This option explores Retailing and franchising. Retail is a fascinating subject, and we all have a vested interest as we get involved in buying or selling things in one form or another. The retail sector in the UK is the largest private sector employer, and I imagine that is the same in most countries.
We examine traditional retail, and the role of manufacturers, distributors and retailers in getting products to the consumer. We consider different retail models and their shared objectives of achieving a profit by purchasing and then selling a product or commodity.
We have looked at the” back office” of Buying and merchandising staff who forecast and purchase stock. You will learn about the planning process, how product is sourced, what direct imports are, and the reasons for sourcing from various places.
You will come to understand product mix, margin, range planning, and profit targets. Why discounting happens, Legal and compliance issues.
You will read about developments in internet retailing, and the effects on retailers. Multi-channel retailing click n collect, content marketing, and touchpoint will all become familiar terms to you, as will new developments such as Mobile enabled websites and Location based marketing.
You will consider the effect of mobile devices on retail, and optimisation of websites for mobiles, and new payment technologies including the ability to take payments on mobile devices
Another consideration is the effect all these changes have had on the delivery industry, and what opportunities are emerging there.
Digital Retail Media will produce its own industry with some fantastic openings. We reflect on new retail models and emerging trends
By having an appreciation of traditional retailing and how it works, you can anticipate where retailing might go in the future., and how shopping patterns will alter as the internet turns retail upside down. What prospects will there be for you in this brave new world?
Franchising is a very popular business model, involving the agreement to use a successful business model and trademark. The franchisor grants to the franchisee the right to use a recognized business system, with a specific name or trade mark, within a fixed territory, for an agreed period. The license grants the right to use the trademarks, procedures, logos, software, and other items defined in the contract. Probably the most well-known franchise is McDonalds. According to Wikipedia, In the USA in 2005 there were 909,000 franchise businesses, turning over 880$billion, 4.4 percent of all private sector output.
You will find these themes absorbing and will quickly become an expert on Retailing and franchising.