Retail Buying DSMR432
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Syllabus: Retail Buying

DSMR 432, Spring 2003
Instructor: Nick Pantinakis
Classroom:  Nesbitt 620C
Office: Nesbitt Hall, 6th floor
Office Hours: by appointment
4 credit hours
T 1530-1820, T 1830-2120, W 1200-1450

Description:
The course provides students with a complete overview of the buying function in the rapidly changing world of 21st century retailing. It examines in depth the principles of retail math, actual calculations and logic behind decisions based on these numbers. The class consists of discussion and extensive problem solving.

The course will enable students to:
1.    Understand the idea and calculation of retail profit and loss statements
2.    Utilize and understand the pricing and markup function utilized by all retailers
3.    Anticipate and execute the markdown function for sales maximization
4.    Understand and calculate the retail inventory method used by all retailers to value inventory held
5.    work through, create, adjust and understand the 6 month buying plan and OTB (open to buy) calculation
6.    evaluate and negotiate shipping terms and dating of contracts for goods

Graduating seniors have the option of using the three exams as the sole basis for their grade, eliminating the final.

Text:

Tepper, Mathematics for Retail Buying, 5th edition revised, Fairchild 2002

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Course Schedule:

 

Wk

Date

Topic

Unit

Section

HW Q’s/Test Covering

1

Apr 1-2

Merchandising for a Profit ;
profit factors, p & l

I


1,2 

1,3,5,7,11,13,15,19,21,23

25,27*,33,35,37

2

Apr 8-9

Merchandising for a Profit;
increasing profits

I

3

41*,43,45,47,49,51,53,55

3

Apr 15-16

Retail pricing & repricing of merchandising;
Retail pricing

II

1

Unit I, section 1, 2, 3 

2,4,6,7

4

Apr 22-23

Retail pricing & repricing of merchandising; Markup,
repricing of merchandise

II

2, 3

8,12,16,18,20,22,24,37,39

45,47,49,51,52,54,56,58

5

Apr 29-30

Relationship of markup to profit;
Types of markup, averaging markup


III  

1, 2

1,3,5,7,9*,11,13,15*,17,21

23*,25,27,28,29,31,33,35,

37,40*,42,45,46,47,48,50,

53,55,58

6

May 6-7

Retail method of inventory;
Explanation


IV  


1, 2 

Unit II; section 1,2,3;
Unit III; section 1,2

1,3,5,7,9*,10

7

May 13-14

Retail method of inventory;
General procedures, shortages & overages, evaluation

IV

3, 4

13,15,17,19,21,25*

8

May 20-21

Dollar planning & control;
6 month plan, OTB

V


1, 2 

1,3,5,8,10,11*,12,13,15,16

18,19,20,22,24,26,28,30,31

33,35,37,39,41,43,45,47,49

51,53,55,57,59,61,63*,64,66

9

May 27-28

Invoice Mathematics:
 Terms of Sale; Terms of sale

VI

1

Unit IV; section 1, 2, 3, 4
Unit V; section 1, 2

1,5,7,9,11,13

10

June 3-4

Invoice Mathematics:
Terms of Sale; Shipping terms
Final Preparation

VI

2

15,17,19,20,22,23

Final

 

Final: check SAS

 

 

all inclusive 

 

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Class Evaluation:
 

 

Criteria

Frequency

Total Weight 

Tests

3

60%

Final

1

30%

Class Participation / attendance

Daily

10%

Total

 

100%

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Class policies:

    All students sit for tests and final exam.
    No rest room breaks during tests or finals
    Any student missing a test or final for a medically valid reason (doctor note required) is allowed a make-up
    Final exam can only be taken on the scheduled date. Don’t make travel plans until Week 9
    No cell phones, headphones or radios allowed in class; ringing cell phones result in dismissal of student from remainder of the class or test
    No food or beverages except for water allowed in class
    No disruptive (talking, reading, sleeping, doing another classes’ homework) behavior during class
    No special projects to make up for bad tests
    Students missing class are responsible to get assignments and notes from fellow classmates, not the professor.
    Introduce yourself to a couple of classmates today and get their phone and email address
    E mail professor with questions, do not call unless it is an emergency
    If you need help, see me and we will schedule times to review the problems
    See attached page for Drexel University campus resources provided for students; n.b. math labs on #10
    Bring a simple calculator to class effective session I
    Grades will be posted on the web

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Notes
Introduction
Unit I
Unit II
Unit III formula's
Unit IV shortage example

Unit IV formula’s
Unit V formula’s
Unit VI formula’s

Final outline Unit VI, Section II will be included in one question. You will not have to put together a table like questions 22 & 23.

Answers to questions not answered in text

Unit II unassigned question answers

 

Unit III unassigned question answers

 

Unit IV unassigned question answers

 

Unit V unassigned question answers

 

Unit VI unassigned question answers

 

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Grades
Tuesday 3.30

Tuesday 6.30

Wednesday