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