Understanding Gross Margin
Use profit-driving strategies to improve business planning.
Profitability ultimately determines whether a pet store stays in business. Retailers must rely on gross margin to assess profitability, isolate problem areas, and identify successful business strategies. This course introduces basic accounting and business math concepts to help pet retailers achieve their profitability goals.
Audience: Manager
Subject: Business Basics
Course Topics:
- Scope of Gross Margin
- Gross Margin Components
- Calculating Markup
- Calculating Gross Margin
- Analyzing & Driving Gross Margin
- Gross Margin Challenge
After completing this course, managers should be able to:
- Define important measures of profitability.
- Describe gross margin components in a retail environment.
- Identify formulas important to gross margin in a retail pet store.
- Calculate net sales and cost of goods sold.
- Define the four types of markup.
- Calculate and analyze gross margin.
- Describe key strategies for improving gross margin.
- Course topics: 4.5 hours
- Course test: 35 minutes
Desktop, laptop, or tablet
