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Retail Fundamentals

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Based on 2 ratings
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Santiago Gallino and Antonio Moreno-Garcia

In this course, part of the Retail 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.

Read more

In this course, part of the Retail 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.

Enroll now

What's inside

Learning objectives

  • 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

Syllabus

Week 1: Demand Forecasting
Introduction to Forecasting
Forecasting With History
Forecasting Without History
Read more

Traffic lights

Read about what's good
what should give you pause
and possible dealbreakers
Develops knowledge and skills in four core components of the retail business: demand forecasting, inventory management, assortment planning, and pricing decisions
Examines challenges that retailers face and methods and techniques to address those challenges
Features hands-on, problem-driven approach to aid understanding and application of concepts
Designed for a wide audience, including retail owners, store managers, undergrad business majors, and specialists in retail
Focuses on practical aspects and decision-making throughout the retail process
Teaches how to utilize simulations to enhance understanding of concepts

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Reviews summary

Practical retail fundamentals course

According to learners, this course provides a solid foundation in retail fundamentals, covering forecasting, inventory, assortment, and pricing. Many found the content clear and well-structured, with practical examples and useful simulation tools that help internalize concepts. While largely applicable to real-world retail roles, some note that having a background in basic math or statistics is helpful, and the pace can be fast at times. Overall, it's seen as a valuable introduction to key retail business decisions.
Provides a solid introduction, not a deep dive.
"This course is an excellent introduction to the core concepts of retail operations."
"It gives a good overview of the four main areas: forecasting, inventory, assortment, and pricing."
"It covers the fundamentals well, but don't expect advanced strategies or complex modeling techniques."
"A great starting point for understanding the business side of retail, suitable for beginners."
Hands-on simulations enhance learning.
"Using the simulation tool really brought the inventory concepts to life. It was a practical way to learn."
"The simulations were challenging at times but incredibly useful for practicing decision-making."
"It helped me internalize the concepts much better than just lectures could on their own."
"Found the simulations a bit tricky at first glance, but they are a valuable part of the course experience."
Lessons are well-organized and easy to follow.
"The course structure was logical, moving smoothly from forecasting to pricing. The explanations were very clear."
"I really appreciated how well the weeks were laid out. It made it simple to follow the progression of topics throughout the course."
"Content is easy to digest, broken down into manageable parts each week, which helps learning."
"It covers the four key areas effectively and provides a great overview of each component."
Teaches skills directly applicable to retail.
"I can immediately apply these concepts and techniques learned in the course to my daily tasks in my store management role."
"The problem-driven approach is fantastic; it really helps you see how the theory works in practice with real-world scenarios."
"The simulation tools provided were key in understanding the impact of different decisions in a retail environment."
"I learned practical strategies for managing inventory and setting prices effectively."
Requires some base knowledge; pace can be quick.
"Some parts of the course moved quite fast, especially if you are completely new to these topics."
"A basic understanding of math and statistics is definitely helpful to keep up with some of the quantitative sections."
"Might be challenging without prior business or analytical exposure; prepare to put in extra time if you lack this."
"I had to pause and re-watch some sections of the lectures multiple times to fully grasp the material."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Retail Fundamentals with these activities:
Review retail management fundamentals
Refresh your understanding of the key concepts and theories in retail management to enhance your learning experience in this course.
Browse courses on Retail Management
Show steps
  • Revisit the key functions and processes of retail management, including demand forecasting, inventory management, assortment planning, and pricing decisions.
  • Review the different types of retail formats and their respective strategies.
  • Analyze case studies or examples of successful retail businesses to understand how these concepts are applied in practice.
Build a retail resources library
Compile a collection of valuable resources such as books, articles, videos, and websites related to retail management to support your learning journey.
Show steps
  • Identify and gather resources that cover different aspects of retail management, including case studies, research papers, and industry reports.
  • Organize the resources into a structured format, such as a digital library or annotated bibliography.
  • Review and update the library regularly to ensure it remains relevant and comprehensive.
Demand forecasting exercises
Develop your ability to forecast demand using various techniques, which is crucial for effective inventory planning and pricing decisions.
Browse courses on Demand Forecasting
Show steps
  • Practice using historical data and statistical methods to forecast future demand.
  • Apply different forecasting models to real-world retail scenarios.
  • Evaluate the accuracy of your forecasts and make adjustments as needed.
Four other activities
Expand to see all activities and additional details
Show all seven activities
Learn about inventory management techniques
Gain a deeper understanding of best practices in inventory management to minimize costs and improve customer satisfaction.
Browse courses on Inventory Management
Show steps
  • Explore different inventory management models and their applications.
  • Learn how to calculate inventory costs and optimize inventory levels.
  • Discover techniques for managing inventory in multi-channel retail environments.
Discuss real-world retail challenges and solutions
Engage with fellow students to share experiences, discuss current trends in retail, and learn from each other's perspectives.
Show steps
  • Join a study group or online forum dedicated to retail management.
  • Participate in discussions, ask questions, and share your own insights on retail-related topics.
  • Collaborate with peers on projects or case studies to gain diverse perspectives.
Develop a retail product assortment plan
Practice creating a comprehensive assortment plan that aligns with target customer needs and market demand to enhance sales and profitability.
Show steps
  • Analyze market research and customer data to identify customer needs and preferences.
  • Develop a product mix strategy based on the identified customer needs.
  • Create a plan for managing and optimizing the product assortment over time.
Pricing strategy exercises
Develop your skills in setting optimal prices for retail products, considering factors such as market competition, customer value, and profit margins.
Browse courses on Pricing Decisions
Show steps
  • Practice using different pricing methods, such as cost-plus pricing, value-based pricing, and competitive pricing.
  • Analyze the impact of pricing decisions on sales volume, profitability, and customer perception.
  • Develop pricing strategies for different product categories and market segments.

Career center

Learners who complete Retail Fundamentals will develop knowledge and skills that may be useful to these careers:
Inventory Analyst
An Inventory Analyst is responsible for planning and optimizing inventory levels to meet customer demand while minimizing costs. This course provides a comprehensive understanding of inventory management techniques, including inventory forecasting, safety stock levels, and inventory optimization.
See salaries and explore the career path for Inventory Analyst
Demand Planner
A Demand Planner is responsible for forecasting demand for products and services. This course provides a strong foundation for this role by teaching the fundamentals of demand forecasting, including time series analysis, regression analysis, and causal analysis.
See salaries and explore the career path for Demand Planner
Operations Manager
An Operations Manager oversees the day-to-day activities of a business., supervises employees, and ensures that operations run smoothly. This course provides a strong foundation for this role by teaching the fundamentals of inventory management, demand forecasting, assortment planning, and pricing decisions.
See salaries and explore the career path for Operations Manager
Retail Buyer
A Retail Buyer is responsible for selecting and purchasing merchandise for retail stores. This course provides a strong foundation for this role by teaching the fundamentals of assortment planning, demand forecasting, and inventory management. These skills are essential for making informed purchasing decisions and ensuring that the store has the right products to meet customer demand.
See salaries and explore the career path for Retail Buyer
Product Manager
A Product Manager is responsible for the development and management of products. This course provides a strong foundation for this role by teaching the fundamentals of demand forecasting, assortment planning, and pricing. These skills are essential for understanding customer needs, developing products that meet those needs, and bringing those products to market successfully.
See salaries and explore the career path for Product Manager
Supply Chain Manager
A Supply Chain Manager oversees the flow of goods and services from suppliers to customers. This course provides a strong foundation for this role by teaching the fundamentals of inventory management, demand forecasting, and assortment planning. These skills are essential for managing the supply chain effectively and ensuring that products are available to customers when and where they need them.
See salaries and explore the career path for Supply Chain Manager
Sales Manager
A Sales Manager is responsible for leading and motivating a sales team to achieve sales targets. This course provides a strong foundation for this role by teaching the fundamentals of demand forecasting, pricing, and inventory management. These skills are essential for understanding customer needs, developing sales strategies, and closing deals.
See salaries and explore the career path for Sales Manager
Pricing Analyst
A Pricing Analyst is responsible for setting and adjusting prices for products and services. This course provides a strong foundation for this role by teaching the principles of pricing, including cost analysis, competitive analysis, and customer demand analysis.
See salaries and explore the career path for Pricing Analyst
Marketing Manager
A Marketing Manager is responsible for developing and executing marketing campaigns to increase brand awareness and generate leads. This course provides a strong foundation for this role by teaching the fundamentals of demand forecasting, pricing, and assortment planning. These skills are essential for understanding customer needs, developing marketing campaigns, and measuring the results of those campaigns.
See salaries and explore the career path for Marketing Manager
Data Scientist
A Data Scientist is responsible for collecting, analyzing, and interpreting data to solve business problems. This course may be helpful for this role by teaching the fundamentals of demand forecasting, inventory management, and pricing. These skills can be used to collect, analyze, and interpret data to solve business problems and make data-driven decisions.
See salaries and explore the career path for Data Scientist
Financial Analyst
A Financial Analyst is responsible for analyzing financial data and making investment recommendations. This course may be helpful for this role by teaching the fundamentals of demand forecasting, pricing, and inventory management. These skills can be used to analyze financial data, make investment recommendations, and manage investment portfolios.
See salaries and explore the career path for Financial Analyst
Software Engineer
A Software Engineer is responsible for designing, developing, and maintaining software systems. This course may be helpful for this role by teaching the fundamentals of demand forecasting, pricing, and inventory management. These skills can be used to design and develop software systems that meet the needs of businesses and users.
See salaries and explore the career path for Software Engineer
Business Analyst
A Business Analyst is responsible for analyzing business processes and identifying areas for improvement. This course may be helpful for this role by teaching the fundamentals of demand forecasting, inventory management, assortment planning, and pricing. These skills can be used to analyze business processes, identify inefficiencies, and develop solutions to improve performance.
See salaries and explore the career path for Business Analyst
Project Manager
A Project Manager is responsible for planning, organizing, and executing projects. This course may be helpful for this role by teaching the fundamentals of demand forecasting, inventory management, and pricing. These skills can be used to plan and execute projects, manage resources, and track progress.
See salaries and explore the career path for Project Manager
Consultant
A Consultant is responsible for providing advice and guidance to businesses on a variety of topics. This course may be helpful for this role by teaching the fundamentals of demand forecasting, pricing, and inventory management. These skills can be used to provide advice and guidance to businesses on how to improve their operations and achieve their goals.
See salaries and explore the career path for Consultant

Reading list

We've selected ten books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Retail Fundamentals.
Cover image
Retail Management
Save
Comprehensive textbook that covers all aspects of retail management, from store operations to marketing and finance. The authors provide a solid foundation in the concepts and theories of retailing, as well as practical advice on how to apply these concepts to real-world situations.
Retail Management: A Strategic Approach (12th...
Hardcover
$$
Retail Management: A Strategic Approach
Hardcover
$$
Retail Management: A Strategic Approach
Kindle Edition
$$$
Retail Management, 13E
Paperback
$$
Great Ideas in Retailing: Retail Management, A...
Paperback
$$$
By Barry R Berman - Retail Management: A Strategic...
Hardcover
$$$
Retail Management: A Strategic Approach
Hardcover
$$$
Retail Management a Strategic Approach + Great...
Hardcover
$$$$
Merchandising Math Handbook for Retail Management
Paperback
$$
Cover image
Retailing Management
Save
Leading textbook on retail marketing. The authors provide a comprehensive overview of the retail marketing process, from developing a marketing strategy to implementing and evaluating marketing programs. The book is particularly strong on its coverage of digital marketing and social media.
Retailing Management
Paperback
$$
Cover image
Inventory and Production Management in Supply Chains
Save
Is considered to be the classic book on inventory management. The authors provide a rigorous and comprehensive treatment of the topic, covering everything from inventory models to forecasting and safety stock. The book is particularly valuable for readers who want to develop a deep understanding of inventory management.
Inventory and Production Management in Supply Chains
Paperback
$$
Inventory and Production Management in Supply Chains
Kindle Edition
$$
Cover image
Demand Forecasting Best Practices
Save
Practical guide to demand forecasting. The author provides step-by-step instructions on how to develop and implement a demand forecast. The book is particularly valuable for readers who are new to demand forecasting.
Demand Forecasting Best Practices
Paperback
$$
Demand Forecasting Best Practices
Kindle Edition
$$
Cover image
Retail Management
Save
Practical guide to assortment planning. The author provides a step-by-step process for developing and implementing an assortment plan. The book is particularly valuable for readers who are new to assortment planning.
Retail Management: A Strategic Approach (12th...
Hardcover
$$
Retail Management: A Strategic Approach
Hardcover
$$
Retail Management: A Strategic Approach
Kindle Edition
$$$
Retail Management, 13E
Paperback
$$
Great Ideas in Retailing: Retail Management, A...
Paperback
$$$
Retail Management: A Strategic Approach
Hardcover
$$$
Retail Management a Strategic Approach + Great...
Hardcover
$$$$
Merchandising Math Handbook for Retail Management
Paperback
$$
Reengineering Retail
Save
Provides a futuristic view of retailing. The author discusses the major trends that are shaping the future of retailing, and how retailers can adapt to these trends. The book is particularly valuable for readers who want to understand the future of retailing.
Reengineering Retail: The Future of Selling in a...
Hardcover
$$
Reengineering Retail: The Future of Selling in a...
Kindle Edition
$$
Cover image
Marketing (plus) durable
Save
Même si le livre est en français, ce qui le rend particulièrement adapté aux apprenants francophones, il couvre également de nombreux sujets traités dans le cours. Il constitue une ressource complémentaire précieuse, en particulier pour les apprenants souhaitant approfondir les concepts de marketing opérationnel.
(Français) Marketing (plus) durable (French Edition)
Kindle Edition
$$
Cover image
A History of Food
Save
Focusing specifically on the food retail industry, this book provides valuable insights into the challenges and opportunities unique to this sector. It offers a comprehensive overview of the industry's structure, dynamics, and key players.
History of Food
Paperback
$$
Cover image
Retail Marketing Management
Save
This advanced textbook offers a strategic perspective on retailing management. It explores the latest trends and challenges in the industry, and provides valuable insights into how retailers can develop and implement effective strategies.
Retail Marketing Management
Paperback
$$$$
Cover image
Resurrecting Retail
Save
This thought-provoking book challenges conventional wisdom about the future of retail. It argues that the physical store will continue to play a crucial role in the retail landscape, but that retailers need to reimagine the store experience to meet the evolving needs of consumers.
Resurrecting Retail: The Future of Business in a...
Kindle Edition
$$

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Course image
Rating
4.0 Filled star Filled star Filled star Filled star Empty star
Effort
3 to 5 hours per week for 4 weeks
Level
Intermediate
Via
edX
Institution
Dartmouth College
Instructors
Santiago Gallino
Antonio Moreno-Garcia
Language
English
Transcript
English
This course belongs to a collection called Retail and Omnichannel Management. It's comprised of two courses:
  1. Retail Fundamentals (viewing)
  2. Omnichannel Strategy and Management
Traffic lights
Read about what's good
what should give you pause
and possible dealbreakers
Develops knowledge and skills in four core components of the retail business: demand forecasting, inventory management, assortment planning, and pricing decisions
Examines challenges that retailers face and methods and techniques to address those challenges
Features hands-on, problem-driven approach to aid understanding and application of concepts
Designed for a wide audience, including retail owners, store managers, undergrad business majors, and specialists in retail
Focuses on practical aspects and decision-making throughout the retail process
Teaches how to utilize simulations to enhance understanding of concepts
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