Retailing and the Economy (Part of SCTP WSQ Diploma in Retail (Retail Operations)) [Classroom Facilitated]
About this course
Course objectives
On completion of this course, participant will be able to demonstrate thorough knowledge of the retailing landscape and be aware of external economical and political events in the context of the retail industry which may impact the organisation.
Course description
The module will cover the following areas:- Key considerations in retailing- Target markets in retailing- Marketing strategies used in retailing- Distribution methods in retailing- Service levels offered in retailing- Ownership structures for retailers- Retail formats- Effects of demand and supply on the price and production quantity- Different types of market structures- Effects of socio-economic changes- Economic indicators of a country- Application of the following concepts in the context of retailing: scarcity, opportunity costs, demand and supply, elasticity, utility concept- Factors affecting the global retail environment and the way retailers do business- Importance of retailing to Singapore- Key issues affecting the retail sector in Singapore- Strategies used by the Singapore government and other agencies to boost the local retail sector’s productivity performance and how they impact the economy- Technology and legal requirements related to retail