This course offers an introduction to modern inventory control systems and sales record management. It covers various topics including the retail method of inventory, operating statements, planning techniques, and methods for calculating mark-ups, markdowns, open-to-buy, and sales terms. Specifically, the course introduces students to essential mathematical concepts, techniques, and analysis crucial for the buying and planning processes in retail. Retailing involves the procurement of goods from manufacturers and their subsequent distribution and sale to end users or consumers. Mathematical problems and interactive learning techniques are employed to highlight many of these processes. By the end of the course, students will grasp how retailers strategically enhance return on investment by effectively planning sales and managing inventory to boost profitability. They will also recognize the significance of maximizing sales potential while minimizing losses from markdowns and stock shortages. Moreover, students will gain insight into the financial aspects of retail merchandising and will be able to apply these principles in basic computer-simulated case scenarios.
