MORGAN LOUDERMAN
Exploring Opportunities in New York City
TAM 3300: Retail & Merchandise Analysis
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About 3300 Retail & Merchandising Analysis
In TAM 3300: Retail and Merchandising Analysis we learned a range of mathematical concepts and principles applied specifically to the retail industry. The course aims to equip students with the analytical skills and numerical literacy necessary for effective decision-making and management within retail operations.
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About the Project
In TAM 3300 Retail and Merchandising Analysis, our project focused on an examination of jeans pricing dynamics within the iconic brand, Gap. Tasked with tracking and analyzing the fluctuation in prices across various styles of jeans, our team meticulously observed the changes and identified patterns in response to promotions semester long, from August to November. This multifaceted project not only involved numerical analysis but also required strategic decision-making, as we had to select specific styles for markdowns within the tracked inventory. To enhance the promotional aspects of our findings, we developed engaging social media graphics that effectively communicated the promotions associated with the jeans. This project equipped us with valuable insights into retail pricing strategies, merchandising decisions, and the integration of social media promotion to amplify the impact of marketing initiatives in the fashion retail sector.
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What I learned
In TAM 3300 Retail and Merchandising Analysis, I gained a range of skills, particularly focusing on NACE competencies such as communication, teamwork, leadership, and critical thinking. The project's emphasis on tracking and analyzing jeans pricing dynamics within Gap provided an opportunity to enhance my critical thinking skills. Engaging in numerical analysis and strategic decision-making, especially in selecting specific styles for markdowns, not only sharpened my critical thinking skills but also nurtured leadership capabilities within the team. The collaborative nature of the project, where we tracked changes and made strategic decisions collectively, significantly contributed to my teamwork skills.
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What I would do differently
If I could go back and redo the project in TAM 3300 Retail and Merchandising Analysis, one significant improvement would be to establish a more structured and consistent collaboration process with my group members. I would propose implementing a weekly meeting schedule, either online or in person, to collectively review and compare the tracked prices and promotions from Gap. By doing so, our group could foster a deeper understanding of the brand's pricing strategies and the reasons behind specific discounts on particular styles of jeans. This proactive approach would ensure that we consistently gathered and analyzed data throughout the project duration, rather than scrambling to compile information last minute. The regular meetings would have allowed for more informed discussions, early identification of trends, and better preparation for the final presentation. This adjustment would enhance both the efficiency of our group work and the overall quality of our analysis.
