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AFM Unit 2
Adv Fashion Planning to Buy ch. 15
| Term | Definition |
|---|---|
| indirect selling | non-personal promotion aimed at a large general audience |
| direct selling | the exchange of merchandise to individual consumers in return for money or credit |
| merchandising cycle | consists of the ongoing process of planning, buying, and selling of merchandise |
| retail buyer | are merchandising professionals who are responsible for selecting and purchasing goods for their companies |
| departmental buying | buying merchandise for only thier own department |
| classification buying | buying for only one category of goods such as men's sweaters, women's better dressed for all stores in a chain |
| internal planning informaiton | past sales records, sales people, want books or wants slips, consumer opinions or behavior |
| external planning information | vendors, trade information, comparison shoppers, resident buying officers and reporting services |
| want slips | forms salsepeople can use to record customer inquiries or request about products not carried by the store or that are out of stock |
| vendors | companies who sell goods to other companies |
| comparison shoppers | are hired to check and report back to their employers about merchandise, prices, ambiance, and services of a competing and noncompeting retailer |
| stock turnover | also called inventory turns. is the number of times the average iventory on hand is sold and replaced in a given period |
| buying plan | describe the types and quantities of merchandise to purchase for selling venues for a specific time period |
| dollar merchandise plan | also called a 6 month plan is anestimated dollar amount or budget for planned stock, sales, and profit for the department for a six-month period |
| stock to sales ratio | shows the dollar sales volume in relation to the dollar value of average inventory based on past sales figures of how fast the particular items of department or category sell. determines stock needed at the beginning of each month |
| open to buy | the dollar or merchandise unit amount that buyers are permitted to order for their stores for a specific time period |
| assortment plan | projects the variet and quantity of specific stock keeping units to be carried by a store or department to meet customer demand |
| stock keeping unit (SKU) | is the smallest unit for which sales and stock records re kept |
| complementary products | are items purchased to supplement or accessorize other products Example - gloves and boots sold with winter coats |
| specification buying | when a retailer submits definite specifications to a manufacturer rather then looking for goods already produced - used for private label goods |
| private label (house brand) goods | goods produced and branded made specifically for a retailer such as Kroger brand, publix brand, target brand goods |
| brand/designer name goods | goods produced and branded under a specific product name using logos, colors, and designs known for quality and design such as NIKE, Reebok, COKE, and Pepsi |
| offshoure sourcing | when goods are bought from overseas producers or when private label goods are contracted to be made by foreign manufacturers |
| types of merchandise rescources | manufacturers, wholesalers, websites and catalogs, importers |
| floor ready merchandise | inventory that is shipped to the store in condition to be put directly on the floor - comes with labels, pricing, and security tags already on |
| vendor managed inventory | retail buyers and their suppliers establish specific stock level and replenishment criteria and then inventory levels are tracked by computer and when new stock needed it is automatically replenished |
| inventory management | activities that involve acquiring and maintaining optimum merchandise assortments that ensure an ongoing flow of goods from vendors to retailers to consumers |
Created by:
janice ritchey
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