Course Description:
During the course, I was provided with a comprehensive overview of modern inventory control systems and sales records, focusing on topics such as the retail method of inventory, operating statements, planning techniques, mark-ups, markdowns, open-to-buy, and sales terms. Emphasizing mathematical concepts and analysis, the course equipped me with the essential skills for the buying and planning process in retailing. Through lectures, interactive learning techniques, and mathematical problem-solving, I learned to maximize return on investment by strategically planning sales and inventory to enhance profitability. Key learning outcomes included the ability to calculate profit, turnovers, markups, markdowns, and seasonal plans, as well as to evaluate sales results. I also grasped the interdependence of inventory levels, gross margin, re-order points, and cost-volume-profit analysis. Moreover, I learned to identify specific fashion lines, conduct cost analyses, develop assortment plans, and create financial open-to-buy plans. Additionally, I gained proficiency in using spreadsheets for essential business calculations. In terms of general education outcomes, I learned to employ both quantitative and qualitative analyses to solve problems independently and cooperatively, identify and address issues using appropriate methods of inquiry, employ creativity to solve problems, and engage in disciplined, inquiry-based learning.
