Retail inventory management is a strategic factor in retail environment success. In this course students review Retail inventory management processes and methods used to keep track of stock. These methods control ordering, shipping, receiving, tracking inventory, retail turn-over, and storage. Retail inventory management is a significant factor in managing a business’ profits at a steady margin as well as reducing theft and loss of inventory. Many retail businesses lose money every year because they do not have a successful inventory management system in place. Students will review the following functions for a retail business: Tracking and managing the inventory for the business to keep up with store markdowns; Evaluating how well groups of products perform in sales; Provides analysis for comparison shopping with competitors; Collecting data on the sales and inventory of individual stores using SKU; and Methods to accurately review inventory. Students will distinguish between large and small retail organizations, and variations in inventory management based upon the nature of the inventory (perishable, seasonal, fashion, etc) An analysis of skills, tools, and resources required for effective inventory management will be reviewed, as well as strategies for keeping inventory current and ways to identify and mitigate inventory management challenges and risks in order to support retail organization profitability.
After successfully completing this course, you will be able to:
1.Define the basics of retail inventory management functions and principles within a small/large organization.
2.Examine the skills required of retail inventory managers to maintain a strategic capacity level.
3.Assess the impact poor inventory management can have on an organization’s bottom line.
4.Evaluate various retail inventory management methods or approaches to production process mapping.
5.Compare the relationship between global sourcing and logistics distribution.
6.Analyze total quality management and how quality is measured.
7.Critique the reasons an organization might outsource inventory capabilities.
8.Recall important attributes of a lean retail inventory management supply chain.
American Public University System, 111 W. Congress Street, Charles Town, WV 25414 | Toll Free: 877-755-2787
American Public University System (APUS) is accredited by the Higher Learning Commission (HLC) and is a wholly owned subsidiary of American Public Education, Inc. (APEI). Pursuant to a contractual arrangement, APEI provides certain services for the benefit of APUS, subject to APUS oversight and ultimate authority. Pursuant to a license, APEI may use APUS’s trademarks and other intellectual property in its performance of those services. American Public University System, American Public University, and American Military University are not affiliated with American University or the U.S. Military.