2.01
Buyers for their company in dealing with vendors. They must be ethical in their dealings and follow company policies.
What is an agent?
A collection of various kinds of things; a mixed collection.
What is assortment breath?
Merchandise orders that have not been filled within the time specified and have not been canceled by the buyer.
What are back orders?
The selling of goods at lover prices in foreign markets than in the home market.
What is dumping?
Is how and where products are offered to customers. Determines the best ways to get the products into the hands of potential customers.
What is distribution?
Is the route that products take from the original source, through all middle people (production, sales, etc) to the end user. (soft goods chain or apparel pipeline)
What is channel of distribution?
A forecast used by retailers to determine how much money they need to invest in new merchandise.
What is dollar merchandise planning?
An arrangement in which merchandise is shipped to the retailer's store for inspection before the final purchase decision is made.
What is approval buying?
The relationship between the values of a country's imports and exports, described as being a deficit or a surplus.
What is balance of trade?
A cooperative relationship between two parties that is based on an agreement in which the franchiser provides a licensed privilege to the franchisee to do business.
What is franchising?
A company sells through as many outlets as possible, so that the consumers encounter the product virtually everywhere they go.
What is intensive strategy?
A circle of ongoing planning, buying and selling activity.
What is a merchandise cycle?
A wholesale sales sheet used by a manufacturer in the garment/fashion industry providing information on a product. It allows a garment to be listed with the sizes in its size range, great for inventory tracking.
What are line sheets?
A situation, usually caused by too many imports, that threatens a particular industry with products that are in direct competition with that industry.
What is market disruption?
Wholly-owned foreign retail operations involving overseas stores that are completely owned and controlled by firms of another country.
What is international retailing?
Functions involved in receiving and filling customer orders.
What is order processing?
Is when a retailer submits define specifications to a manufacture rather than looking for goods already produced the quality of materials.
What is specification buying?
Concentrated areas where goods are produced, sold, and bought at wholesale prices; a geographic area where buyers and sellers meet to exchange money for products and services.
What are market centers?
An economic pact that combined the economies of the United States, Canada, and Mexico into one of the world's largest trading blocs.
What is the North American Free Trade Agreement (NAFTA)?
An organization that manufactures and markets products in many different countries and has multinational stock ownership and multinational management.
What are multinational corporations (mncs)?
A detailed inventory system in which a company maintains the cost of each inventory item and the records continuously show the inventory that should be on hand.
What is perpetual inventory?
The number of times a firm sells its stocks within a year (the average number of days it takes for a firm to sell all of its stocks).
What is stock turnover?
A service organization located in a major market center that reports market information, acts as a market representative, and performs other related services to a group of noncompeting stores.
What are resident buying offices (rbos)?
An international trade agreement that reduces tariffs, quotas, and other trade barriers.
What is the World Trade Organization?
In which only a few retail outlets cover a specific geographical area. Considered more suitable for high-end items such as 'designer' or prestige goods.
What is selective strategy?