Mathematics for Retail Buying

Mathematics for Retail Buying, 8th Edition, introduces merchandising and retailing students to the most important concepts in retail math through step-by-step examples with practice problems and solutions. Coverage begins with the skeletal profit and loss statement, and moves through retail pricing and repricing of merchandise, markups, markdowns, the retail method of inventory, six-month, and assortment planning. This extensively updated edition introduces a new co-author and a practical approach that incorporates actual retail scenarios and concepts that are relevant to the fashion industry today. The book has been reorganized into six chapters, each covering a mathematical factor that affects the gross margin and profitability key to the success of any merchandise buyer or planner. The new edition also integrates current retail business metrics and an increased focus on the six-month planning process, including a new assortment planning section with examples.

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

Mathematics for Retail Buying STUDIO
-Study smarter with self-quizzes featuring scored results and personalized study tips
-Review concepts with flashcards of terms and definitions and key formulas
-Practice your skills by computing Practice Problems from the text, now available digitally with formulas embedded in the Excel spreadsheets
-Enhance you knowledge with additional real world case studies and activities for each 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.

Bette K. Tepper is a former faculty member of the Fashion Management Department at the Fashion Institute of Technology (FIT), US, where she taught for more than 30 years, and served as Assistant Chairperson of Marketing Fashion and Related Industries Department.

Marla Greene is Clinical Associate Professor of Fashion Merchandising at LIM College, NYC, US. She has more than 25 years in the industry as a Buyer and Merchandise Manager for different retailers and channels of distribution such as Bare Necessities, Liz Claiborne Inc.and Belk Stores, among others.

Preface
Introduction
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
Selected Answers
Index

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