Mathematics for Retail Buying / Edition 4by Bette K. Tepper, Newton E. Godnick
This best-selling textbook meets the needs of students who will be directly or indirectly involved in the activities of merchandising and buying at the retail level. Mathematics for Retail Buying explains the essential concepts, practices, procedures, calculations, and interpretations of figures that relate to producing profitable retail buying and selling/i>… See more details below
This best-selling textbook meets the needs of students who will be directly or indirectly involved in the activities of merchandising and buying at the retail level. Mathematics for Retail Buying explains the essential concepts, practices, procedures, calculations, and interpretations of figures that relate to producing profitable retail buying and selling operations. This edition introduces a new co-author and a thoroughly updated approach that incorporates actual retail scenarios and concepts that are relevant to the fashion industry today. The book has been reorganized to begin with an introduction to profitability, and includes more linear chapter titling to make the book easy to use and navigate. The chapter on dollar planning and control has been expanded to include more coverage of six month planning process and assortment planning. The new edition integrates current retail business metrics and a range of sample data sets for student practice. An additional section in each chapter explains how the next chapter builds on the previous, and cumulative problems connect each chapter concept. More than 250 practice problems and 20 case studies apply industry concepts and terminology in realistic merchandising situations. A companion website now contains all practice problems from the text, plus brand new case studies and allows hands-on practice computing retail buying functions and setting up formulas in spreadsheet format.
New to This Edition
- Reorganized Units I and VI reflect the order of prior editions and open the textbook with the discussion of “merchandising for profit” and profit and loss concepts.
- Retitled “Units” to “Chapters” to make the book more user-friendly.
- Updates problems in all units and case studies for currency and relevancy to the industry today, including at least 25% new practice problems and 50% new case studies.
- Expanded chapter on "Dollar Planning and Control" to include more on sales planning and comprehensive coverage of the six month planning process and assortment planning.
- Explains how retailers do this in today's world, not only for brick and mortar but for omni-channel, including a sampling of problems from all retail sectors should be included.
- Includes criteria necessary for determining when to take markdowns in that chapter.
PLEASE NOTE: Purchasing or renting this ISBN does not include access to the STUDIO resources that accompany this text. To receive free access to the STUDIO content with new copies of this book, please refer to the book + STUDIO access card bundle ISBN 9781501315725.
- Fairchild Books
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Table of Contents
Chapter 1: Merchandising for a Profit
1.1. Profit Components
1.2. Profit and Loss Statements
1.3. How to Increase Profits
Chapter 2: Retail Pricing and Repricing of Merchandise
2.1. Retail Pricing
2.2. Basic Markup Equations Used in Buying Decisions
2.3. Repricing of MerchandisePractice Problems for Review
Chapter 3: Basic Markup Equations Used in Merchandising Decisions
3.1. Types of Markup
3.2. Averaging or Balancing Markup
3.3. Limitations of the Markup Percentage as a Guide to Profits
Chapter 4: The Retail Method of Inventory
4.1. Explanation of the Retail Method of Inventory
4.2. General Procedures for Implementing the Retail Method of Inventory
4.3. Shortages and Overages
4.4. An Evaluation of the Retail Method of Inventory
Chapter 5: Dollar Planning and Control
5.1. Six-Month Seasonal Dollar Merchandise Plan
5.2. Open-to-Buy Control
Chapter 6: Analysis of the Basic Sales Elements
6.1. Defining the Basic Sales Elements
6.2. Invoice Mathematics: Terms of Sales
6.3. Evaluating a Buyer
Quick Tips for Setting up Your Computer Spreadsheet
Glossary of Concept Formulas
Glossary of Terms
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