Retail Inventory Management
6 ECTS
Retail Inventory Management
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Module Description
Becoming a successful store manager requires a lot more than serving customers and making sure employees are well managed.
A good store manager should be able to combine new techniques and technologies with time-proven Inventory Management concepts to make operations as lean as possible while still meeting or exceeding customers’ expectations of product availability.
This module aims to equip students with knowledge and understanding of retail inventory management, its main concepts, principles, and tools.
Entry Requirements
Candidates who apply for this course will possess:
- A qualification at MQF Level 4 (one ‘A’ Level or equivalent in any subject) and a pass in English Language and Mathematics at MQF Level 3 (‘O’ Level or equivalent).
Target Audience
This programme targets:
- People within retail sector and other individuals aspirating for professional and academic advancement in retail and store management.
Career Paths
The possible positions for which this programme aims to prepare you for include, but are not limited to:
- Store Assistant
- Sales Representative
- Retail Customer Care Representative
- Visual Merchandiser
How you’ll be assessed
The course comprises:
- Evening classes for part-time courses.
- Classes held throughout the day for full-time courses.
- Guided learning, presentations, comprising synchronous online discussions, tutorials and/or videos.
- Self-study hours comprising research, reading and assignment work.
Assessment
Assessment is carried out via two mandatory components:
- Assessment 1
- Assessment 2
The programme includes different forms of assessment which allow for and promote students’ critical engagement. The formative and summative assessment tasks may include an in-class assignment and/or a home-based written assignment using diverse assessment tools which may take the form of online and in-class discussions, examinations, case studies, reports, proposals, essays, and presentations, etc., as applicable to the diverse modules.
Module Intake Dates
October 2024
Learning Outcomes
Competences:
At the end of the module/unit the learner will have acquired the responsibility and autonomy to:
- Develop a sound understanding of the dynamics of retail inventory management’s principles, concepts, and techniques in relation to customer demand and distribution;
- Recommend the methods used by retail organizations to obtain the right quantities of stock or inventory;
- Examine the role of information technology in managing inventories.
Knowledge:
At the end of the module/unit the learner will have been exposed to the following:
- Define inventory management and the main objectives of managing inventory in retail;
- Describe the functions and costs of an inventory system;
- Define and compare Open to Buy and Just in Time concepts;
- Describe the rationale behind the retail discounting model;
- Identify pros- and cons- of holding inventories.
Skills:
At the end of the module/unit the learner will have acquired the following skills:
- Familiarize oneself with inventory management practices used in retail;
- Able to determine the order quantity and the reorder point and safety stock for inventory systems;
- Design a continuous or periodic review inventory-control system;
- Conduct an ABC analysis of inventory items;
- Able to apply OTB and JIT techniques
- Determine the order quantity for the single-period inventory case.
Module-Specific Digital Skills and Competences:
The learner will be able to:
- Navigate through the online learning platform to benefit from assignments, discussion boards, literature, tutorials etc.