This course offers an overview of modern inventory control systems and sales record management. Key topics include the retail inventory method, operating statements, planning techniques, and methods for calculating markups, markdowns, open-to-buy budgets, and sales terms. Students are introduced to the mathematical concepts, techniques, and analytical skills essential to the buying and planning process. Retailing involves a series of business functions that include sourcing goods from manufacturers and distributing them to consumers. Throughout the course, these processes are explored through mathematical problem-solving and interactive learning methods.
By the end of the course, students will understand how retailers optimize return on investment by planning sales and inventory strategies to boost profitability. Students will also recognize the importance of maximizing sales opportunities while minimizing losses due to markdowns and stock shortages. Additionally, they will be able to explain the financial operations involved in retail merchandising and apply these principles in basic computer-simulated case studies.