Knowledge and understanding
The purpose of the course is to introduce students to the main functions of the retail business. In this perspective, the course provides the conceptual and operational tools to understand the main issues of retail management and marketing.
At the end of the course, the students will have acquired skills on the following topics:
- Supply and demand of service;
- Life cycle of retail formats;
- Strategic groups;
- Growth strategies;
- Branding strategies;
- Assortment policies;
- Pricing policies;
- Communication policies;
- Merchandising policies;
- Distribution channels;
- Vertical relationships.
Applying knowledge and understanding
At the end of the course, the students will be able to:
- Explain relevant theories and concepts of retail;
- Describe the key elements of a retail business;
- Discuss the issues underlying the evolution of the marketing environment and the competitive landscape from retailers’ perspective;
- Understand the relationship between structure, conduct and performance of the retail sector;
- Discuss the dimensions that define vertical relationships;
- Highlight the key course topics and grasp the relationship between the different components of the course.
On the basis of the conceptual and operational tools acquired during the course the students will be able to:
- Analyze the changing consumers’ habits and the competitive environment from the retailers’ perspective;
- Describe the major challenges posed to retailers by globalization, technological evolution and social, ethical and environmental issues;
- Evaluate the performance of retailers, their strategies (growth strategy, diversification, product innovation and retailing mix) and territorial coverage;
- Identify strengths and weaknesses of retailers.
The students will be encouraged to develop their own independent judgment and critical thinking, evaluating the different issues of retail marketing on a strategic and operational plan.
During the course, the students will acquire adequate communication skills aimed at transferring, in a clear and effective way, both information and concepts (even complex) related to specific issues of retail marketing to different interlocutors (both academic and business). In addition, the students’ ability to adopt an "active listening” behavior, i.e. to understand concepts and languages used by businesses, will be put to the test. These skills will allow to develop the ability to prepare brief papers, or providing an oral summary on specific topics, also with the aid of information technology tools and media.
The course aims to transfer the ability to translate the economic principles into empirical rules of decision. The main topics are detailed through the presentation of successful case studies in the context of the Italian, European and U.S. markets. At the end of the course the students will have gained the ability to expand and update the level and range of the knowledge acquired from lessons and course textbooks.