Course Description: The course exposes you (the student) 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 upon 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 stock outs. Finally, students should be able to explain the financial operation of retail merchandising and apply these principles in basic computer-simulated case situations.

Professor: Dr. Robert L. Woods

Syllabus:

Open To Buy Project (Creating a Fashion Retail Store) (In Progress):

As a buyer for XYZ retail store you will choose a classification of merchandise that you would like to buy. You will decide where your store will be located and what type of store it will be. This information will be backed up by valid research and trend information. Once you have decided on the type of merchandise you want to carry and have developed a name for the store and location (city and state), you will have $1,236,000 (retail) and $618,000 (cost) to spend to stock your store.