This is the term used for the types or "mix" of products that are available for your customers to purchase.
What is a Merchandising Mix?
100
As a buyer there are questions you need to develop when forecasting, name one.
How much product should be purchase? Should there be new products added? How much inventory is needed to support the planned sales? What price should be charged for each product?
100
This is is a projection in dollars of the sales goals of the store or department over a specified period of time—usually 6 months.
What is a Merchandising Plan?
100
This planning concept involves determining the specific quantities and characteristics of each product that you will be purchasing in relation to specific factors such as brands, colors, sizes, and materials.
What is Assortment Planning?
100
This type of inventory control system is used by those retailers who take a physical inventory on a Regular Basis, which involves the actual counting and recording of information about the merchandise on hand at a specified time.
What is Periodic Controle?
200
These are products that the customer is not willing to spend time, money, and effort in locating, evaluating, and purchasing. Easy and quick availability of these products are paramount to the customer.
What is a Convenience Product
200
This is a prediction of future sales for a specific period under a proposed marketing plan.
What is as Sales Forecast?
200
These are the TWO methods of developing the merchandise plans that are used today.
What is Top-down planning & Bottom-down planning?
200
This type of merchandise/product is described as a good that is something customers expect the store to have readily available. These items are usually inexpensive and may include products such as candy, hardware, health and beauty aids, and stationery.
What is a Specialty or Convenience Product?
200
This controle system involves comparing the PLANNED value of stock on hand with the ACTUAL value of stock on hand.
What is Dollar Control?
300
This product is capable of surviving many uses and usually last for years. These products are relatively expensive, and customers purchase them infrequently.
What is a Durable?
300
Before developing a sales forecast, you should carefully examine all forces within the store that will affect sales. This is called what?
What is Internal Forces?
300
This component of developing a merchandise plan involves representing the retail value of the ENDING INVENTORY for each period.
What is Planned EOM inventory?
300
Many buyers will add products to their assortments that will not be available at other stores in their trading area because many customers prefer shopping at stores that have the reputation for carrying what?
What is an Exclusive Product?
300
This inventory calculation method requires that inventory records be maintained using cost figures—exactly what the retailer paid for the merchandise.
What is the Cost Method?
400
These products enter the marketplace quickly, are purchased with zeal, and then have sales that decline quickly.
What are Fads?
400
Before developing a sales forecast, you should carefully examine changes in economic conditions, demographic trends, and competitive conditions. This is called what?
What is an External Force?
400
This is a purchase decisions that distributed throughout the month in order to take advantage of new merchandise lines, to reorder fast-selling merchandise, or to acquire off-price merchandise to use in promotional sales.
What is Open-to-Buy planning?
400
This relates to the number of product lines carried or to the number of brands carried within a product classification.
What is Breadth?
400
This is the term for a strategy whereby retailers can forecast today what they will sell tomorrow and have the merchandise in the store on time and in the right quantities, colors, sizes, and styles. (get the right merchandise in the store with a minimum amount of inventory)
What is Quick Response?
500
This illustrates the expected behavior of a product over its lifetime. It has four stages: (1) introduction, (2) growth, (3) maturity, and (4) decline
What is a Product Life Cycle?
500
Many retailers spend both time and money to collect information from their customers on a perpetual basis. This kind of data sourcing is called what?
What is a Primary data source?
500
This is a planning tool that many retailers use in planning purchases of basic merchandise.
What is a Basic Stock Plan?
500
This is the number of choices that are offered to customers within each brand or product classification.
What is Depth?
500
These are causes of excessive inventory in a store, name one.
What is an overbuying, pricing, or selling problems?