Mathematics For Retail Buying Chapter 3 Case Study Answers

Mathematics for Retail Buying

9781501315657: Mathematics for Retail Buying

Synopsis
About this title

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 todays 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.

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Review:

The content seems to be well connected with the real industry practices.E xercises at the end of each chapter provide opportunities for students to review the content and practice. Exercises are also easy to be used as in-class practice problems. Case studies are a good idea to provide additional opportunities for students to apply what theyve learnt into solving and thinking real world problems. --Sheng Lu, University of Rhode Island, US

This book is practical, useful book introduces retail math concepts well, tools and concepts for creating equitable collaborative learning environments that supports all students and develops confidence in their mathematical ability. --Shubhapriya Bennur, University of Nebraska, Lincoln, US

What I like the best about this textbook is the number and quality of practice problems included in each unit. The practice problems have greatly helped my students grasp the application of the merchandising mathematical concepts discussed in this textbook.This book also provides easy-to-follow explanations on the merchandising mathematical concepts. Wi-Suk Kwon, Auburn University, US A basic retail math book for beginning students that incorporates real-world retail problem solving. --Courtney Cothren, Stephens College, US

About the Author:

Bette Tepper is a founding faculty member of the Fashion Management Department at the Fashion Institute of Technology (FIT) where she taught for more than 30 years, and served as Assistant Chairperson of Marketing Fashion and Related Industries Department. Prior to FIT, Tepper taught retail buying at the Laboratory Institute of Merchandising (now LIM College). She is a former fashion apparel buyer for Bloomingdale's and continually conducted seminars for major fashion apparel manufacturers showing their relevancy to the retailer's basic math fundamentals. Tepper was the primary contributor to a U.S. government grant to FIT and coauthored a specialized instruction pamphlet issued by the U.S. Office of Education designed to develop or enhance for Distributive Education competencies associated with the marketing of apparel, with special emphasis given to fashion buying. In retirement as an Associate Professor, she continued to teach math courses.

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