Spring 2014 The University of North Carolina at Greensboro The Department of Consumer, Apparel, and Retail Studies RCS 584: Retail Strategy (3 credits) Online ______________________________________________________________________________ FACULTY: Dr. B. Jin (212 Stone, firstname.lastname@example.org) Office Hours: Tues & Thurs 2:00 - 3:00 pm or by appointment. GRADUATE ASSISTANT: Mr. Bharath Ramkumar (361 Stone, email@example.com) Office Hours: Wed & Fri. 2:00 - 3:00pm or by appointment COURSE DESCRIPTION: Investigation of retailing from a strategic perspective. Concepts are analyzed and integrated into applied problem-solving scenarios focused on consumer needs. PREREQUISITE: A grade of C (2.0) or better in RCS 464 or permission of the instructor. Student Learning Outcomes: Upon completion of the course, both undergraduate and graduate students should be able to: 1. Discuss the significance of retailing and its impact on national and global economy. 2. Examine the major concepts of retail management from the global perspectives. 3. Identify innovative strategies in each of major areas of retail management with success examples. 4. Apply various retail strategies in analyzing successful cases. 5. Identify growth strategies in retail management with leading examples. In addition to the above, graduate students should be able to: 1. Independently analyze problems in retail management integrating the knowledge learned in the class. 2. Develop solutions for the identified problems in the industry/brand/company. Teaching Methods and Assignments for Achieving Learning Outcomes: Reading academic/trade articles/book chapters, discussion via discussion board, and term projects. Each week consists of i) understanding the major concepts of retail management, ii) discussion of reading articles, and iii) presentation/discussion of innovative retail strategies. BLACKBOARD COLLABORATE SESSIONS: “Collaborate” is a real-time virtual classroom software available at Blackboard. Two mandatory synchronous Collaborate sessions will be held throughout the semester. (i) Course introduction on Jan 19 (Sun) 7:00-9:00pm, (ii) final problem-solving strategy paper/retail company analysis presentation sessions (Apr 27 (Sun) 710pm for undergraduate students & Apr 28 (Mon) 7-10pm for graduate students) will be performed. Please note: A headset is required for each session. A tutorial for Collaborate session will be given in advance. It is absolutely important for you to understand how to participate in Collaborate sessions. Spring 2014 Assignments for Achieving Learning Outcomes: This class is designed to be a discussion class; Discussion is an essential part of learning so students are strongly encouraged to actively participate in the discussion. For this, it is absolutely imperative that you read the readings prior to online discussion. Each week consists of three discussion forums: two forums for two reading articles (one forum for each article) + one forum for two leading retail examples. A retail article forum will have three discussion questions posted by discussion leader/group (See below #1). A forum will have two trade articles posted by a group/individual (See below #2). Each discussion forum will allow threaded discussions. Below are components of this class throughout the semester. 1. Discussion Leadership (80pts = 40pts/article x 2; group project; 3 in a group for both undergraduates and graduate students): Your group will be randomly assigned to two articles for which you will be in charge of facilitating the online discussion. The grade for this will be based on quantity and quality of contributions to the discussion at hand. For the assigned articles, you are responsible for i) uploading PowerPoint file by Mon 9:00am Eastern time that contains the major points of the reading (no more than 10 slides) (10pts), ii) uploading three thought-provoking and stimulating discussion questions to the discussion board (10pts), and iii) leading the discussion during the week (20pts). This means that your group needs to respond to students’ answers and facilitate discussion. Please note that the three questions should i) be related to the reading article topic, ii) be based on the facts in the reading article, and iii) require some thinking. So questions that can be answered without thorough understanding of a reading article such as sharing experiences or feelings are NOT thoughtprovoking or stimulating questions, which may result in losing points. Regarding the third components of discussion leadership above (i.e., leading the discussion during the week, 20pts), your group, as a discussion leader, are required to post at least 2 constructive responses to other students' discussions (5pts x 2 responses = 10pts) and at least 2 more questions that will further drive the discussion (5pts x 2 questions = 10pts). These two posts must be posted not on the same day (i.e., a couple of days apart). The point of this exercise is to ensure that the discussion leader group is actively leading the discussion throughout the week. Note: Discussion for each week starts Mon 9:00am Eastern time and ends Sun midnight (i.e., Sun 11:59pm). For example, Week 1 starts Jan 13 (Mon) 9:00am and ends Jan 19 (Sun) midnight. No PowerPoint file for Wk 1. Starting Wk 2, a week will be begun when Powerpoint file is posted by Mon 9:00am Eastern time (e.g., Wk 2 starts Jan 20th Mon 9:00am and ends Jan 26th Sun 11:59pm). This means that you will need to post questions and responses during this time frame each week. 2. Leading retail examples (40pts= 20pts for one leading example x 2 examples; group project; 3 persons in a group; same group as with above discussion leadership): This assignment is to find leading examples for the given topic for a week (such as niche positioning, social media, PR, etc.) from trade journals. Trade journals include Apparel Magazine, The Wall Street Journal, Fortune, Forbes, Stores, Chain Store Age, Business Spring 2014 Week, etc. Your group will be randomly assigned to a weekly topic. Your group are expected to i) choose two trade articles in the apparel and/or retail industry that are very current (i.e., after 2000) and closely related to a weekly topic (20pts, 10pts each), and ii) upload the article with very brief summary and implications for U.S. apparel and/or retail industry (20pts, 10pts each) by Mon 9:00am for the given week. You can put the brief summary and implications in the forum description, not a separate file in MS word. The trade article itself should be saved in MS word (not pdf) without advertisement. This means that you will need to edit the trade article if you download it from a website. Please be sure to include a web link of the article on top of first page in MS word file. 3. Discussion Participation: i) Reading article discussion (144pts = 2pts/discussion question x 6 questions/week x 12weeks with reading articles): Article discussion for a week consists of six discussion questions (3 discussion questions x 2 reading articles). For each question, you must post one original question (1pt x 6 questions= 6pts) plus respond to one posting of your class peers (1pt x 6 questions = 6pts). So each week, you will receive 12pts (2 postings for each question x 6 discussion questions = 12pts) for participating in article discussion. Both quantity and quality of participation will be graded. Just simple reply such as “I agree with you” “I like your idea” and “Very good point” will not count. Reply should include your thinking paths (i.e., why you agree/disagree, etc.). The instructor will monitor and interject as needed. *Please note that even though you are in charge of leading one article discussion for a week, you still need to participate in the other reading article for the week as a participant. ii) Leading example discussion (48pts = 2pts/leading example x 2 examples/week x 12 weeks with leading examples): You will have two leading example articles posted each week. You will need to post one response as to why/how the posted trade article is related to the given topic for the week and implication for U.S. apparel and/or retail industry (2pts for a posting x 2 trade articles = 4pts for a week). 4. Retail company analysis (150pts; undergraduate students only; Group project; 3 persons in a group): There are numerous successful/failure cases in retail industry. Choose a company (brand) that has not been discussed in the class and analyze reasons for the success/failure. There are three components of the final project with due dates throughout the semester. Detailed instruction and evaluation rubrics will be provided. Component 1: Company (brand) overview (History, target market, positioning, financial performance, etc.) Component 2: Description of success/failure and SWOT analysis Component 3: Suggest growth directions. All Components (final retail company analysis paper): Due week #15 (Apr 21. Mon 9:00am). 5. Problem-solving strategy paper (150pts; graduate students only; individual project): This will be the final product of this class. As such, this assignment will require an integrative analysis. There are three components of the final project with due dates throughout the semester. Detailed instruction and evaluation rubrics will be provided. Spring 2014 Component 1: Identification of problem(s) encountered by the industry/ a company/ or a brand. Component 2: Current approach and problems of current approach. Component 3: Potential solutions and action plans to achieve the solutions. All Components (final problem-solving strategy paper): Due week #15(Apr 21.Mon 9:00am). *Report Format (retail company analysis/problem-solving strategy): Use 12 Times New Roman font and double space with 1 inch margin on all sides. Your paper should begin with a cover page (title of the project, name) and a table of contents, a list of tables and figures (each of the former items should have a separate page regardless of its length), and should end with a reference list (APA style)*. Please carefully review and proof read prior to submission. Papers will be expected to be error-free (spelling, grammar, punctuation, and content). * You need to refer at least ten sources for each project and these sources need to be listed in the reference list. Citing only web links will result in losing points. 6. Presentation (30pts; group project for undergraduates and individual project for graduates): You (or group) will be required to make a 12min presentation to the class via Collaborate sessions (Apr 27 (Sun) 7-10pm for undergraduate students & Apr 28 (Mon) 7-10pm for graduate students). The specifics of the presentation will be discussed as the due date approaches. An oral presentation evaluation rubric will be given prior to the presentation. EVALUATION: For Undergraduate Students Discussion leadership Leading retail example Reading article discussion participation Leading example article discussion participation Retail company analysis Presentation Collaborate session participation (4pts x 2 times) Total 80pts 40pts 144pts 48pts 150pts 30pts 8pts 500pts For Graduate Students Discussion leadership Leading retail example Reading article discussion participation Leading example article discussion participation Problem-solving strategy paper Presentation Collaborate session participation (4pts x 2 times) Total 80pts 40pts 144pts 48pts 150pts 30pts 8pts 500pts Spring 2014 FINAL GRADES: For Graduate Students: A = 470-500 A- = 450-469 B+ = 435-449 B = 415- 434 C+ = 385-399 C = 350- 384 For Undergraduate Students: A+ = 485-500 A = 470-484 B+ = 435-449 B = 415-434 C+ = 385-399 C = 365-384 D+ = 335-349 D = 315-334 F = 299 or below B- = 400-414 F = 349 or below A- = 450-469 B- = 400-414 C- = 350-364 D- = 300-314 SUGGESTED TEXTS/READING Specific reading assignments for each week will be comprised of book chapters, academic/trade articles, consulting reports and case studies. Most readings will be posted on the blackboard with the exception of seven HBR (Harvard Business School) cases with copyright issues. These seven cases (highlighted in yellow in the reading list) can be purchased at below link at discounted rate ($3.95/case). For the purchase, you will need to create an account and the cases can be downloaded upon payment. https://cb.hbsp.harvard.edu/cbmp/access/23839815 Below is a suggested text for this class but we will not review/discuss each chapter. I recommend you read suggested chapters each week before reading articles. Levy, M., & Weitz, B. A. (2011). Retailing management (8th ed.). Boston, MA: McGrawHill Irwin. Continue next page Spring 2014 TOPICAL OUTLINE/CALENDAR: Week/Dates Topic 1 (Jan 13-Jan 19) Class overview, Introduction to the world of retailing Collaborate Session (Jan 19. Sun. 7-9pm) 2 (Jan 20-Jan 26)2 Customer buying behavior 3 (Jan 27-Feb 2) Differentiation & Niche positioning 4 (Feb 3-Feb 9) Human Resource Management 5 (Feb 10-Feb 16) Information systems and SCM Problem-solving paper component #1 due (graduate) Retail company analysis component #1 due (undergraduate) 6 (Feb 17-Feb 23) Merchandise development/ buying & assortment management 7 (Feb 24-Mar 2) Cont’d 8 (Mar 3-Mar 9) Retail communication & social media Problem-solving paper component #2 due (graduate) Retail company analysis component #2 due (undergraduate) 9 (Mar 10-Mar 16) Spring Break (No Class) 10 (Mar 17-Mar 23) Managing store, store layout, design and visual merchandising 11 (Mar 24-Mar 30) Customer service 12 (Mar 31- Apr 6) Retail strategies: Growth opportunities 13 (Apr 7-Apr 13) Retail strategies: Global opportunities Problem-solving paper component #3 due (graduate) Retail company analysis component #3 due (undergraduate) 14 (Apr 14-Apr 20) Success/Failure Cases in Global Markets 15 (Apr 21-Apr 27) Chapter1 Chap 1, 2, & 3 Chap 4 Chap 9 Chap10 Chap13 Chap13 Chap 15 Chap 16 & 17 Chap 18 Chap 5 Chap 5 Final problem-solving paper/ retail company analysis due (Apr 21. Mon.9:00am) & 16 (Apr 28- Apr 29) Presentation and discussion Collaborate Session (Apr 27. Sun 7-10pm: Undergraduate) Cont’d Collaborate Session (Apr 28. Mon 7-10pm: Graduate) 1 : Textbook chapters are required to understand before class discussion. There will be no lecture for each chapter while a summary of each chapter may be given. 2 : Martin Luther King Jr.’s Holiday is observed, so Week 2 starts Jan 21 (Tues), not Jan 20 (Mon). Tentative Reading List Wk 2 (Jan 22-Jan 27). Customer buying behavior __________________________________ Dimofte, C. V., Johansson, J. K., & Bagozzi, R. P. (2010). Global brands in the United States: How consumer ethnicity mediates the global brand effect. Journal of International Marketing, 18(3), 81-106. Atsmon, Y., Dixit, V., & Wu, C. (2011). Tapping China’s luxury-goods market. McKinsey Quarterly. Further reading Anderson, T. (2011, October 23). Luxury retailers banking on China. The Wall Street Journal. Spring 2014 Retrieved from http://search.proquest.com/wallstreetjournal/docview/900137214/132A3E3C7303380092 1/1?accountid=14604 Rein, S. (2011, Mar 29).Who Buys Guccis and Omegas in China? Not Just the Billionaires. Retrieved from http://www.cnbc.com/id/42315036 Wk 3 (Jan 28-Feb 3). Differentiation & Niche positioning ___________________________ Parrish, E. (2010). Retailers' use of niche marketing in product development. Journal of Fashion Marketing and Management, 14 (4), 546 – 561. Surchi, M. (2011). The temporary store: A new marketing tool for fashion brands. Journal of Fashion Marketing and Management, 15(2), 257-270. Wk 4 (Feb 4-Feb 10). Human Resource Management________________________________ Bendapudi, B., & Bendapudi, V. (2005). Creating the living brand. Harvard Business Review, 83(5), 124-131. Ton, Z. (2012). Why “good jobs” are good for retailers. Harvard Business Review, 90(1/2), 124-131. Wk 5 (Feb 11-Feb 17). Information System & SCM _________________________________ Fisher, M.L. (1997). What is the right supply chain for your product? Harvard Business Review, 75(2), 105-116. Marks, M., Holloway, C., Lee, H., Hoyt, D., & Silverman, A. (2011). Crocs: Revolutionizing an industry supply chain model for competitive advantage. GSB No. GS-57. Standford, CA: Stanford Graduate School of Business Publishing (Can be purchased at HBR). Wk 6 (Feb 18-Feb 24). Merchandise Development/Buying & Assortment Management ____ Fisher, M. L., & Vaidyanathan, R. (2012). Which products should you stock? Harvard Business Review, 90(11), 108-118. Yen, B., & Farhoomand, A., & Khan, S. (2006). Polo Ralph Lauren & Luen Thai: Using collaborative supply chain integration in the apparel value chain. Asia Case Research Centre Case #HKU596. (Can be purchased at HBR). Wk 7 (Feb 25-Mar 3). Merchandise Development/Buying & Assortment Management (Cont’d)______________________________________________________________________ Abernathy, F. H., Dunlop, J. T., Hammond, J. H., & Weil, D. (2000). Control your inventory in a world of lean retailing. Harvard Business Review, 78(6), 169-176. Nunes, P. F., Narendra, M., Giorgio, B., Taggart, M. J., & Cummings, C. S. (2008). Can knockoffs knock out your business? Harvard Business Review, 86(10), 41-50. Spring 2014 Wk 8 (Mar 4-Mar 10). Retail Communication Mix & Social Media_____________________ Ofek, E., & Wagonfeld, A. B. (2011). Sephora direct: Investing in social media, video, and mobile. HBS No. 9-511-137. Boston, MA: Harvard Business School Publishing. (Can be purchased at HBR). Tripp, T. M., & Gregoire, Y. (2011). When unhappy customers strike back on the internet. MIT Sloan Management Review, 52(3), 37-44. Wk 10 (Mar 18-Mar 24). Managing Store, Store Layout, Design and Visual Merchandising Michon, R., Chebat, J-C., & Turley, L. W. (2005). Mall atmospherics: The interaction effects of the mall environment on shopping behavior. Journal of Business Research, 58, 576-583. Lohse, G. L. & Spiller, P. (1999). Internet retail store design: how the user interface influences traffic and sales. Journal of Computer Mediated Communication, 5(2). Retrieved from http://jcmc.indiana.edu/vol5/issue2/lohse.htm Wk 11 (Mar 25-Mar 31) Customer Service ________________________________________ King, T. (2004). Deshopping: Retail perspective on the mismanagement and prevention of deshopping. European Retail Digest, 14, 61-64. Frei, F. X., Ely, R. J., & Winig, L. (2011). Zappos.com 2009: Clothing, customer service, and company culture. HBS No. 9-610-015. Boston, MA: Harvard Business School Publishing. (Can be purchased at HBR). Wk 12 (Apr 1- Apr 7). Retail Growth Opportunities _________________________________ Fox, E. J., & Sethuraman, R. (2010). Retail competition. In Kraft, M., & Mantrala, M. K. (Eds.), Retailing in the 21st Century (pp. 239-256), New York, NY: Springer. Keinan, A., Avery, J., Wilson, F., Norton, M. I. (2012). Eileen Fisher: Repositioning the brand. HBS No. 9-512-085. Boston, MA: Harvard Business School Publishing. Wk 13 (Apr 8-Apr 14). Retail Strategies: Global Opportunities __________________________ Welsh, D. H. B., Alon, I., & Falbe, C.M. (2006). An examination of international retail franchising in emerging markets. Journal of Small Business Management, 44(1), 130149. Gao, G. Y., Lu, J., & Fung, H-G. (2008). Ports: China’s walk on the global luxury fashion boulevard. Asia Case Research Centre Case #HKU749. (Can be purchased at HBR). Wk 14 (Apr 15-Apr 21). Success/Failure Cases in Global Markets________________________ McFarlan F. W., Chen, M. S-T., & Wong, K. C-H. (2012). Li & Fung 2012. HBS No. 312102PDF-ENG. Boston, MA: Harvard Business School Publishing. (Can be purchased at HBR). Burt, S., & Sparks, L. (2006). Wal-Mart’s world. In Brunn, S. D. (eds). Wal-Mart world: The world’s biggest corporation in the global economy (pp.27-43). New York, NY: Routledge.