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← Management & Marketing

MAM2040 Retail Operations

Intermediate · 1 credit · BIT - Business, Admin, Finance and IT

Description
Students identify and demonstrate retail operations that are typically performed off the selling floor and/or away from customers.
Prerequisite
None
Parameters
No specialized equipment or facilities.
Supporting courses
MAM1010: Marketing & Management MAM1020: Quality Customer Service

Outcomes The student will:

  • 1 identify and report on a particular retailer’s policies and practices

    • 1.1 research and report on policies for a variety of retail stores including:

      • 1.1.1 sales and services

      • 1.1.2 credit and collection

      • 1.1.3 store security

      • 1.1.4 human resources

      • 1.1.5 recordkeeping

  • 2 act as a buyer when purchasing goods and demonstrate ordering procedures

    • 2.1 describe the duties of a buyer

    • 2.2 identify how goods are classified including:

      • 2.2.1 type of goods; e.g., convenience, impulse, shopping specialty, staple

      • 2.2.2 brand names; e.g., national, private, generic

    • 2.3 identify and discuss the product and fashion life cycle

    • 2.4 research buying data and/or sources including:

      • 2.4.1 supplier information, sources and reputation

      • 2.4.2 product classification, price and availability

    • 2.5 use purchase order or requisition forms when buying goods

    • 2.6 explain what the following shipping terms mean and what impact they have on the buyer:

      • 2.6.1 freight on board (FOB) factory

      • 2.6.2 FOB destination

      • 2.6.3 FOB shipping point

  • 3 develop a checking, marking and stocking system to use after goods have been received

    • 3.1 describe procedures and methods used for receiving goods; e.g., receiving, checking, storage, stocking

    • 3.2 analyze what remedies the buyer has or what actions can be taken for:

      • 3.2.1 damage or breakage

      • 3.2.2 substitution or poor quality

      • 3.2.3 overage or shortage

      • 3.2.4 lost or misplaced order

  • 4 verify and process invoices for payment of goods and services received

    • 4.1 verify the accuracy of invoices

    • 4.2 identify the different types of discounts available to retailers

    • 4.3 calculate discounts and the net totals of invoices

    • 4.4 record the purchases of goods received

    • 4.5 pay invoices by cheque or cheque requisition

  • 5 describe pricing strategies used by retailers

    • 5.1 calculate the markup of goods based on cost and retail price

    • 5.2 calculate the break-even point

    • 5.3 identify and discuss what type of price tags should be used

    • 5.4 identify pertinent information to be included in price tags including cost codes

    • 5.5 identify how and when goods are marked down

    • 5.6 calculate the markdown of goods

    • 5.7 describe the application and effect of pricing policies including:

      • 5.7.1 market penetration; e.g., low entry

      • 5.7.2 skimming; e.g., high entry

      • 5.7.3 comparable; e.g., competitive range

      • 5.7.4 flexible; e.g., one-price, variable

      • 5.7.5 relative; e.g., desired level

  • 6 demonstrate effective use of systems and strategies to control goods

    • 6.1 identify the different methods of inventory control available

    • 6.2 demonstrate the use of various methods

    • 6.3 explain and calculate stock turnover

    • 6.4 describe stocking and storage consideration from the buyer’s perspective when orders are received:

      • 6.4.1 for the sales floor

      • 6.4.2 as backup stock off the selling floor

      • 6.4.3 for the warehouse

  • 7 demonstrate basic competencies

    • 7.1 demonstrate fundamental skills to:

      • 7.1.1 communicate

      • 7.1.2 manage information

      • 7.1.3 use numbers

      • 7.1.4 think and solve problems

    • 7.2 demonstrate personal management skills to:

      • 7.2.1 demonstrate positive attitudes and behaviours

      • 7.2.2 be responsible

      • 7.2.3 be adaptable

      • 7.2.4 learn continuously

      • 7.2.5 work safely

    • 7.3 demonstrate teamwork skills to:

      • 7.3.1 work with others

      • 7.3.2 participate in projects and tasks

  • 8 identify possible life roles related to the skills and content of this cluster

    • 8.1 recognize and then analyze the opportunities and barriers in the immediate environment

    • 8.2 identify potential resources to minimize barriers and maximize opportunities

Program of Studies 2009. Source document, © Alberta Education.