VBR 3.0 - Unit Objectives

UNIT OBJECTIVES

 

VIRTUAL BUSINESS:  RETAILING 3.0
(Computer Simulation)

Units

VIRTUAL BUSINESS:  RETAILING 3.0
(Computer Simulation)

Objectives

[0] Tutorial:  Basics, Reports

 

[1] Pricing

  • Calculate price based on unit cost and desired profit
  • Compute margin based on price and unit cost
  • Maximize profit by analyzing and adjusting price and margin
  • Explain the relationship between price, demand, and profits
  • Explain when and how to implement a markdown
  • Change product pricing to remain competitive

[2] Purchasing

  • Explain how purchasing impacts sales and profit
  • List qualities of a good buyer
  • Describe the lifecycle of inventory through a store - from ordering to sale
  • Explain the affect of inventory control on sales
  • Calculate stock turnover in terms of items and dollars
  • List common problems associated with purchasing and inventory control

[3] Staffing

  • Explain how staffing decisions are affected by customer satisfaction and wait time
  • List common problems associated with under- and over-staffing
  • Describe the qualities of a good employee
  • Describe laws that protect employees
  • Calculate employee wages and take home pay
  • Explain ways a store can be staffed for maximum profit

[4] Promotion

  • Compare different promotional strategies and the benefits of a promotional mix
  • Discuss the advantages of good publicity and public relations
  • Calculate a promotional budget based on net sales
  • Evaluate promotion results and adjust future promotions as necessary
  • Explain the impact promotions have on revenue, margin, and profit
  • Analyze financial statements to determine the success or failure of a promotion

[5] Financing

  • Compute business start-up costs, including one-time and ongoing costs
  • Compare the different funding options available for starting a business
  • Complete a personal financial report, including net worth based on assets and liabilities
  • Determine loan payments based on principal, interest, and other terms of a loan agreement
  • Determine the pros and cons of using trade credit with suppliers and early payment discounts

[6] Market Research

  • Outline the five major steps in the market research process
  • Describe how surveys can be used to learn about customer behaviors and competition
  • Analyze the results from a market research survey, and explain how data may affect your business plan
  • Compare and contrast qualitative and quantitative research
  • Calculate the percentage of responses to a specific survey question
  • Compute the cost associated with a market research survey

[7] Targeted Marketing

  • Design a direct mail campaign based on market segments to gether information about specific customers
  • Identify survey segments and their percentage of the total market
  • Describe the benefits associated with target marketing based on demographics, geographics, and psychographics
  • Calcuate disposable and discretionary income from gross income and expenses
  • Explain how the results of target marketing can impact a store's product mix and merchandising

[8] Merchandising

  • Give examples of the four main categories of merchandise:  staple, fashion, seasonal, and convenience
  • Explain the importance of stock lists and inventory control on merchandising
  • Describe how sales are affected by the strategic placement of merchandise throughout a store - including the store entry, checkout lanes, and back of the store
  • Analyze the financial impact of rearranging products on store shelves
  • Calculate projected sales based on past sales data and planned percentage increase

[9] Security

  • Calculate shrinkage based on merchandise book value and physical inventory counts
  • Give examples of internal and external theft
  • Explain the importance of conducting a physical inventory in terms of loss prevention
  • Explain how rearranging products in a store can lead to a decrease in shoplifting
  • Use financial statements to determine expenses related to security and the impact on profit

[10] Location Selection

 

[11] Advanced Promotion

 

[12] Advanced Merchandising

 

[13] Risks and Surprises

 

[14] Supply and Demand

 

[15] Financial Statements

 

[16] Analyzing the Competition

 

[17] Business Plan Analysis

 

[18] Turnaround

 

[NSP1] New Store Project:  Level 1, 2, 3

 

[MP] Multiplayer Competition