Retail Challenge an exploration of business

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Management Challenge an exploration of business

Retail Simulation Lecture

Presentation transcript:

Retail Challenge an exploration of business This computer simulation gives you and the others: an opportunity to manage a “real” business for several simulated quarters making decisions as part of a small team covering: Marketing Operations Finance your objective, while competing against the other teams, is to make your business a success

The Simulation The simulation consists of three stages: Preparation Decision-making Review Familiarization Organization Consider objectives Consider strategies Submit Decisions Simulate Analyze Results Replan Discuss & Compare Results

The Situation a subsidiary currently operating sells three product ranges Staples Fashion Big Ticket has staff who sell all ranges You will run this business for several periods, each of which represents one trading quarter

Marketing Sales are influenced by price (mark-up) advertising staffing Inventory availability the actions of the other teams You decide mark-up for each product range separately. Advertising and sales staff sell all product ranges.

Cost Data Sales staff – $500 per quarter Other Expenses – $7000 per quarter Advertising – decided by you Discounts Range Discount Level Discount Staples 40,000 5% Fashion 15,000 20% Big Ticket 20,000 10%

Other Data Prompt Payment Discount - up to 5% Interest on Overdrafts – 20%/year Interest earned on Cash – 12%/year Mandatory Payment to Parent 75% of Operational Income plus 4% of Total Equity

Decisions For each range separately Percent Mark-up Gross Purchases And in general Advertising Sales Force Size Creditor Days Use the decision form supplied and complete it carefully and legibly and hand to the simulation controller at the specified times.

Results Results are returned to you in three stages: Preliminary Results demand at cost & ending stock Sales, operating profit, cash and overdraft Full Results Purchases & sales Profit & Loss Balance Sheet Key Measures Business Research Market News (prices & market shares) Company Reports Company News

Observations it takes time to understand but the business still has to be run therefore your decisions will not be perfect time will be a constraint by the end you should (just) be in charge of your business your business skills will be challenged remember the purpose is to learn! (rather than just to win!) so, take time to reflect & review and have fun!