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Retail Management Simulation Simulation/Game Description Interactive Retail Management Simulation Help students understand the many inter-related theories.

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Presentation on theme: "Retail Management Simulation Simulation/Game Description Interactive Retail Management Simulation Help students understand the many inter-related theories."— Presentation transcript:

1 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 stores success is influenced by your classmates decisions and vice versa

2 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

3 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

4 Retail Management Simulation Student Decision Steps First, 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

5 Retail Management Simulation Student Decision Steps Fourth, 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

6 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

7 Retail Management Simulation Student Resources (available at 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

8 Retail Management Simulation Signup Simulation Process You will receive a link via 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:


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