BMKT611 Retailing Semester 1 September 2012 Module Study Guide Module overview…. p2 Approach to study………p3 Learning resources………. …………. p4 Assessment……………………………………….. p6 Programme of study………………………….. …………….. p11 Retailing BMKT611 Module LeaderZena Lutrin M122, [email protected] ac. uk Office hour Wednesdaay 13. 30 – 15. 00 and by appointment TutorsDebbie Desrochers D. [email protected] ac. uk Stephan Ludwig S. [email protected] ac. uk Welcome to BMKT611 Retailing. This is a broad ranging module that will give you insight into retailing at both the strategic and tactical (operational) levels.
Module Aims •Give an in depth of understanding of retailing at the strategic and store levels in different retail sectors. •Give a broad insight into the range of strategic options available to retailers stressing the central importance of positioning and store image in gaining competitive advantage and customer loyalty. •Show how management of the individual elements of the retail mix contributes to the delivery of the positioning in different retail sectors. Learning Outcomes On successful completion of this module, the student will be able to: 1.
Critically analyse the competitive environment facing a given retailer (or its owning company) and its sector and identify the key drivers of competitive advantage for different sectors and within sector. 2. Critically evaluate the main strategic options for growth and competitive advantage available to a retailer and growth and positioning strategies for individual chains or stores 3. Make judgements about the strategic management of the elements of the retail mix at the operational level and produce cohesive appraisal of chain and/or store level management of mix elements to effect the positioning
Approach to study Retailing is a very practical business discipline. Most of the uniquely retail theory and analytic techniques have been developed for operational decision making e. g. range planning, stock management, visual merchandising etc and will not be explicitly covered on this module. Much of the theoretical base with which retail strategic decision making operates is from those functional areas of business you have studied in the first years of your degree e. g. accounting, HRM, marketing. Examining the retail industry will call on many of the areas you have previously studied.
On this module we will select and adapt business concepts to analyse management of the retail environment. It requires intimate knowledge of the retail environment, a systematic approach, breadth of vision, good judgement and a high level of synthesis. It is exactly these abilities to evaluate and manage a large number of inter-related elements simultaneously that mark good retailers. There is a weekly lecture that will build the main theoretical framework for the topic. A weekly seminar encourages students to apply the theoretical frameworks to contemporary retailing issues and to explore some of the problems raised in the lectures.
Students are expected to prepare for seminars by reading, analysis and observation. Lecture material provides a framework, students are expected to develop breadth and depth of knowledge of the theory by further reading and to evaluate its usefulness and appropriateness by ongoing application through store observation and preparation of the seminar exercises. There is no coursework for this module and the only assessment is an individual assignment to be submitted on Monday 6 January 2014
Independent study will be supported by the seminar preparation advice and a guide to consolidating your studies in the 2nd Guided Independent Study period at the end of the teaching programme. This module is supported through Blackboard. If necessary you will be emailed about this module through Blackboard which will send email to your University email address. If you want your University email to go to another address you need to change your email address held by the University through ‘SRSWeb for Students’ accessible through the intranet.
Copies of PowerPoint slides used in lectures and seminar material are posted on the Blackboard site. Students who have studied this module successfully in the past have found it useful to print copies of the PowerPoint slides and make notes on those in the lecture ? Learning Resources Retailing is one of the most dynamic sectors of the British economy and is in a state of continual change. You will therefore need to keep up to date by researching widely from textbooks, journal articles, trade publications and visiting stores and retailers’ websites. Textbooks The recommended textbooks for this module is
Michael Levy and Barton Weitz (8th ed, 2012) Retailing Management, McGraw Hill You will find that reading from other books will deepen your appreciation of the retail industry and issues involved in the topics covered. In addition to Levy and Weitz the following textbooks are highly recommended: Berman, B and Evans, J (11ed 2009) Retail Management a Strategic Approach, Prentice Hall McGoldrick P, (2nd 2002), Retail Marketing, McGraw Hill Additional material or approaches in many other books available from the library Journals, magazines and newspapers The retail sector is well covered on the financial pages of newspapers.
Retail applications are often carried in mainstream journals of most disciplines and there are journals aimed at the distributive trade e. g. The International Journal of Retail and Distribution Management. The weekly trade newspaper of the retail industry is ‘Retail Week’ which is available through mad. co. uk. There are trade magazines available for different sectors of retailing e. g. The Grocer provide a constant supply of information about current affairs in the grocery industry. Access journals and magazines through the library portal ‘Library Search’.
This is available from your intranet home page and also via a tab at the top of the module blackboard page. Try Business Source Complete as a first port of call for retail journals, it has a good search facility (accessible through to the Library’s Resource Site for Business Students (http://westminsterbusinessstudies. blogspot. co. uk/p/list-of-key-databases. html Data For the assignment it will be necessary to access reliable, recognised sources of industry, company and brand information eg Mintel Passport GMID Datamonitor 360 Economist Intelligence Unit WARC Factiva These and other databases are available through Library Search.
You will find it useful to go to the Library’s Resource Site for Business Students (http://westminsterbusinessstudies. blogspot. co. uk/p/list-of-key-databases. html) which has links to these and other e-resources and data. (Trade journals (eg The Grocer) are also available through the main Library search) Observation You should also visit and study as many retail outlets as you can. Preparation for seminars will involve visiting stores. Take an interest in shopping on the internet, including issues of offer fulfilment, security, delivery, returns. (You do not need to purchase – just visit stores and sites).
Assessment There is one piece of assessment on this module. It is an individual assignment. Due date:Monday 6 January 2014 by 13. 00 Submission of Coursework Unless explicitly stated otherwise in writing by the module leader, all coursework on this module is submitted via Blackboard only. It will automatically be scanned through a text matching system (designed to check for possible plagiarism). •DO NOT attach a CA1 form or any other form of cover sheet; •YOU MUST include your name and student ID on the first page of your assignment. To submit your assignment: •Log on to Blackboard at http://learning. westminster. ac. k; •Go to the relevant module Blackboard site; •Click on the ‘Submit Coursework’ link in the navigation menu on the left-hand side, as advised by the module teaching team; •Click on the link for the relevant assignment; •Follow the instructions. Finance holds. If on the due date you have a finance hold on your student account, you may not be able to access Blackboard to be able to submit electronically. If this is the case, you may be able to submit a paper copy to the Registry. Assignments submitted this way will ONLY be accepted if it is clear that you have a finance hold on the due date. The penalties for late submission will still apply.
You will be given details by the module teaching team about how and when you will receive your marks and feedback on your work. REMEMBER: It is a requirement that you submit your work in this way. All coursework must be submitted by 1. 00 p. m. (13. 00) UK time on the due date. If you submit your coursework late but within 24 hours or one working day of the specified deadline, 10% of the overall marks available for that element of assessment will be deducted, as a penalty for late submission, except for work which is marked in the range 40 – 49%, in which case the mark will be capped at the pass mark (40%).
If you submit your coursework more than 24 hours or more than one working day after the specified deadline you will be given a mark of zero for the work in question. The University’s mitigating circumstances procedures relating to the non-submission or late submission of coursework apply to all coursework. Some guidance Two retailers Each student will select the two companies they wish to investigate and analyse. However, no students may select the same two retailers. Therefore you need to register your choice of stores with the module leader on a first come first served basis.
Example of department stores Student A selects John Lewis Partnership and Selfridges Student B selects Debenhams and Selfridges Student C selects Selfridges and Marks and Spencer Student D selects John Lewis Partnership and Marks and Spencer The sectors of coffee shops/fast food outlets are not available to students as we will be working on this sector in seminars. Store choices will be registered on a first come first served basis starting on the day after the first lecture. Please email your proposed store choice to [email protected] ac. uk.
YOU MUST HAVE CONFIRMATION OF YOUR STORE CHOICES BEFORE YOU PROCEED UK presence Each company should be a multi-store retailer (chain) although they do not need to be public companies, UK owned or national chains they should have a presence of three or more sites in London. Same market sector and segment The pair of stores to be analysed is subject to module leader’s agreement (if in doubt discuss this with your seminar tutor). . (based on both desk research and store visits) Research should be broad and deep. Read retail theory, sector and company information and observe stores.
Evaluates the retailers’ retail strategy in the light of its competitive environment Some of the material to be covered: •The overall sector’s position •The retailers’ strategies for dealing with the environment •The retailers’ strategies for dealing with the competition they face •Target market(s), competitive positioning Evaluates the retailers’ implementation in the light of its competitive environment The report should address the main operational issues in the light of the target market(s) and competitive positioning identified •range of merchandise •pricing •customer communications •service offering location •store ambience, layout and communication Conclusions The report should make clear your assessment of how successful each of the retailers have been both in the selection of a strategy to follow and in its implementation. Assessment criteria Analysis and evaluation of retail strategy and management exhibited by selection of appropriate theory and example. This involves the quality and sources of the information collected during the research and the skill used in selection, analysis and presentation (including your own research deepening and broadening your knowledge and understanding of retail theory).
Ability to analyse retail situation in the competitive environment demonstrated by the application of the theory. This involves the degree of insight shown in the analysis and evaluation of strategy and implementation made on the basis of research findings (secondary research and observation) Critical evaluation of the relationship between elements of strategy and the retail mix exhibited by explanation and justification of answer.
This involves synthesising the different aspects of strategy and implementation to provide your (evidenced) views on the effectiveness of the strategy and implementation of the retailers being examined Your ability to work to a deadline, to length, producing a systematic, well structured and organised, professional looking report, with full sourcing of all quoted material, including all material drawn from your own observations A cautionary note You will not be able to find all the information you want.
For example, some of the major retail brands are part of larger companies and information about specific brands is not always available. Additionally some of the major retail companies are private companies (eg Indetex which owns Zara and Massimo Dutti and more, Arcadia which owns Top Shop, BHS, Miss Selfridge, Wallis and more) and it is very difficult to find detailed published financial information about some chains. Unfortunately this is the state of the real world. You have to do the best you can and may need to make estimates and reasonable assumptions.
This is a fact of business life. Through the library you have access to just about as much published information as a business analyst working on a takeover of one of these businesses. You have to do the best you can with what you can get. Plagiarism All the work you submit for assessment must be your own work. You are reminded that you must not attempt to pass off another’s work as your own, whether it is from other students, academics or academic publications, trade sources, journalists, Wikipedia, websites or whatever. The secret is to give proper sources.
The library publishes an excellent resource called ‘Referencing your work’ http://www. wmin. ac. uk/page-3687. BMKT611 Retailing Final Assignment Characteristics of answers at different grades Assessment criteria1 – 3 (0 – 19%)4 – 7 (20 – 39%)8 – 9 (40 – 49%)10 – 11 (50 – 59%)12 – 13 (60 – 69%)14 + (70+ %) Analysis and evaluation of retail strategy and management exhibited by selection of appropriate theory and example. This involves the quality and sources of the information collected during the research (20%) [including your own research deepening and broadening your knowledge and understanding of retail theory].
Little or no research effort data or retailing Irrelevant information and/or theory presentedA little effort, not much besides Wikipedia and company May be irrelevant information and/or theory presentedA little effort to research the industry and/or market and/or retailing. Little less relevant materialSome effort to research the industry and/or market and/or retailing. Mintel minimumResearch covers data, industry and retail. There may evidence of additional individual study of theory. Broad range of sources, covers data, industry and retail with good depth in at least one area.
There may evidence of additional individual study of theory. Analysis and evaluation of retail strategy and management and the skill used in selection, analysis and presentation (20%) Partial coverage, no depth, little analysisPartial, some effort to cover brief but insufficient analysisCovers most of the major issues, descriptive, variable depth or partial with some attempt to analyse Covers most of the major issues, not entirely descriptive, appropriate use of some analytic techniques. Covers most of the major issues, mainly analytic stance, appropriate use of several analytic techniques.
May be some less relevant material. Depth and breadth of analysis appropriate for the subject matter with little irrelevant material Ability to analyse retail situation in the competitive environment demonstrated by the application of the theory. This involves the degree of insight shown in the analysis and evaluation of strategy and implementation made on the basis of research findings (secondary research and observation) (20%) Answer based on general business knowledge and experience as a consumer. The answer is not well linked to brief Some analysis may be relevant.
However does not have enough knowledge and analytic skill to provide a coherent answer to the brief Some analysis is exhibited through application; or good description and/or overview of theory with little applicationAdequate grasp of relevant theory and some analytic skills demonstrated in application to the analysis Good grasp of relevant theory with strong application. Good grasp of relevant theory, used in excellent retailing led analysis Critical evaluation of the relationship between elements of strategy and the retail mix exhibited by explanation and justification of answer.
This involves synthesising the different aspects of strategy and implementation to provide your (evidenced) views on the effectiveness of the strategy and implementation of the retailers being examined (20%) Little or no critical evaluation. Interrelationships not recognised. Partial coverage of mix elements. Some credit may be given for relevant evaluative observations. Partial coverage of mix elements. There is little critical evaluation or insight into relationships between elements. Most mix elements covered.
There is a little critical evaluation and some appreciation of some interrelationships between elements There is some appreciation of some interrelationships Some evaluative skills are exhibited through explanation and justification. The answer contains evidence of critical analysis some evaluation. The answer contains evidence of awareness of interrelationships and/or synthesis. All elements of the mix are covered The whole report is evaluative, judgements are well justified and the material is well integrated. All elements of the mix are covered at the appropriate level for the importance of the material in the overall analysis.
Presentation: Your ability to work to a deadline, to length, producing a systematic, well structured and organised, professional looking report, with full sourcing of all quoted material, including all material drawn from your own observations (20%) Attempt at organization not obvious, little effort put into presentation of material, limited or inconsistent references. Poorly organised, insufficient though and effort put into presentation of material, partially referenced The assignment flows logically although it may not be well geared to present the answer.
Presentation is neat, with some use of headings, charts, graphs The assignment shows some organisation with some effort to marshal an argument in response to the brief. Good attempt to reference work not always consistentThe answer shows an organised progression of argument/explanation that goes a good way to answering the brief. Near professional appearance. Referencing mostly robustProfessional appearance. The answer is well organised and structured to answer the brief. Appropriate division of material between main body and appendices. Full sourcing Programme of Study Date
Topic no Lecture Programme Seminar Programme 25/09/13 1 Introduction, Classifications of retailing, The Retail Mix, Introduction to the module and fellow students 02/10/13 2 Strategic Model for Retailers, Competition, SWOT Model for Retailers, PESTLE 09/10/13 3 Globalization, Topology of choices Analysing the competitive context 16/10/13 4 Consumer choice Consumer choice criteria 23/10/13 5 Positioning Positioning coffee/fast food outlets 30/10/13 6 Merchandise and buying The role of merchandise in the Retail Mix 06/11/13 7 Store ambience Analysing the elements of ambience 3/11/13 8 Multi- channel strategies Analysis of strategic options and operationalization of strategies 20/11/13 9 Service and HRM Tutors will provide feedback on structure and coverage of draft final assignments brought to seminar in hard copy 27/11/13 10 Security and systems, the role of IT Tutors will provide feedback on structure and coverage as above 04/12/13 11 Review Tutors will provide feedback on structure and coverage as above 13/12/13 Reading week Tutors will provide feedback on structure and coverage as above 06/01/14 Coursework due BY 13. 00 (1pm)