Description
Book SynopsisThe area of retail buying relies heavily on mathematical formulas and forecasting. The formulas themselves remain unchanged. However, due to the advances in technology the context in which they are analyzed is constantly evolving. The most successful retail buyers are able to withstand the highs and lows of business trends by utilizing analytical skills, trend forecasting, and customer knowledge. As a retail buyer for 20 years with various retailers, Connell draws on her experience providing practical fundamental mathematical formulas while also giving some context in the current retail environment. This text will give students a step-by-step approach to understanding the mechanics of a six-month merchandising plan. Each chapter in the book will layer upon the previous chapter highlighting how each step impacts the next until a six-month plan is complete. Upon completion of the plan students will gain insight into how the plan is forecast into the future as well as how it is implemented at the actual purchasing level. Features: -- Practice problems incorporating a variety of products from apparel to paper towels -- Sample fill-in blank problems to allow student to practice step-by-step concepts before putting the whole concept together into a formula -- Case studies and real-life examples of various retail operations from department stores, specialty boutiques -- Excel formulas written in narrative and numerical formats -- Computer Application Assignments will ask students to apply the formula they've just learned and practiced to Excel -- Team decision making exercises simulate the real world experience cover topics such as markdown money allocation, open to buy allocation and style out decisions -- Instructor's Guide provides suggestions for planning the course and using the text in the classroom
Table of ContentsBuying vs. Planning Who is the Customer? Projecting Sales thru Sales Trend Analysis Markdowns Stock Levels: Capacity, Stability, and Profit=Average Stock Inventory Turnover Stock to Sales Ratio Method of Inventory Weeks of Supply Method of Inventory Planning Purchase Receipts Purchase and Pricing Strategies Classification, Identification, and Planning Assortment Planning and How Much to Buy? Open to Buy and Vendor Negotiation A Report Card: Gross Margin and Contribution
