Standard |
Develops skills for the potential entrepreneur to effectively merchandise and manage a business. Topics include: 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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Principles of Merchandising |
Class |
5 |
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Traffic Patterns |
D. Lab |
0 |
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Basic Stock and Inventory |
P. Lab/O.B.I. |
0 |
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Inventory Control |
Credit |
5 |
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Mark-Ups and Mark-Downs |
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Types of Discounts |
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Prerequisite: |
Program admission |
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Corequisite: |
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Course Guide |
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Competency |
After completing this
section, the student will: |
Hours |
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Class |
D.Lab |
P.Lab/ O.B.I. |
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PRINCIPLES OF MERCHANDISING |
5 |
0 |
0 |
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Elements of merchandise blend |
Determine the ingredients in the proper merchandise blend for a business. |
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Determine the factors to consider when developing the merchandise blend for a business. |
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5 |
0 |
0 |
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Store layout and design |
Identify basic store layouts. |
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Guidelines for designing store interiors |
Explain the major considerations in planning attractive interiors that are functional, flexible, and safe. |
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BASIC STOCK AND INVENTORY |
10 |
0 |
0 |
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Basic stock method |
Define the basic stock method. |
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Compute monthly sales for the season. |
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Compute average stock for the season. |
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Compute basic stock. |
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Compute beginning of the month (BOM) stock. |
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Percentage variation method |
Define the percentage variation method (PVM). Compute BOM utilizing the PVM. |
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Weeks supply method |
Describe the weeks supply method. |
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Define stock turnover ratio. |
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Plan inventory utilizing the weeks supply method. |
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Stock-to-sales method |
Describe the stock-to-sales method of stock planning. Calculate inventory utilizing the stock-to-sales method. |
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INVENTORY CONTROL |
10 |
0 |
0 |
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Introduction |
Explain the necessity for inventory control. |
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List the methods of inventory control. |
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Explain each method of inventory control. |
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Compare inventory control methods. |
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Inventory security |
Discuss the importance of merchandise security. |
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Discuss methods of shoplifting and pilferage. |
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Discuss inventory security methods. |
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10 |
0 |
0 |
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Calculator operation |
Demonstrate the basic functions of a calculator (i.e., add, subtract, divide, and multiply). |
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Terminology |
Explain terms that are used in pricing. |
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Mark-ups |
Use basic mark-up formulas in pricing. |
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Calculate the initial mark-up as a percentage of cost and retail prices. |
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Mark-downs |
Calculate basic mark-downs. |
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TYPES OF DISCOUNTS |
10 |
0 |
0 |
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Discounting |
Calculate the different types of discounts offered by manufacturers. |
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Calculate the different types of discounts offered by distributors. |
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Suggested Resources |
Chapman, E. N. (1981). Dynamic retailing. Chicago: Science Research Associates.
Huffman, H. (1986). Programmed business mathematics, book 2:
Negotiable instruments, pricing, discount, payroll, insurance, and business
decision making (5th ed.). New York: McGraw-Hill.
Lewison, D. M., & DeLozier, M. W. (1989).
Retailing (3rd ed.). Columbus, OH:
Merrill.
Lusch, R. F., et al.
(1990). Retail management.
Cincinnati: South-Western.
Stull, W. A. (1979).
Marketing math. Cincinnati:
South-Western.