Prentice Hall

Fashion & Interior Design



Merchandising Math for Retailing, 4/E
Cynthia R. Easterling, Associate Provost and Professor, University of Southern Mississippi
Ellen L. Flottman, University of North Texas, Retired
Marian H. Jernigan, Professor, Texas Woman's University
Beth E.S. Wuest, Texas State University

ISBN-10: 0131936433
ISBN-13: 9780131936430

Publisher: Prentice Hall
Copyright: 2008
Format: Paper; 384 pp
Published: 04/18/2007

Suggested retail price: $78.00
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For courses in Merchandising Problems, Retailing Mathematics, and Merchandising Mathematics.

 

With a focus on understanding profit factors, this text provides a basic knowledge of the principles and techniques of real-world merchandising mathematics. Building on the authors’ extensive retail experience, the book explains how to apply these fundamentals to realistic, everyday retail merchandising problems. Its workbook format encourages interactive learning and space is provided so practice problems can be worked right in the text. It includes a basic math refresher, realistic problems, worked-out examples and clear explanations.  Case studies have been added to this edition and cumulative summary exercises can be used to evaluate student progress.  Companion materials and supplements for instructors and students are available online.

 

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For courses in Merchandising Problems, Retailing Mathematics, and Merchandising Mathematics. With a focus on understanding profit factors, this text provides a basic knowledge of the principles and techniques of real-world merchandising mathematics. Building on the authors’ extensive retail experience, the book explains how to apply these fundamentals to realistic, everyday retail merchandising problems. Its workbook format encourages interactive learning and space is provided so practice problems can be worked right in the text. It includes a basic math refresher, realistic problems, worked-out examples and clear explanations.  Case studies have been added to this edition and cumulative summary exercises can be used to evaluate student progress.  Companion materials and supplements for instructors and students are available online. 

 

New to the Edition 

 

New! Profit factors and performance measures are integrated throughout, such as:

- Chapter 1- discusses store organization and the relationship of the merchandising division to other divisions within the store.

-  Chapter 4- emphasizes the importance of negotiating with vendors to improve retailer’s profit margins.

-  Chapter 5- emphasizes the importance of markup to profitable merchandising.

-  Chapter 7- covers the calculation of book inventory, shortage, retail method of inventory, gross margin, and gross margin return on inventory (GMROI).

-  Chapter 8- explains stock turnover and the steps involved in completing the six-month merchandise plan.

-  Chapter 9- presents calculation of dollar and unit open-to-buy as a control device to ensure purchasing is done according to the merchandise plan.

 

New! Realistic Case studies have been added to incorporate key concepts—see Chapters 3-9.

- Includes contributions from professors at several colleges and reflects their years of experience in retailing and teaching.

- Includes solutions to case studies in the instructor’s manual , which is available online at www.prenhall.com

- Enables students to apply the knowledge and skills learned in these chapters to a practical industry-related problem

- Allows students to practice computational skills and use analytical decision-making skills

 

New!   Instructor accessible companion instructional materials online at www.prenhall.com

- Provides instructor with easy-to-use instructional resources including course overview, teaching suggestions, PowerPoint presentations, spreadsheets, prepared quizzes, test bank, and additional industry-related problems.

- Includes prepared ready to print quizzes as well as a test bank for easy exam development

 

 New!  Student accessible study supplements online with immediate feedback

- Allows students to work problems online at www.prenhall.com/easterling

- Reinforces chapter concepts

- Provides opportunity to practice problems and gain immediate feedback

- Presents materials in another form of media

 

 Hallmark Features

 

Math applications specific to retailing—makes this text an excellent resource for students, buyers and small store owners.

- Relates mathematical concepts directly to the retail industry and zeros in on what is truly important to know on the job.

- Reflects the authors' extensive experience in the industry.

 

Workbook format—includesworkspace to complete practice problems right in the text.

- Encourages students to try problems as they study them and check their own progress.

- Makes it easy to use in a retail executive training program and as a reference for the practicing buyer or small store owner.

 

Realistic problems, worked-out examples and clear explanations—are presented throughout the text.

- Includes practical problems that highlight everyday merchandising situations and are followed by explicit formulas and solutions.

- Includes careful introductions, explanations and step-by-step solutions to minimize the time instructors must spend explaining how to do calculations.

 

Cumulative summary exercises—are found at the end of each chapter.

- Reinforce concepts for the entire chapter and can be used to evaluate student progress.

- Includes solutions to word problems and exercises in the instructor’s manual, which is available online at www.prenhall.com

 

A review of basic mathematics, decimals, percents, and fractions—gives students a refresher on basic arithmetic.

- Includes a pretest to determine whether or not students need to review.

- Provides all students with background material so everyone can get up to speed quickly.

 

Suggestions for working select problems on a computer spreadsheet—includes examples of spreadsheets used for problems having to do with retail method of inventory and six-month merchandise plans.

- Prepares students—whether or not they have access to a computer in school—for work in the “real world” of retailing where computer reports are now standard tools.

 

Answers to selected problems—appear in the back of the text.

- Gives answers to practice problems (but not to cumulative summary problems) so students can test their own progress and understanding.  

 

Highlighted formulas—are set in boxes throughout and listed at the end of each chapter.

- Makes study, review, and reference of key formulas easier.

 

Clear, logical discussion of theory and principles with examples of relevant application in each chapter          

- Minimizes time the instructor must spend explaining how to do calculations

- Simplifies students’ understanding and application of concepts

- Provides step-by-step explanation for problems requiring many sequential steps

- Illustrates concepts with realistic examples in accordance with current industry trends

 

NEW — Instructor accessible companion instructional materials online at www.prenhall.com

-   Provides instructor with easy-to-use instructional resources including course overview, teaching suggestions, PowerPoint presentations, spreadsheets, prepared quizzes, test bank, and additional industry-related problems.

-   Includes prepared ready to print quizzes as well as a test bank for easy exam development

 

UPDATED — Student accessible study supplements online with immediate feedback at  www.prenhall.com/easterling

- Reinforces chapter concepts

- Provides opportunity to practice problems and gain immediate feedback

- Presents materials in another form of media

New to the Edition

 

New! Profit factors and performance measures are integrated throughout, such as:

·        Chapter 1- discusses store organization and the relationship of the merchandising division to other divisions within the store.

·        Chapter 4- emphasizes the importance of negotiating with vendors to improve retailer’s profit margins.

·        Chapter 5- emphasizes the importance of markup to profitable merchandising.

·        Chapter 7- covers the calculation of book inventory, shortage, retail method of inventory, gross margin, and gross margin return on inventory (GMROI).

·        Chapter 8- explains stock turnover and the steps involved in completing the six-month merchandise plan.

·        Chapter 9- presents calculation of dollar and unit open-to-buy as a control device to ensure purchasing is done according to the merchandise plan.

 

New! Realistic Case studies have been added to incorporate key concepts–see Chapters 3-9.

·        Includes contributions from professors at several colleges and reflects their years of experience in retailing and teaching.

·        Includes solutions to case studies in the instructor’s manual , which is available online at www.prenhall.com

·        Enables students to apply the knowledge and skills learned in these chapters to a practical industry-related problem

·        Allows students to practice computational skills and use analytical decision-making skills

 

New!   Instructor accessible companion instructional materials online at www.prenhall.com

·        Provides instructor with easy-to-use instructional resources including course overview, teaching suggestions, PowerPoint presentations, spreadsheets, prepared quizzes, test bank, and additional industry-related problems.

·        Includes prepared ready to print quizzes as well as a test bank for easy exam development

 

New!  Student accessible study supplements online with immediate feedback

·        Allows students to work problems online at  www.prenhall.com/easterling

·        Reinforces chapter concepts

·        Provides opportunity to practice problems and gain immediate feedback

·        Presents materials in another form of media

 

Table of Contents

 

1.      Introduction

2.      Basic Merchandising Mathematics

3.      Profitability

4.      Cost of Merchandise Sold

5.      Markup as a Merchandising Tool

6.      Retail Pricing for Profit

7.      Inventory Valuation

8.      The Dollar Merchandise Plan

9.      Dollar and Unit Open-to-Buy

 

APPENDIX A: REVIEW OF FRACTIONS

APPENDIX B: SELECTED FORMULAS

APPENDIX C: ANSWERS TO PRACTICE PROBLEMS

APPENDIX D: ANSWERS TO PRETEST

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