Course Information

Course No:  426020

Course Name:  Guide to Retail Management for Accountants

Field of Study:    Business Management & Organization

Course Description:  

Retailing, the business of selling consumer goods to final consumers, is constantly changing. Retailers are particularly affected by changes in the consumer population; in the economic, social, technological, and political environment; and in competitive conditions. This course teaches you the main requirements of effective retail management: personal qualifications of management; an adequate financial structure; necessary physical facilities; effective policies and procedures; and competence, loyalty, and productiveness of personnel. Also discussed are online retailing strategy, improving Internet presence, and future changes in retailing.

Learning objectives: After completing this section, you should be able to:

  • Recognize the importance of retailing to the U.S. economy.
  • Recognize the structure of retailing.
  • Identify advantages and disadvantages of online retailing, and methods to improve an online business.
  • Identify the skills requirements of management.
  • Recognize attributes of successful retail businesses.
  • Identify the basic factors in choosing a retail location.
  • Recognize differences between customers from urban and suburban areas.
  • Recognize the key decisions when planning store equipment.
  • Recognize the factors affecting layout.
  • Recognize characteristics affected by the organization’s structure.
  • Identify the steps to recruit an adequate work force.
  • Recognize techniques for evaluating an employee training program.
  • Identify the goals of a compensation program for personnel.
  • Recognize some of the major causes for job dissatisfaction and employee complaints.
  • Recognize the characteristics of merchandise budgeting.
  • Recognize the steps involved in the budgeting process.
  • Identify ways to measure monthly stock variations.
  • Identify the types of formal buying plans.
  • Recognize factors that influence the quantities to purchase.
  • Identify inside and outside sources of information on customer’s wants.
  • Identify merchandise resources.
  • Recognize benefits of different options for purchasing merchandise.
  • Recognize the attributes of an invoice.
  • Identify the terms of sale discounts.
  • Recognize how the terms of sale and datings on invoices are used.
  • Recognize the limitations of merchandise control.
  • Identify the goals of merchandise management.
  • List the basic types of unit control systems.
  • Identify how to minimize stock shortages.
  • Identify the advantages of centralizing the activities in receiving and distributing merchandise.
  • Recognize information captured when receiving and recording incoming merchandise.
  • Recognize limitations of pricing techniques.
  • Identify some of the factors influencing markup.
  • Recognize steps involved in the retail advertising program.
  • Identify different types of effective interior store displays.
  • Recognize non-personal methods of sales promotions - email, telephone and mail-order.
  • Identify consumer premiums used to promote retail sales.
  • Identify the general rules and elements in the sales process.
  • Identify the major causes of customer complaints.
  • Identify other customer services use to improve the shopping experience.
  • Recognize a variety of types of retail credit.
  • Recognize the credit legislation with which retailers should be familiar.
  • Identify measurements used to evaluate the effectiveness of the credit department.
  • Recognize the purposes served by accounting records.
  • Identify the attributes of the balance sheet and operating statement.
  • Identify different methods used for accounting control.
  • Recognize the advantages and disadvantages of the retail method.
  • Recognize methods for an allocation or distribution of expenses.
  • Identify the steps involved in an analysis and comparison of expense.
  • Identify different internal theft problems that create the need for prevention strategies.
  • Recognize external crimes that retailers must monitor to identify, control, and limit pilferage.
  • Recognize the prime responsibility of executive management leadership in retailing.
  • Identify the elements that online marketers should take into account when evaluating the opportunities of online retailing.
  • Identify trends in the future of retailing.

Course Material: Online Material

Program level: Overview

Prerequisites: None

Advance preparation: None

Type of delivery method: QAS Self-study

Recommended CPE credits:   13.0

Final examination expiration date:   The program participant will have one year from the date of purchase to complete the course and final examination.