A retail sale occurs when a business sells a product or service to an individual consumer for his or her own use. In this module, Learners will comprehend the following:
- How Sales are affected by pricing, marketing, competitors’ pricing, competitors’ marketing, and our own staff index.
- How Sales are also affected by whether our competitors have run out of stock
- Lower price usually increases unit sold. The level of sales increase depends on the price elasticity of the area. For some area, the impact is higher while in some area, the price change impact may have very little effect on the unit sold
In MonsoonSIM, Retail is one of the core modules. In our model, all retail sales occur in the virtual retail stores. Learners are encouraged to start with the basic module, called Baseline model, and slowly progress to more advanced functionalities.
Here are some of what you will learn in the MonsoonSIM Retail (Baseline):
- How retail and income transactions are recorded in Accounting
- How to analyze sales performance
- Concept of market demand
- Concept of price elasticity
- Concept of space utilization, limitation, and constraints
- Concept of stock out (running out of stock)
- Concept of stock replenishments
- Concept of marketing impact on sales
- Concept of holidays on sales demand
- Concept of forecast on sales performance and inventory control
- Concept of staff impacts (both in terms of staff competency as well as headcounts)