and weekend offers.
Reliance Trends Manages both online and offline retail with common inventory.

 

 

 

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