Retail Product Management Workshop

How to Manage Products A to Z

& Increase Sales and Profitability by 30%

Retail Product Management Workshop Online

Monday, March 27, 2023 (3 Hours)

Wednesday, March 29, 2023 (3 Hours)

Friday, March 31, 2023 (3 Hours)

11:00 AM to 2:00 PM EST – New York, (8AM Los Angeles, 4PM London, 8PM Dubai)

3 Hours Each Day (Total of 9 Hours)

Only $495/Person

All Registrants will get the Recording & Slides of the Sessions

Topics Covered in This Workshop

Sourcing

Sourcing is an important and very time sensitive task in buying management. This module looks at the steps and the process of sourcing as well as the vendor analysis aspect of this work.

(Retail Sourcing Primer, Vendor Analysis, Sourcing Challenges, Best Practices)

Negotiation

Once the sourcing is done, the next step is negotiation. In this module, important aspects of building negotiation skills are discussed.

(Introduction to Negotiation, Negotiation Process, Planning, Targets & Aspirations, Common Mistakes in Negotiations)

Category Design

The crux of category management is category design or, as sometimes called, the category plan. This module covers the steps involved in creating a successful category design.

(What is a Category?, Category Definition, Category Roles, Category Assessment)

Pricing

Correct pricing directly improves profitability. Different pricing models and strategies are revealed to improve understanding of this crucial activity.

(Factors to Consider, Price Elasticity, General Pricing Approaches, Pricing Strategies)

Assortment Planning

Assortment planning carries a lot of weight in successful inventory management. This module discusses the important aspects and requirements of successful assortment planning.

(What is Assortment Planning?, Key Deliverables, Impact on Company Operations, Assortment Planning and Customer Perspective, Key Factors and Assortment Process, Item Selection Considerations, Assortment Decision Making Considerations, Summary)

Allocation Planning

The other side of the coin to assortment planning is allocation planning, making it equally important. This module covers the techniques and considerations required to effectively plan allocation.

(Good & Bad Ideas, Rules for Success, Allocation Principles, Key Allocation Capabilities)

Space Planning

In this module we demonstrate the difference in approaching space planning at Macro and Micro levels to facilitate optimum store layouts.

(What is Space Planning?, Rationale and Constraints, Types of Merchandise, Space Planning Considerations, Macro Space Planning, Micro Space Planning)

Implementation Management

Merchandise and Category plans come to life when implemented at store level. The steps and approval process are discussed in detail.

(Overview, Approval, Scheduling, Best Practices)

Analytics & Reporting

This module deals with Key Performance Indicators in retail business, discussed within the framework of the “Pillars of Retail”. Other key formulas are also detailed.

(Why Measure & 6 Pillars, Product KPI’s, GMROII & GMROF, KPI’s for Reporting/Merchandising, Online KPI’s)

Inventory Control

This module addresses the functions and processes involved in acquiring and controlling inventory. A very important tool used in inventory management is Open-to-Buy, and it is discussed and illustrated in detail.

(Inventory Turns, Applied: Gross Margin Return on Inventory Investment, Buyer’s Goals, Merchandise Hierarchy, Merchandise Planning, Forecasting, Open-to-Buy or OTB)

Distribution Strategies

To make assortments and allocations work properly, one must have a clear understanding of how distribution and logistics work. This module explains it all.

(Distribution Channels, Function & Role of Distribution Channels, Logistics, Warehousing, Distribution Strategies)

Vendor Management

This module deals with the various steps taken, challenges encountered, and benefits derived from successfully managing vendors and vendor relationships.

(What is Vendor Management?, Benefits, Challenges, Vendor Management Process, Best Practices, Vendor Management vs Vendor Relationship Management)

Internal Communications & Relationships

This module explains internal communications and focuses on the importance of internal communications with colleagues and other interested parties outside the company.

(Internal Communications, Common Types of Internal Communications Pieces (aka “Comms”), Business Relationships, Building Quality Relationships)

Cost Management

Before we can manage costs involved in buying, we must understand what kind of costs and expenses we are dealing with. There is plenty of information on those subjects covered in this module.

(Components of the Income Statement, Operating Expenses, Operating Statement, Inventory Systems, Purchasing Transactions, Cost of Holding Inventory)

Competitive Strategies

The buying organization has to be perfectly in-line with the company’s go-to-market strategy. This module discusses go-to-market, or competitive strategies, in detail.

(Overview, Cost Leadership, Niche or Focus, Differentiation)

Promotions

In addition to promotional choices and sales promotion types, tactics at the category strategic level are also discussed in this module.

(Tactical Choices, Sales Promotions, Tactics Examples, Considerations)

Category Marketing Strategies

A critical part of any marketing effort is to be able to define the characteristics of the target market. This module goes into detail on customer profiling.

(Who Are My Customers?, Marketing Channels, Digital Marketing, Marketing Strategies, Product Type vs Strategy

Online Marketing Fundamentals

Because there is increasing momentum in online retail, in this module we discuss how to position the company properly online, by utilizing social media effectively.

(Why Engage in Online Marketing?, Goal Setting, Who is Your Audience?, Where is Your Audience? Part 1 and Part 2)

Digital Marketing

In this module, the concepts and tools required to do effective Digital Marketing are discussed in detail. The step by step process is also illustrated.

(Return on Investment or ROI, Maximizing Your Exposure, Social Media Strategy, Social Media Automation Tools, Putting it All Together)

Operational Policies & Procedures

Provides understanding as to why we need and use policies and procedures in general, and as they relate to the buying function.

(General Policies & Procedures, Inventory Management & Procurement – Internal Controls, Physical and Document Controls)

How to Manage Merchandising A to Z