Retail Management by StartupFinance
This course makes you job-ready to start or progress a career managing and expanding a retail business. You can choose from the following types of shops: convenience store (food), sports equipment, fashion and gift shop.
- Duration: 4 weeks • Total asynchronous time 36 hours of gameplay (using the computer simulation) • Total synchronous time with tutor 4 hours
- 100% Online
- Level: Intermediate
- Language: English
- Certificate: Micro-credential
- The synchronous sessions will have a max of 3 participants
This course is intended to be a quick and useful experience in developing industry-specific and job-relevant knowledge about operating in the retail industry, centred in the highly competitive UK retail market. The course is organized in asynchronous and synchronous sessions for 4 weeks beginning in the first week of each month. In a nutshell, the course is organized as follows:
- You will have from the start access to an online computer simulation with a login and password, on which you will be managing a retail operation in the UK, gradually evolving from the start-up phase to national expansion (the login and password will remain active for 1 month after the course ends).
- Each week new theoretical concepts will be introduced to you in a live session with the author, following which the materials will be made available for self-study. The live sessions will be via Zoom.
- You can explore the theoretical concepts explained each week to you, by using the simulation. You will be making business decisions in the simulation and getting immediate results related to your business's performance and the response from your competitors. Therefore, you will be able to test and see in practical terms how your decisions impact the performance of the retail network.
This course is based on the simulation software developed by April Training Solutions.
What you'll learn
- How to set up and grow a retail operation
- Identify the key drivers of demand and consumer behaviour in the chosen retail sector and across different locations and premises
- Understand the key steps in entering and growing on the market in a highly competitive industry
- Define a strategy to gain a competitive advantage on the market whilst achieving superior performance and growth
- Manage the intricate relationships between different functional areas across a retail operation such as product portfolio, marketing and sales, operation, stocks, customer service, after-sales service, and finance.
- Identify the resources available and select those appropriate to support the business at the different stages of growth
- Identify the critical KPI’s to drive the growth of the business
How this course can propel your career and salary in the retail industry
The key advantage of the course is that it gives you access to experience and understand the global picture of how retail operates. Most employers nowadays claim that their employees do not have a global perspective and understanding about the business, and that limits immensely their opportunities for development and progression.
Check out a recent report from McKinsey and Co about the challenges faced by recruiters in the industry - which will be also your challenges - here.
Now imagine that as a starting point when entering the job market you can already demonstrate to your employer that you thoroughly understand from theory and practice how the industry operates. That puts you in the spotlight right from the start to grow and develop a career in a fast-changing and highly competitive environment!
Still in doubt?
The skills you will acquire may also help you if you are or plan to enter that career path. We have mapped the skills that you will acquire in this course against those required for a career as a Retail Manager by www.prospects.ac.uk (May 2021):
- the ability to plan and prioritize workloads and delegate accordingly
- customer focus
- the capacity to grasp new concepts quickly
- the ability to multi-task and work under pressure
- shrewd business acumen and well-developed commercial awareness
Here are some examples about the salaries in the industry, to demonstrate how important it is to get the right skill set for the job (Data from Glassdoor.co.uk, last updated May 2021):
- Retail Director £108,000 / yr
- Regional Manager £50,000 / yr
- District Manager £46,000 / yr
- Store Manager £28,000 / yr
An understanding of general concepts related to business and management, obtained either by a degree or practical experience is recommended.
Who this course is for
- Graduates or anyone willing to start a career in retail
- Professionals working in the industry who want to gain a better understanding of how it functions as a whole
- Managers wishing to gain an in-depth understanding of how the business decisions impact their business, to ensure greater sustainability and growth
4 weeks • 15 sections • 30 lectures • Total asynchronous time 40 hours, of which about 32 hours of gameplay (using the computer simulation) • Total synchronous time 4 hours
Section 1: Introduction to the course, understanding the competitive landscape in the UK retail (45 mins)
Section 2: Understand the market needs and consumer preferences
Section 3: Define a competitive portfolio of product offers to meet the consumer needs and beat the competition
Section 4: Plan the business model with the resources available to grow the business
Section 5: Identify the key areas of decision making in a retail operation at local, regional and national levels (45 mins)
Section 6: Create and improve the offer based on systematic market research
Section 7: Define the market strategies and mix for the portfolio of products
Section 8: Achieve operational efficiency and customer excellence (45 mins)
Section 9: Manage the resources needed to grow the business in terms of inventory, marketing, sales and customer service
Section 10: Source the adequate resources and funds to make the business grow
Section 11: Turnaround strategies – how to get the business back on track in crisis scenario (45 minutes)
Section 12: Identify the key solutions to turn around a business in the context of crisis managing, provoked by adverse internal or external circumstances, or a combination of both
Section 13: Appraise the alternatives for a business from a cost vs benefit perspective, by making decisions based on different scenarios
Section 14: Final assessment
Live/synchronous – Friday at 12 noon UK time
Section 15: Final feedback (45 mins)
Don't worry, you will not be left alone in your learning journey. Apart from the live sessions, our helpline to sort out any technical questions is available 24/7 during the access to the online simulation and until completion of the final assessment, so you will get all the help that you need.
Prove you're ready!
- Highlight the new, job-relevant skills you’ve gained and supplement existing qualifications with a digital micro-credential.
- Create a shareable certificate link for your CV and LinkedIn.
- Impress employers with learning outcomes you can add to your CV.
- Make your career dreams a reality.
The course starts at the beginning of each month. You will be automatically enrolled on the course starting the first week of the next month. Rescheduling is possible subject to availability.