Pick up any retailing, marketing, business management or fashion book and each one emphasizes how businesses rely on financial analysis to meet the shifts and demands of the consumers, the trends, and the marketplace to maintain and improve operational performance. In short, retail math skills are highly prized by almost all employers.
And, in today’s economic climate, staying on top of the numbers is more important than ever! But, it is equally important to know how to find the financial answers you need, and how to analyze the information too. Again, the ability to effectively use retail math skills is critical.
But, where do you start?
Fortunately, the industry, with stores of all shapes and sizes, catalog shopping, and e-tailing-retail merchants, relies on the same fundamental math skills and formulas to operate their business, no matter what type or size.
In larger organizations, several people may be working on a task, even specializing on certain details, whereas in a smaller organization, one person may have to wear several hats to get the job done. And, this is true at all levels of the operations.
For example, a sales associate, might be using math skills daily to calculate the discount on a sales item, add taxes, or make change. Or, a supervisor or manager may be using math skills to develop a marketing plan or project sales for a new department. All segments of a business: merchandising, marketing and advertising or even operations, rely heavily on maintaining accurate budgets and financial plans to implement their ideas and strategies.
Simply put, merchandisers consider numbers as one of their “tools of the trade.”
Math for Merchandising, a Retailer’s Handbook, introduces and illustrates the fundamental math skills businessmen and women use daily, in an easy to follow format, in five sections covering:
- The fundamentals of retail math skills: fractions, decimals, percentages
- Purchasing and pricing
- Planning and forecasting
- Determining profitability
- Basic business formulas and definitions of key retailing terms
Retail Math Skills Are Important