Retail Fundamentals (edX)

In this course, part of the Retail and Omnichannel Management Professional Certificate program, you will learn the four key components of the retail business:

- Demand forecasting,

- Inventory management

- Assortment planning

- Pricing decisions

You will learn about the different challenges that retailers face and have the opportunity to explore methods and techniques available to address these challenges. You will also have access to simulation tools to better internalize the concepts.

The course will take a hands-on, problem-driven approach that will help you understand and put into practice the concepts you learn. At the end of the course you, will be able to make better decisions at every step of the retail process.

We have designed this course to suit a wide variety of participants, from retail owners and store managers, to undergrad business majors or specialists in retail.

What you'll learn

- How to generate and evaluate Sales Forecasts

- How to plan and optimize your Inventory Management

- How to think and decide on Product Assortment

- How to find the best prices for your products

Course Syllabus

Week 1: Demand Forecasting

Introduction to Forecasting

Forecasting With History

Forecasting Without History

Measuring Uncertainty

Forecasting Aggregation and Lead Time

Common Pitfalls in Forecasting

Week 2: Inventory Management

Retailers as Inventory Managers

Drivers and Cost of Inventory

Balancing Ordering and Holding Costs

Selling Under Uncertainty: The Newsvendor Model

Safety Inventories

Week 3: Assortment Planning

Introduction to Assortment Planning

Breath and Basket Effect

Depth and Category Management

Variety Trade Offs

Customer's Assortment Perception

Week 4: Pricing Decisions

Introduction to Pricing Decisions

Setting Retail Prices

The Right Price

Promotions and Discounts

Price Perception