MERCHANDISING CONCEPTS
The planning, development, and presentation of product lines for identified target markets with regards to prices, assortments, styling, and timing
What is merchandising?
The importance of smart tags in the supply chain
What is facilitate the flow of information from the retail sales floor back to retail inventory managers?
Its purpose is to provide a detailed listing of components and elements of the merchandising process and to show the relationship of merchandising to other constituencies of a firm
What is the purpose of Taxonomy of Apparel Merchandising Systems (TAMS)?
What are the key differences between traditional line planning and contemporary line planning?
Traditional line planning starts with dollar planning and unit plans are made based on dollar plans; more rigid plans than contemporary; executive constituency plans for the whole firm
Contemporary line planning line plans are flexible, agile, responding to or planning for change in the market; merchandise budgets and assortment plans are interactive
Factors which influence how much and when prices should be changed
The firm’s pricing policy, rate of sale of the merchandise, seasonality of the merchandise, level of markup for first price, etc
The constituency that is in charge of recruiting new employees
What is Operations Constituency?
Examples of merchandising technology as experienced by retail customers
What is POS terminals, UPC codes, CAD, etc.
The major components of Taxonomy of Apparel Merchandising Systems (TAMS)
What are line planning, line development, and line presentation?
An assortment designed to sell in the same ratios of quantities of styles, sizes, and colors as purchased by the merchandisers. To the customers, it provides adequate variety, availability, gross margin, and stock turnover with minimum investment in inventory
What is a balanced assortment?
Sale, price cut, compared to regular price, temporary price cut, buy one-get 50% off (of the same or lesser value), 2 for, 5 for, 25% off, 30% off, 50% off, 70% off.
What is the different terminology that is used to describe regular and reduced prices?
The constituency that is responsible for performing consumer research and devising methods of refining a firm’s image and customer’s perceptions of the company
What is marketing constituency ?
Systematic application of information technology and telecommunications to planning, developing, and presenting product lines in ways that reflect social and cultural value
What is merchandising technology?
According to industry informants in Kunz’s Taxonomy of Merchandising Careers, advancement in apparel merchandising careers is frequently based on job performance as well as
What is recognizing the need for self-marketing?
What is the intent of the organization toward the individual?
What are the two primary causes of consumer demand for product change?
what is Fashion change and the time of the year?
The reason the retail method of accounting commonly used for apparel and other fashion/seasonal goods
Because the retail price is a better indicator of the value of inventory than the merchandise cost.
According to behavioral theory of the firm, what constituency is in charge of the product line?
What is merchandising constituency?
A supply chain merchandising system is driven by....
What is customer-driven?
Why is net sales the foundation of an income statement instead of gross sales?
Gross sales presents a false picture of the potential profitability of the firm.
The difference between net sales and gross sales is customer returns and allowances. The firm does not benefit from merchandise that is sold but returned for a refund.
A plan for the timing of selling periods, price changes, and merchandise deliveries for a particular merchandise class, subclass, or group.
What is the purpose of a merchandise calendar?
It is to provide a foundation for implementing merchandise plans and to help the firm meet its goals. It plans how many dollars will be spent and what kind of merchandise the firm needs to sell or produce in a certain time frame.
What is the purpose of a merchandise budget?
The constituency that facilitates supplier, buyer relationships.
What is supply chain constituency?
Improve well-being of all participants
Reduce time to market
Use collaborative decision making to increase sales
What are the purposes/goals of supply chain business systems?
What theory is the base for the following propositions?
Negotiation is the primary source of resolving conflict
The business firm is made up of a coalition of individuals with common goals
What is the Behavioral Theory of the Apparel Firm (BTAF)?
What might cause sales peaks within a selling period?
Seasonal events like beginning and ending of the school year and holidays that have certain types of merchandise associated with them cause sales peaks.
Merchandise price promotions could also cause sales peaks
The difference between merchandise cost and first price.
Must cover reductions, expenses, and profit
What is initial markup?