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Standards |
Updated: 07/12/06
MKT 122 – Buying & Merchandise
Management
Introduces the fundamental principles of buying, merchandising, and
accounting for products and services. Topics include: assortment planning; locating resources;
ordering merchandise; just-in-time or quick response inventory control; pricing
for profit; and financial statements, ratios, and accounting vocabulary,
principles of merchandising, traffic patterns, basic stock and inventory,
inventory control, mark-ups and
mark-downs, and types of
discounts.
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Competency Areas |
Hours |
|
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Assortment
Planning |
Class |
5 |
|
Locating
Resources |
D. Lab |
0 |
|
Ordering
Merchandise |
P.
Lab/O.B.I. |
0 |
|
Just-in-Time
or Quick Response Inventory Control |
Credit |
5 |
|
Pricing
for Profit |
|
|
|
Financial
Statements, Ratios, and Accounting Vocabulary |
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|
|
Principles
of Merchandising |
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Traffic
Patterns |
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Basic
Stock and Inventory |
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Inventory
Control |
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Mark-Ups and Mark-Downs |
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Types of
Discounts |
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Prerequisite: |
Program
admission level math achievement |
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Corequisite: |
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|
Course Guide |
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Competency |
After completing this section,
the student will: |
Hours |
||
|
Class |
D.Lab
|
P.Lab/ O.B.I. |
||
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Assortment
Planning |
5 |
|
|
|
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The
Buyers Role |
Explain
the role of the buyer in today’s market |
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Describe
the duties of a buyer in a chain store, department-store, and other
operations (catalog, online, click and mortar). |
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Principles
of merchandising |
Determine
the ingredients in the proper merchandise blend |
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Determine
the factors to consider when developing the merchandise blend |
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Basic
stock and inventory |
Analyze
model stock |
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Describe
factors affecting assortment planning decisions |
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Locating Resources |
|
3 |
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Domestic
and Foreign Markets |
Interpret
the importance of locating resources in domestic and foreign markets |
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Identify
factors affecting selection of resources |
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Ordering Merchandise |
|
8 |
|
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Negotiation |
Identify
negotiation techniques used with vendors |
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Identify
terms to be negotiated when placing an order |
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Define
ordering responsibilities for buyers and assistant buyers |
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Just-in-time
quick response |
Explain
the value of just-in-time quick response |
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Analyze
RFID and other technology used to track merchandise |
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Identify
the components of placing an order |
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Financial Statements, Ratios and
Accounting Vocabulary |
|
12 |
|
|
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Detail
the elements of a six-month merchandising plan |
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Compute
monthly sales for the season |
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Compute
average stock for the season |
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Define
the basic stock method and calculate the beginning of the month stock |
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Computer
the BOM stock |
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Define
stock turnover ratio and calculate |
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Complete
a six-month merchandising plan using the basic stock method and the stock
sales ratio method |
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Pricing for Profit |
Explain
terms that are used in pricing |
7 |
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Use basic
mark-up formulas in pricing |
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Calculate
the initial markup percentage of cost and retail prices |
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Reductions |
Calculate
basic mark-downs |
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Describe
various pricing policies |
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Cite
legal aspects of pricing |
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Types of Discounts |
List and
calculate different types of discounts |
5 |
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Explain
the use and importance of discounts in the resellers market |
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Inventory Control |
List the
methods of inventory control |
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Compare
inventory control methods |
5 |
|
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Discuss
inventory security methods to prevent shoplifting and pilferage |
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Traffic Patterns |
Identify
basic store layouts |
5 |
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Analyze
the use of technology in tracking traffic patterns in retails operations and
on web-sites. |
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Suggested Resources |
Books
Diamond & Pintel, Retail Buying Prentice Hall 0131180289
Kunz, Merchandising:
Theory, Principles, and Practices Fairchild Publishing
Levy & Weitz, Retailing Management McGraw-Hill Irwin
Publishing
Dunne, Lusch, & Griffith, Retailing Southwestern
Publishing