How to make money in virtual business retailing

The instructional time for Retailing ranges from 24 hours simulation exercises only to 35 hours simulation exercises, readings assignments, reading quizzes, and math quizzes.

You can configure your course to include or exclude reading assignments 3.

For detailed instructions on how to configure your course, see Getting Started under Instructor Documentation on your instructor page. Prior to beginning work with Retailingstudents should sign in to their account at vb. In this lesson, students learn that market research is critical to the success of a retail business.

They begin by taking a survey of prospective customers to learn both product preferences and time of day preferences. Students then try to save some money by taking a similar survey but with reduced sample size.

They are introduced to the mathematical concept of decreasing reliability of a survey as the sample size decreases. Students then explore the more sophisticated technique of analyzing survey data through segmentation. Finally, students use market research information to book radio advertising on a radio station that matches the demographic of their target customers. They run the simulation to try to achieve a specific profit goal. In this lesson, students begin as managers of a grocery store that is performing poorly.

They look at their location and surrounding customers. Next, students use surveys to discover what products these customers want. They replace a non-popular product with a popular one and see sales rise.

Students then add a display to carry another popular product and and see an additional increase in sales. Finally, students take over an electronics store with similar problems and work to change the product offerings in pursuit of a specific weekly profit goal. In this lesson, students learn about location Students begin by looking around their city. They identify the available square footage of buildings and the cost per square foot for the space.

They compare costs per square foot for downtown versus suburban locations.

Students next study what types of customers are near each location. Students also scout competitor locations within the city. Finally, students are asked to choose a location for their store. They run the simulation to try to reach a specific profit goal.

If they are not successful, they try relocating their store. In this lesson, students see how prices interact with the law of supply and demand to determine sales levels. They begin by reviewing the concepts of price, cost and margin.

They then intentionally set prices quite high and observe that volume and profits drop. Next, they try setting prices very low. The observe greatly increased volume, but profits remain low due to slim margins. They try a price in between the initial price points and see how profit can be maximized. They see how profit can be plotted as a curve against price levels.

Finally, students are challenged to set prices for their store to meet a specific weekly profit goal. In this lesson, students study the role of promotion in the marketing mix. They begin by finding their current weekly revenue on their Income Statement. Students then examine where their current customers are coming from -- a relatively small area of the city.

Interactive online retailing simulation teaches high school students

To grow their customer base, they lease a billboard across town then compare their increase in revenue with the expense of the billboard. As an alternative to billboard promotion, they try running a one page ad in a newspaper circular. Students compare the revenue and expenses of the two different forms of promotion. Finally, students use promotions of their choosing hotstocked precision trading companion achieve a weekly revenue goal while keeping their promotional spending below a specified level.

In this lesson, students explore the use of Email as part of the marketing mix. Email is a relatively new, but extremely important, component of retail promotion. Make money online with the sfi affiliate program begin by looking atways to assemble target lists, including customer loyalty programs and purchased lists of Email addresses.

They purchase a list and then make a strong offer to attract customers to sign up to receive more Emails. Students discover some perils of Email promotion by trying to send to the same list too frequently. This results in how to make money in virtual business retailing spam reports that could shut down their Email capability. Finally, students use what they have learned about Email to promote their business successfully and reach a specific profit goal. In this lesson, students take responsibility for staffing several types of retail stores.

They begin in a grocery store and set conservative staffing levels for cashiers and stockers.

Help for Virtual Business - Retailing

They observe customers complaining about long lines and unstocked shelves. Students correct the staffing problem and observe increased profit on their Income Statement. Next students switch to an electronics store with setting up bollinger bands items that may require consultative selling.

They use sales reports to find an item that is selling poorly.

They then add salespeople and use the sales report to examine the subsequent increase in sales. Finally, students take on a sporting goods store with poor overall staffing and are challenged to staff the store to make a specific profit goal.

In this lesson, students take over the role of purchasing manager in a retail business. They begin by intentionally purchasing a very low, conservative amount. Next, they try purchasing very large amounts. This eliminates stock-outs, but now they observe certain products expiring.

Students identify a specific product with a short shelf-life and set a custom purchasing level to eliminate expiration. Then students see how they can re-allocate space in their backroom to insure adequate stockpiles of products. Finally, students take control of all purchasing to try to run a full week with no products expiring and no complaints of customers being unable to find goods.

In this lesson, students take over control of the layout of their store. Students begin by finding their weekly revenue on their Income Statement. Their revenue is good, but not great. Students are next introduced to the merchandising concept of putting needs in the back of the store to draw customers past impulse items. They rearrange a need item and watch as revenue increases.

Again, they experience rising sales. Finally, students are asked to apply these principles by rearranging their store layout to achieve a specific weekly revenue goal. In this lesson, students take on the role of security consultant for three different types of retail stores. They begin by looking at shrinkage unexplained product shortages at a grocery store. They identify which items are likely being shoplifted and reduce shoplifting by moving those items to more visible areas.

Next, they look at an electronics store with high value items. They install an expensive scanner system and compare its cost with the shoplifting losses prevented. Finally, they head to a sporting goods store with medium value items and try to find an appropriate security system that will reduce losses within a certain budget. In this lesson, students will discover how to estimate their financing needs when starting a new business. They begin by figuring out how much they will need to spend on their building lease, equipment leases, and initial inventory.

They then add in staffing costs to estimate their total start-up expenses. They take out a loan for the appropriate amount and start the business.

virtual business retailing hack | Chief ImpleMentor

After several weeks, they look at their Balance Sheet to see what their lowest cash position was. Using this information, they take on the challenge of starting an even larger retail store. Their goal is to borrow enough money to get the business off the ground while minimizing financing costs. In this capstone project, students put to use the knowledge and skills they have learned in the lessons. They are challenged to build a retail grocery business from the ground up.

They must choose a location, design their store layout, staff the business, choose products to carry, set prices, and more. All students start in the same city and pursue a specific profit goal. By default, the class scoreboard is turned on so students can compare their profitability to others.

The instructor can turn the scoreboard off. In this extra credit project, students take over a struggling sporting goods retailer. The business has poor staffing, inappropriate product selection, and a terrible layout. Students are challenged to find and diagnose the problems. They then set about correcting them. Students learn that a single correction may not produce profits if other factors are not aligned.

Eventually, students work through all the issues to achieve a profit. In this extra credit project, students are free to explore all that the simulation has to offer. They can start grocery, sporting goods, and electronics stores. They can also start multiple stores of each type. This project is open-ended; students do not have a specific profit goal and can continue on as long as they desire. By default, the class scoreboard is turned on so instructors can use this project as a competition.

PRODUCTS High School College Pro. SUPPORT Support Home Account My Subscriptions Tech Center Contact Us.