Retail buyers find, negotiate and purchase merchandise sold in retail and department stores. If you’re looking for a fast-paced career combining retail and business, retail buying might be for you!
The Certificate of Retail Buying and Strategic Planning is an online professional development program that will provide you with the strategies, skills and knowledge required by retail buyers to purchase retail merchandise and develop buying plans.
In this online retail buying course you will learn how to analyse the market, plan and introduce product ranges, establish supplier relationships, negotiate the supply of goods and maximise profit through effective buying strategies.
A focus on the analysis of both internal and external environments ensures you understand the tools and techniques required to purchase strategically to meet performance benchmarks and maximise profit in an ever-changing retail environment.
On completion of this course, you will feel confident to apply for entry-level retail buying positions in department stores, retail chains and smaller retail shops. Or, when you have gained experience, offer your services on a freelance basis.
Course Structure
Unit 1 - Merchandise buying strategy
- Post trade analysis
- Innovation
- Customer buying patterns
- Purchasing factors and trends
- Potential opportunities
- Competitor activity
- Competitor analysis
- Comparative analysis
- Competitor analysis and profiling
- Past and planned performance
- Missed opportunities
- Future trends
- Consult key stakeholders
- Future range strategy
- Relevant future trading
- Market and strategy analysis
- Product range
- Developing strategies
- Price strategy
- Product mix
- Product volumes and pricing
- Determining a service price
- Marketing and organisation strategies
- Communicating relevant strategy
- Six C’s of effective communication
- Develop merchandise plan
- Review marketing calendar
- Budget and marketing plan
- Marketing cycles
- Establishing base line sales
- Gross margin requirements
- Margins and markdowns
- Shrinkage and reductions
- Formulae for open to buy
- Weeks cover
- Stock turnover
- Width and depth of range
- Economic order quantity (EOQ)
- Respond to trade
- Plans and performance benchmarks
- Product returns
- Sales reports and report frequency
- Analysing sales volumes
- Cross selling ratios
- Dashboard reporting
- Managing merchandise plan
- Stock to sales ratio
- Gross margin return on investment
- ABC analysis
- Surplus stock
- Consolidating stock
Unit 2 - Undertake strategic planning in retail
- Analyse environment
- Vision, mission and values
- Reviewing strategy
- Key stakeholders
- Surveys
- Buyer behaviour
- Research trends
- Strategy development
- Competitor analysis
- Environmental analysis
- Technologies
- Ethical principles
- Demographic information
- Social and cultural behaviour
- Develop strategic plan
- Establishing objectives
- Maintaining market share
- Launching products / services
- Product awareness
- Testing products
- Feedback
- Business objectives
- Develop evaluation criteria
- Focus groups
- Monitor strategic plan
- Interpersonal skills
- Language and terminology
- Effective communication
- Productivity standards
Assessment
Assessment Information
When you study with Australian Online Courses, you will be assessed using a competency-based training method.
Competency-based training focuses on the achievement of skills and knowledge against set criteria to meet industry-standard and is not benchmarked against other students’ work.
In this course, the assessment will be comprised of written assignments and exercises, which may include short answer questions, reports, essays, research projects and reflective tasks.
If you do not achieve a competency result on your first attempt, you have two more attempts to pass your assessment. So, you have three attempts in total to obtain a competency result.
In this way, you can complete your course in your own time and at your own pace with the assistance of unlimited tutor support.
Course FAQs
Why Choose Australian Online Courses?
- Professional development that is widely recognised and respected;
- Improve your employment opportunities;
- Study online, anywhere via our elearning system;
- High-quality professional development programs written by industry experts;
- No entry requirements;
- All course materials provided online – no textbooks to buy;
- Unlimited tutor support;
- Easy to understand course content;
- Twelve (12) months’ access, with extensions available upon application (fees apply);
- Certificate of Attainment/Completion issued for your CV (hard copy provided); and
- Course may be tax deductible; see your tax advisor.
How long will it take to complete this course?
The approximate study hours for this course is 30 hours. Twelve (12) months’ access, with extensions available upon application (fees apply).
Can I purchase optional printed materials?
Yes! The cost for printed materials for this course is $50 per unit. Total cost for optional printed materials is: $100.00. Printed materials are optional and not required to complete the course. Everything you need to complete the course is provided online via our e-learning system.
When can I start this course?
You can start within 60 minutes during business hours when you enrol and pay in full with a credit card!
Credit card: Within 60 mins during business hours.
BPAY: Within 1-2 working days.
Internet Banking: Within 1-2 working days.
Cheque/Money Order: Upon receipt of mailed cheque.
Will I receive a certificate upon completion of this course?
Yes! You will receive a Certificate of Attainment upon successful completion of your assessment.
Do I need to attend classes or undertake any work placements?
No. All courses are delivered online via our e-learning system and there are no work placement requirements in this course.
What support can I expect from Australian Online Courses?
Unlimited tutor support is available throughout your studies via email during business hours Monday to Friday. Our Administrative team are available Monday to Friday via email, live chat and telephone.
I am an international student. Can I enrol into this course?
Yes! We accept enrolments from individuals both within Australia and internationally; location is no barrier to entry into our programs.
Career Pathways
Future growth
Strong
Unemployment
Low
- Buyers Administrator
- Buying and Product Manager
- Buying Administration Assistant
- Retail Buyer
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