Virtual Business Retail Hints Sheet

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Virtual Business – Retail

www.knowledgematters.com

Project 1 – Retailing Mogul

MAJOR GRADE

Steps/Hints

1.

2.

3.

4.

5.

6.

Bank Loan

Open New Store

$25,000 small/medium sized on edge of city

Merchandising

Set up store – place display shelves, don’t block doors, make room behind cash registers, go to Reports – Product Info to see what are Wants, Needs, Impulse Buys,

Complements and place accordingly (i.e. impulse buys near front)

Newspaper Circular

Advertise (newspaper 1 st

; add radio later)

Milk Buy 6, Get 1 Free

Purchasing (don’t forget to replenish) 250/50 except milk 400/50

Pricing (set Global Store Margin, adjust individually as needed)

7.

8.

Global 43%; milk 45%, salsa 50%, wiper fluid 45%, baby formula 50%,

Staffing (start off closed from 11PM – 7AM, open later)

cashiers 0/1 1/2 1/2 2 2 0/1

stockers

salespeople

0/2

0

1

1

1

1

1

1

1

1

Security (surveillance camera 1 st

; add scanner later)

0/1

0

9.

Run store for a while then go to Reports – Comments & Msgs; see what people are saying then ADJUST margins, quantities, backroom stock, staffing, etc.

10.

It helps to write down settings so you know what to change

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