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Sales and Inventory Management E-Learning Course

  • ID: 2673658
  • Training
  • Region: Global
  • 5 Hours
  • Martec International
The sales and inventory management e-learning course is designed for everyone involved in sales and inventory management including merchandisers and their teams, buyers and their teams, supply chain managers and their teams. IT departments and vendors supplying and selling inventory management systems will benefit from a better understanding of the key processes and KPIs.

Sales and inventory management is a self-paced web-based training program. All the student needs to run the program is access to a PC and web browser. The program provides about 5 hours of training and access is valid for 3 months. It is recommended that students study in 30-40 minute segments to maximize learning retention. Within the purchased period, students can revisit the material as often as they wish. Other options for longer access periods and details can be provided on request.

The program includes a variety of interest generating features and exercises. The student sees his or her own test scores immediately and can review explanations for the correct answers, as appropriate.

Objectives of the Program

The course provides a thorough grounding in key sales and stock management principles and concepts. It is suitable for retailers operating in both category management and merchandise management environments. By the end of the program, students will be able to do the following:

- Explain the theory, principles and practice of sales and inventory management.
- Describe best practice sales and inventory management processes.
- Prepare for and participate effectively in Monday morning reviews.
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1. Overview of merchandise and category management
- Merchandise management definition
- Category management definition
- Category management vs. inventory management
- Summary of the merchandise management
- Retail merchandising

2. Principles of inventory management
- Cost of goods sold
- Average inventory
- Carrying costs of inventory
- Financial impact of inventory reductions

3. Key Performance Indicators (KPIs)
- ABC analysis
- Example ABC analysis and in stock service levels
- Inventory or stock turn
- Evaluating a change in turn
- Weeks of supply
- Markdowns
- Sell through
- Gross Margin Return on Investment
- Maximizing GMROI

4. Lost sales
- Cost of avoiding a lost sale
- Lost sales estimation – continuity and fashion items
- Profit impact of lost sales recovery
- Using lost sales in practice

5. How much inventory is enough?
- How much inventory do you need?
- Safety stock
- Considerations for reducing inventory
- Which comes first – reducing stocks or reducing lost sales?

6. Important basics
- Breaking stock and terminal stock
- Types of stock ownership
- Consignment stock
- Vendor Managed Inventory (VMI)
- Direct Store Delivery (DSD)
- Difference between sales and demand
- Inventory accuracy
- Fast movers vs. slow movers
- Packs
- Ratio packs
- Rounding rules
- Visual merchandising constraints

7. Not quite so basic
- Halo effect
- Cannibalization
- Price elasticity curves – cannibalization
- Price optimization data considerations
- Price optimization – example strategies
- Common inventory management errors

8. Buying
- Buying differences – merchandise management vs. category management
- How much do you buy?

9. In-season sales and inventory management
- Summary of the merchandise management process
- A typical Monday morning review
- Performance against chain average
- Sales to stock ratio (participations)
- A problem department?
- Last n weeks trend
- Example monthly review
- Questions to investigate
- Position sheet analysis
- Open to Buy management
- Open to Buy example
- In season control
- Complicating factors
- Impact of stock ownership on OTB

10. Mastery Test
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