Term
| PRIMARY SOURCES FOR BUYING |
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Definition
[image]MARKET
[image]VISITING SALES REPS
[image]CATALOGS
[image]RBO’S
[image]WHOLESALERS
[image]STORE OWNED RESOURCES
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Term
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Definition
| CONSIGNMENT, MEMORANDUM, SPECIFICATION, AND CONFINING MERCHANDISE |
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Term
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Definition
| Where the retailer takes possession of the merchandise, but title remains with the vendor |
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Term
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Definition
Retailer takes title when merchandise received and returns unsold merchandise at end of event
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Term
[image]WHAT ARE SOME FACTORS A BUYER MUST CONSIDER IN SELECTING WHO TO BUY FROM?
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Definition
| The Merchandise, Vendor policies, services, and performance |
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Term
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Definition
Basics, Fashion, Exclusives, Quality
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Term
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Definition
lDistribution, promo/clearance
lSERVICES
lTraining, trunk shows, co-op advertising, pre-ticketing, service
lPERFORMANCE
lDependable, Consistent, Punctual, Results, Delivery, Quality, Profitability, Returns, MD$, Turn
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Term
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Definition
[image]APPOINTMENTS SET
[image]PRE-BUY INFORMATION SENT TO BUYERS
[image]STRATEGIES DISCUSSED WITH NATIONAL/REGIONAL SALES MANAGERS
[image]REVIEW OF NUMBERS
[image]PREPARE FOR POTENTIAL ISSUES THAT MAY ARISE
[image]SET SHOWROOM FOR BUYER VISITS
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Term
| Preparation for Market trip |
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Definition
[image]PRIOR TO GOING TO MARKET, BUYERS CAN REVIEW FASHION BOARDS AND SWATCHES TO GAIN CLUES TO DESIGNER’S BASIC CONCEPTS.
[image]REVIEW VENDOR PERFORMANCE
[image]KNOW OTB FOR EACH VENDOR
ORGANIZE TRAVEL, HOUSING, TRANSPORTATION AND APPOINTMENTS |
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Term
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Definition
[image]REGISTER WITH RBO/MEET WITH MARKET REPRESENTATIVES
[image]SHOP COMPETITION
[image]MEET WITH KEY RESOURCES FIRST
[image]VISIT FASHION RESOURCES TO ESTABLISH FASHION
[image]VISIT OTHER RESOURCES AND NEW RESOURCES
[image]MEET WITH KEY EXECUTIVES
[image]VISIT WORKROOMS IF POSSIBLE
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Term
| Completion of Market trip |
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Definition
[image]DON’T MAKE COMMITMENTS UNTIL ALL LINES HAVE BEEN VEIWED
[image]DON’T OVERBUY, SAVE OTB
[image]CHECK ORDERS VERSUS PLANS
[image]SAVE RECEIPTS TO HAVE EXPENSES REIMBURSED
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Term
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Definition
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Term
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Definition
nMAXIMIZE SALES AND PROFITS
nBECOME THE EXPERT
nSTUDY AND KNOW MARKET
nPLAN
nESTABLISH DEPARTMENT DIRECTION
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Term
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Definition
nDEVELOP RESOURCES FOR BUYING
nMANAGE AND MARKET MERCHANDISE
nMANAGE FINANCIALS
nDRIVE THE BUSINESS
nDEVELOP AND MANAGE STAFF
nDEVELOP VENDOR RELATIONSHIPS
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Term
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Definition
nCONTRIBUTE TO SALES/PROFIT
nASSIST IN MANAGING AND MARKETING MERCHANDISE
nANALYZE SALES AND STOCKS
nREACT TO KEY SELLING ITEMS
nPLAN AND CONTROL MD’S
nDEVELOP SEASONAL PLANS
nCOMMUNICATE WITH PLANNERS/STORES
nABILITY TO DEVELOP NEW BUSINESS STRATEGIES BASED ON WHAT IS WORKING AND WHAT ISN’T.
nBUY A PORTION OF AN AREA
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Term
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Definition
nCONTRIBUTE TO SALES AND PROFIT
nENSURE DELIVERY(PO’S)
nPLAN AND EXECUTE AD PROCESS
nPREPARE SELLING RECAPS
nSHOP COMPETITION
nASSIST IN DEVELOPING PLANNOGRAMS
nVENDOR COMMUNICATION
nCOORDINATES SAMPLES , COPY AND SIGNING FOR ADVERTISING
nMANAGE THE OFFICE
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Term
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Definition
nEYES AND EARS FOR A GROUP OF BUYERS AND PLANNERS (COMMUNICATES BUSINESS OPPORTUNITIES)
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nUNDERSTANDS TOTAL DIVISION
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nBRANCHES AND REVIEWS DEPARTMENTAL OPERATIONS
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nREPORTS ISSUES TO AND FROM STORES(REVIEWS SPACE ALLOCATIONS)
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nTRAINS MANAGERS IN MERCHANDISING PRESENTATION TECHNIQUES
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Term
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Definition
nTHE PRIMARY GOAL IS TO MAXIMIZE CORPORATE STOCK EFFICIENCY AND ENSURE STORES HAVE THE GOODS TO PRODUCE THE MAXIMUM AMOUNT OF VOLUME.THROUGH LOCATIONAL PLANNING AND THE DISTRIBUTION OF MERCHANDISE INVOLVING:
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nUNIT FINANCIAL PLANNING
nBUSINESS ANALYSIS, LOCATION SALES FORECASTING AND PLANS, DISTRIBUTION, SPACING, STORE INTERACTION AND ADVERTISING BASED ON STORE RANKING IN SALES, IE A, B, C, ETC STORES.
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Term
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Definition
nPLAN AND CONTROL INVENTORY AT LOCATIONS TO ENSURE IN-STOCK POSITIONS(STRONG ANALYTICAL SKILLS
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nDEVELOP LOCATION PLANS BASED ON TRENDS, PROFILES, COMPETITION/SEASONAL ISSUES
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nSTRATEGIZE WITH STORES ON ASSORTMENT LEVELS
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nCOMMUNICATE WITH BUYING AND STORE ORGANIZATIONS
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Term
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Definition
nCONTRIBUTE TO OVERALL SALES/PROFIT BY ASSISTING PLANNER
nANALYZE FINANCIAL AND SALES/STOCK PERFORMANCE PLANS
nCOMMUNICATE WITH STORES ON BUSINESS OPPORTUNITIES,ASSORTMENT NEEDS, STOCK LEVELS BY DOOR
nREVIEW PROMO PLANS
nPROCURE AND ALLOCATE MERCHANDISE
nMANAGE A SEGMENT OF DEPARTMENT
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Term
| Editing and selecting the merchandise |
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Definition
[image]The buyer then begins building the assortment.
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[image]Often, the selection begins with the process of elimination.
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[image]Eliminate offerings wrong for store and customer (price, fabrics, styles) (evaluate quality, fashion level and taste)
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[image]Refer to Buying plan (keeps buyer on track), use laptop checking detailed computer spreadsheets.
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Term
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Definition
[image]SELECTION PROCESS IS NARROWED DOWN BY ELIMINATING ITEMS CLEARLY UNACCEPTABLE
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[image]PRICE IS USUALLY FIRST FACTOR
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LOOKING FOR MOST PROFITABLE SELLERS, NOT NECESSARILY JUST THE MOST TRENDY ITEMS.
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[image]FOLLOW BUYING PLAN (BALANCE OF REGULAR PRICE VERSUS OFF-PRICE; FASHION VERUS BASICS; SIZES
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Term
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Definition
[image]Initial walk-through (review pre-line, boards, swatches, photos)
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[image]Begin building the assortment based on needs for the season
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[image]Edit line looking for hottest colors and
[image]USE LAPTOPS TO REVIEW PLANS VERSUS SPREADSHEETS
[image]REVIEW PAST SALES, ASST PLANS AND UPCOMING TRENDS
[image]ADVERTISING ISSUES
GET PICTURES
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Term
| Showroom Sales Rep responsibilites |
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Definition
PREPARE FOR BUYER VISIT (ANALYZE NUMBERS)(REVIEW PAST ORDERS
SEND INFO TO BUYER PRIOR TO MARKET TRIP
MERCHANDISE SHOWROOM
SHOW AND SELL MERCHANDISE
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Term
| Field Rep responsibilities |
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Definition
[image]VISIT/COMMUNICATE WITH BUYERS
[image]KNOW NUMBERS OF EACH ACCOUNT
[image]KNOW TARGET CUSTOMER OF EACH DOOR
[image]VISIT STORES
[image]WORK WITH MANAGEMENT ON NUMBERS AND ASSORTMENT
[image]REVIEW PRESENTATIONS
[image]PROVIDE PRODUCT KNOWLEDGE INFO
[image]INFORM OF SPECIALS, NEW PRODUCTS, ETC
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Term
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Definition
[image]DELIVERY DATES
[image]PRICE RANGES
[image]CLASSIFICATIONS BY PRICE RANGES
[image]STYLES IN CLASS AND COLORS
[image]RATIO OF TOPS/BOTTOMS
[image]NOTES, PICTURES, SAMPLES
[image]SET UP ON GRID OR HAVE VENDOR DO THIS IN SHOWROOM
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Term
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Definition
[image]REDUCTIONS IN QUOTED PRICE OF MERCHANDISE A VENDOR ALLOWS RETAILERS
[image]Cash-%age reduction in quoted price
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[image]Seasonal-%age reduction if orders placed ahead of the usual buying season
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[image]Quantity-price reduction for merchandise bought in large quantities
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Term
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Definition
[image]NUMBER OF DAYS A RETAILER IS ENTITLED TO TAKE A CASH DISCOUNT AND PAY BEFORE IT’S PAST DUE
[image]Regular dating-calculated from date of the invoice (2/10 net 30)
[image]EOM dating-calculated from the end of the month rather than date of invoice (2/10 EOM)
[image]Invoice dated July 18
[image]Have until August 10 to pay and receive discount
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Term
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Definition
[image]THE LOCATION AT WHICH THE MERCHANDISE CHANGES OWNERSHIP IS CALLED THE FOB POINT (FREE ON BOARD)
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[image]FOB FACTORY-TITLE PASSES TO THE RETAILER AT THE FACTORY
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[image]FOB STORE-TITLE PASSES TO THE RETAILER AT THE STORE
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Term
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Definition
[image]MOST IMPORTANT DOCUMENT UTILIZED BY THE BUYER
[image]Regular orders-for regular stock
[image]Reorders-to replenish stock
[image]Open orders-unrestricted orders when goods are needed in a hurry
[image]Special orders-placed for merchandise not regularly assorted
[image]Back orders-placed for parts of shipments not filled on time by vendor
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Term
| Information on Order Form |
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Definition
[image]Store name, address, delivery address, serial number, department number, date order placed, name and address of shiipper, terms, delivery date, cancel date, method of payment, fob point, description of merchandise, quantity ordered, unit cost, total dollar, signatures, special instructions
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Term
| What is a sales promotion? |
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Definition
| any activity used to motivate sales of good or services |
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Term
| Activities of Sales Promotion |
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Definition
Advertising, publicity, special events, fashion shows
Retailers spend 1-5% on promotion
Manufacturers spend 5-10% |
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Term
| Publicity, special events, & fashion shows |
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Definition
lIn most organizations, the Special Events coordinator assumes the responsibilities of fashion shows and P.R.
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lEvents may be either
linstitutional
lpromotional
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lThe Main Goal
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Community service activities |
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Term
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Definition
lResponsible for growing and maintaining image of the company through efforts in gaining free publicity
lDeveloping newsworthy stories about company through press releases
lDeveloping press kits
lDevelop community service strategies
lDevelop special events strategy working with buyers and advertising executives
lDevelop client list and ensure key clients invited to all special events
lAssist stylist
lKEY CHARACTERISTICS: ORGANIZED, AGGRESSIVE, CREATIVE, DETAILED, STRONG INTERPERSONAL SKILLS, UNDERSTANDS BUSINESS AND HOW THIS POSITION SAVES DOLLARS FOR THE COMPANY
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Term
| Fashion Directors/Coordinators |
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Definition
lCollaborates with Merchandise Teams to
assist in setting fashion direction for company
lAttends domestic and foreign markets to view shows and visit with designers
lDevelops visuals to show to Merchandising teams about trends, designers, brands, styles seen
lWorks with merchandise division to coordinate trends to be featured
lCollaborates with Public Relations to develop special events, ie fashion shows, trunk shows, etc.
lPlans and executes shows
lServes as the fashion guru of the company in various media events
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Term
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Definition
lAware of past and current trends consistently performing research activities to stay ahead of the game
lKnowledgeable about brand, fabrics, colors, styles, fits, and has a good sense of pulling looks together
lVery strong interpersonal skills in working with vendors, stores, and clients
lAdapt in developing a very strong customer base where personal attention is a priority
lAbility to work with print, television, film, videos
lSome will work with forecasters and members of CAUS to stay ahead of market trends
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Term
| Studio Services Associate |
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Definition
lEmployed by fashion department or specialty store in a large metropolitan area near the entertainment industry
lKnowledgeable of current assortments
lServices stylist
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Term
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Definition
lFASHION ASSISTANT
lMain task is to assist fashion editors and be in charge of fashion closet
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lFASHION EDITOR
lMain task is to oversee the entire closet and edit what goes into the magazine
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lFASHION MARKET DIRECTOR/CREATIVE DIRECTOR
lMain task is to provide inspiration and ideas for the fashion spreads
lCreate the visual images to promote the publication and be first to shoot and first to report
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Term
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Definition
lOTHER RESPONSIBILITIES INCLUDE:
lKnowing where every sample is located at all times
lBeing in charge of checking samples in and out
lPull ideas to show director
lSetting up time and action forms to maintain organization of shoots
lSending/Packing/Coordinating shipping of samples to photo shoots, etc.
lAssist in styling responsibilities and participate on photo shoot
lEnsuring clothes return to the showroom by schedule
Having good fashion and vendor knowledge (calls to explain ideas for shoots and garments needed) |
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Term
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Definition
lApproving what will be in shoot and where shoot will take place through brainstorming sessions with creative director/staff
lCalling showrooms for needed samples for upcoming shoots (utilizing assistants) and assuring enough ordered for stylists to work with.
lCollaborating with stylists to assure samples are current and at the right prices for the target markets being reached.
lInvolved in selection of models
lMake sure advertisers are adequately featured in issues by keeping a running record of those vendors featured monthly, yearly, etc.
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Term
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Definition
lMaking sure the magazine features a variety of price points in the spreads
lDECISION MAKING SKILLS: ability to edit what actually will end up in the magazine
lPEOPLE SKILLS: Ability to communicate with vendors, celebrities, models, etc
lBIG PICTURE: Understanding all aspects of the magazines and assuring it flows and reaches the target market’s wants and needs.
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Term
| Fashion Market/ Creative Director |
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Definition
lConstantly knowing the current fashion trends
lOverseeing the fashion editor
lAttending fashion shows all over the world and taking inspiration from the shows and applying it to the spreads
lWeeding through fashion trends to determine what is right for the magazine
lKnowing what styles are right for the magazine and ensuring the stylists agree
lKeeping good relationships with vendors, photographers, art departments, and advertisers even if the magazine chooses not to feature their pieces
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Term
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Definition
lPEOPLE SKILLS:NETWORKING
lFLEXIBILITY:ABLE TO TRAVEL AND MAKE SEVERAL APPOINTMENT DAILY
lSELF STARTER:MAKING OWN SCHEDULE AND ABIDE BY IT; SELF MOTIVATED
lFASHION SAVVY:KNOW WHAT IS IN STYLE AND HAVE A GENUINE PASSION FOR IT, CONTSTANTLY SURROUNDED BY FASHION. HAVE AN EYE FOR FASHION
lGIVE DIRECTION HOW CLOTHES SHOULD BE SHOT AND WHAT SHOULD BE ON TREND PAGES, ETC
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Term
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Definition
lHourly or salaried associate within a store
lKnowledgeable of current trends and assortments found within the store
lDevelops client base for strong repeat business
lProvides personal attention in servicing customers
lSpecial orders garments for customers
lMay work close with vendors
lStrong fashion sense and has the ability to fit the right look to the customer from head to toe
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Term
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Definition
lKnowledgeable of current trends and future trends Has had experience in the industry prior to this position
lDevelops clientele including smaller retailers, designers, manufacturers
lAdvises clients by pulling together color, fabric, silhouette stories together in a pamphlet, book, flyer, etc
lAttends major market and regional market shows
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Term
| What is fashion forecasting |
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Definition
}Predicting what the consumer wants and does not want.
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}Predicts fashion change
}Art and a science
◦Using quantitative and qualitative research
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Term
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Definition
Fiber, Fabric- Du Pont, Cotton Inc
Color Trends- Color Box, Pantone
Demographic/psychographic – Forrester
Trend forecasting companies –
Tobe, Promostyle,
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Term
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Definition
}Market research Firms
}Collections
}Designers
}Fashion Services
}Trade Shows
}Networking
}Organizations
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Term
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Definition
}Design sources
}Publications
}Arts
}Entertainment/celebrities
}Travel
}Fabric
}Lifestyle trends
}Gathering places/Venues
}Streets
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