retail management simulation simulation/game description interactive retail management simulation...
TRANSCRIPT
Retail Management Simulation
Simulation/Game Description Interactive Retail Management Simulation
• Help students understand the many inter-related theories and practices of retail management through an interactive, competitive game in which students manage their own retail operation
• Students establish their initial strategy and then manage their retail business – including pricing, inventory, promotion and floor space allocation – over multiple months
• Simulation/game is competitive – your store’s success is influenced by your classmates’ decisions and vice versa
Retail Management Simulation
Student Decision-Making Product/Quality Selection• Choose from an instructor-selected list of product/quality
options to carry in their store Vendor Selection• Choose between various vendors offering different pricing
and promotional support Inventory Management• Manage period-to-period inventory levels based on market
demand and prior period unit sales
Retail Management Simulation
Student Decision-Making Product Pricing• Manage initial and period-to-period markups and
markdowns Product Promotional Support• Determine monthly promotional support and manage
earned vendor allowances Floor Space Management• Establish share of floor space for selected products and
adjust, as necessary, on period-to-period basis
Retail Management Simulation
Student Decision StepsFirst, review “Pre-Market Reports”• Determine monthly unit sales estimates and determine
pricing, promotion, and floor space strategies
Second, complete “Planning Screen”• Complete all planning screens for each product
Third, complete “Pricing Screen”• Set price for first and subsequent periods including
deciding on any necessary markdowns
Retail Management Simulation
Student Decision StepsFourth, complete “Purchase Order Screen”• Determine how many units to purchase and over what
time period (i.e., buy one month at a time or purchase units in advance for future periods)
Fifth, complete “Promotion Screen”• Establish period promotion dollars including utilizing
vendor allowances
Sixth, complete “Floor Space Screen”• Decide on percentage share of floor space for each
product
Retail Management Simulation
Review and Adjust Key Steps in Simulation
• Review your period market reports that include:• Income Statement• Inventory Report• Performance Report• Market Report
• Determine what you are doing right and what you are doing wrong – then adjust as necessary for the next period
• Remember, you are competing against your classmates so the success of your decisions are impacted by their decisions
Retail Management Simulation
Student Resources(available at www.theretailworkshop.com)
Game User Guide• Description of all simulation screens and decisions
Game Fundamentals• Practical concepts underlying simulation exercise
Game Strategy• Basic strategies for increasing simulation performance
Game FAQs• Answers to common student questions
Retail Management Simulation
Signup Simulation Process
• You will receive a link via email for our class’ simulation. Copy and paste that link into a new browser where you will then signup with The Retail Workshop through Gmail (either use an existing or create an account with Google)
• Once you have registered and paid your registration fee, you will be associated to our class’ simulation
• Within a short period of time, you will be assigned a group. Once done, you will be able to login to your account via the home page of The Retail Workshop. The website is: www.theretailworkshop.com