Provides an overview of modern inventory control systems and sales records. Topics include the retail method of inventory, operating statements, techniques of planning, and methods of figuring mark-ups, markdowns, open-to-buy, and terms of sales.
Specifically, the course exposes you (the student) to the mathematical concepts, techniques and analysis that are fundamental to the buying and planning process. Retailing encompasses business functions to first procure goods from a manufacturer and later distribute and sell these goods to the end-user or consumer. Many of these processes are highlighted using mathematical problems and interactive learning techniques. Upon successfully completing this course, you will understand how retailers systematically maximize return on investment, through planning sales and inventory in order to increase profitability. Students will become aware of the importance of maximizing sales potential and minimizing losses from markdowns and stockouts. Finally, students should be able to explain the financial operations of retail merchandising and apply these principles in basic computer-simulated case situations.
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