This course intends to present a baseline of retail industry concepts and practices embraced across a broad spectrum of retail enterprises. The syllabus of this course will cover topics relevant to both specialty and multi-classification retailers operating locally, nationally and on global platforms. The subject matter will be relevant for all spectrums of retail from budget to luxury.
This course is geared toward students who are considering entering the retail or consumer products industry.
This course is team project-oriented as described:
- Select a product to be sold at retail.
- Design and create a sample of the product. Specify all of its component parts, specifications, sizes, colors etc.
- Define the individual customer who you believe will buy the product, and for what reason.
- Define the retail channel where you wish to sell the product.
- Describe where and how the product will be manufactured.
- Determine the cost of the product as best you can and define the product’s retail selling strategy and expected retail price. From this determine your gross margin expectation for the product.
- Estimate the sales potential of your product in units and retail dollars.
- Position the product relative to actually available competitive merchandise. Describe why your product is differentiable from competition and how you believe the retailer should position your product in their store.
- Build a conceptual assortment around your product. Consider line extensions, related items, etc.
- Select a Label/brand name your product. Define your product’s brand’s equity.
- Design a selling package, and fixture for your product, including signage and visual merchandising requirements such as presentation minimums etc.
- Describe how your product will be shipped and supported logistically.
- Plan as a team to present your product at our last session to the class which will act as a surrogate for a retail buyer and who will decide upon its viability. Your presentation will contain all of the above requirements in a format that can be examined after your presentation has taken place.
Director of Retail Studies
Mark A. Cohen has been in the retail business since his graduation from Columbia University in 1971. (MBA '71, BS Electrical Engineering '69) He has over 20 years experience in president/chairman, chief executive officer level positions. Most recently he was Chairman/CEO of Sears Canada Inc, Chief Marketing Officer and President of Softlines of Sears Roebuck & Co., Chairman/CEO of Bradlees Inc., and Chairman/CEO of...