PAIN POINTS IN BUSINESS
There is a huge potential in the retail sector, but at the same time, the competition is getting tougher. The question is how can we differentiate ourselves and stand out among the crowd so that we can win a larger market share?
WHAT YOU WILL BE LEARNING IN THIS PROGRAM
In this Retail Management 2.0 program, we will be looking through a few case studies, best practices in the market, and also frameworks on how to manage our retail business better.
Retail Management refers to all the processes which help the customers to procure the desired merchandise from the retail stores for their end use. Currently, the retail industry is one of the fastest growing segments, contributing to the economic growth of many countries and is also one of the fastest changing industries in the world today with new trends emerging every few years. Even in Malaysia, the retail sector is one of the sectors that are making increasing contributions to our GDP, from less than 10% to 16% contribution to Malaysia GDP in 2019. This is the reason why we need to enhance our retail management skill in order to keep up with the pace of change happening around us.
WHO SHOULD ATTEND
Team Leaders, Frontline Managers, Managers and Supervisors, Outlet Managers and above, Area Managers.
By the end of the training, the participants should be able to:
- Acquire a sound apprehension of the current and future trends in retail environment
- Understand the elements of store productivity and how to increase store sales
- State the factors that affect a customer’s buying decision
- Develop strategies to shift a business from a red ocean into a blue ocean
- Create new shop concept and new values for customers from trends in customer needs
WHAT YOU'LL LEARN: DAILY SCHEDULE
- Introduction to Retail Management
- Retail: The Oldest Industry in the World
- The Growing Importance of Retail Sector in Malaysia’s Economy
- Senheng Store Differentiation Strategy
- Elements of Store Productivity
- The Psychology Behind Why People Buy
- Value Proposition of a Product
- The Buyer’s 4Cs model
- PEST Analysis for Understanding Customer’s Buying Behaviour
- The Strategy Canvas: Blue Ocean Strategy (BOS) Formulation
- Five Causes of Customer Dissatisfaction
- The Malaysian Customer Satisfaction Index
- Customer Dissatisfaction by Customer Groups
- Actionable Strategies to Increase Customer Satisfaction
- Create One’s Own Store Concept
- Targets and How to Sell
- Case Study: Yamaguchi Co., Ltd. (Number one Panasonic Shop in Japan)
- Business Model Canvas