This course gave Merchant an overview of modern inventory control systems and sales records. Topics she learned included 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 exposed her to the mathematical concepts, techniques, and analysis which 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. By successfully completing this course with a straight a and an exceptional course average of 98.05 %, she now fully understands how retailers systematically maximize return on investment, through planning sales and inventory in order to increase profitability. During this course, she became aware of the importance of maximizing sales potential and minimizing losses from markdowns and stock-outs.
Finally, she was able to explain the financial operations of retail merchandising and apply the principles in basic computer-simulated case situations for her Final Exam which is linked down below:
Moreover, she did a virtual field trip to the Museum at FIT and saw and researched their Fairytale Fashion exhibit for this course, here is the link to her report:
- Merchandising Planning and Buying – A Report on Fairy Tale Fashion Virtual Exhibit at the FIT Museum
For more details, check out the course syllabus here: BUF 2255 Merchandising Planning and Buying Syllabus SUMMER 2020