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Today’s Buying Environment

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

Retailing consists of all the business activities involved in the selling of goods and services to the ultimate consumers. Retailing, however, does not always require a store. Catalog sales, vending machines, e-commerce, and mall kiosks all fit within the scope of retailing. No matter where retailing occurs, however, someone must perform the buying function. Buying is the business activity that involves selecting and purchasing products to satisfy the wants and needs of consumers. Buying involves

The Buying Function in Retailing

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

buyers,factors affecting scope of,buyers,Often, buying appeals to college students because they see the glamour associated with frequent travel to exciting places, such as New York City, Los Angeles, Paris, Hong Kong, or Milan, for buying trips where they get to spend hundreds of thousands of dollars, and in some cases even millions of dollars, on the newest styles andfashion merchandise,fashions. Travel may be exciting, but often all that a buyer may see of a city is the view from a taxi on the

Buying for Different Types of Stores

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

buying,different types of products,buying,at different retail formats,Almost all the duties that are described in the last chapter are performed by a buyer at any type of retail store—no matter what products are sold. As you start to plan your career in retail buying, one of your first decisions should be to determine the types of merchandise that would interest you the most. Are you more interested insoft lines,soft lines orhard lines,hard lines? Soft lines are typically the apparel and accessor

Obtaining Assistance for Making Buying Decisions

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

Marketing research is a systematic process of gathering, recording, and analyzing information about problems related to marketing. Good marketing research must be conducted in a comprehensive, step-by-step process; it cannot be haphazard. Marketing research involves using information, or data, from many different sources. As a buyer you must be able to do more than locate information; you must be able to analyze and use the information that you collect.

Understanding Your Customers

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

positioning,marketing orientation developing consumer orientation,image,Aretail strategy,retailer’s success is directly dependent on consumer satisfaction; therefore, as a buyer you must be responsive to the wants and needs of consumers. Let’s review some key marketing concepts that affect all retailers today.

Understanding Product Trends: What Customers Buy

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

product line,As a buyer, you must plan and control the kinds of products that will be offered in your store or department. In other words, you must be concerned with the merchandise mix,merchandise mix—the types or mix of products that are available for customers to purchase. The merchandise mix that you select should meet the specific needs of your customers. It must be frequently monitored because an appropriate mix today might not contain the right products tomorrow.

Forecasting

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

forecast,scope of,Buyers typically develop forecasts to answer questions such as these:

Preparing Buying Plans

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

merchandising management,Integrally related to planning is the necessity to control merchandising decisions. You must check your plans periodically to ensure they are being followed and are achieving the desired results. Your success as a buyer will be measured by how well you plan and control the amount of money spent formerchandise plan,merchandise to yield the desired sales and profit.

Developing Assortment Plans

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

Buyers want to have enough products to meet customer demand without having to take markdowns because of having excess inventory. Maintaining such a balanced inventory requires skill and experience and takes considerable planning. As a buyer, you must prepare a detailed assortment plan for each item that you will be purchasing. You must also work within the framework established by your merchandise plan because quantity purchases for all items of merchandise must not exceed your dollar plan. Compr

Controlling Inventories

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

shrinkage,perpetual control system,inventory control systems,After deciding on the merchandise assortment that is to be carried, inventory control systems must be established. These controls involve the maintenance of stock levels in relation to changing consumer demand. The type of inventory control system used by a retailer will vary by type and size of the business and the kind and amount of information required. Inventory control for a department, such as hardware with thousands of different

Selecting Vendors and Building Partnerships

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

wholesalers,vendors,wholesalers,vendors,manufacturers,middleman,intermediaries,buying offices,types of,For some product categories, you must not only choose from many different vendors, but you must also decide whether to purchase directly from the producer or from a middleman, an intermediary between the buyer and seller. Again, careful analysis should allow you to choose the one that best meets your needs. Vendors are typically classified as (1) manufacturers, (2) wholesalers, (3) manufacturers

Making Market Visits and Negotiating with Vendors

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

market visits. negotiationpreparing for,Most buyers begin searching for merchandise in domestic markets because of their closeness and accessibility. However, lower costs are the primary reason that buyers seek out appropriate foreign markets today. As they prepare for trips to either foreignmarket visits. negotiationtypes of markets,Garment District (New York City),or domestic markets, buyers will typically findcentral market,central markets, merchandise/apparel marts, and expositions/trade show

Locating Sources in Foreign Markets

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

Making the decision to import purchases from foreign sources requires that you prepare yourself for entering the global marketplace. Learn as much as you can about the people,brands generics,merchandise,merchandise quality of,global marketplace choosing the right sources,identifying reasons to buy from,buying,benefits of foreign sources,the culture, and the retailing practices of any country that you are considering as a foreign source. Possibly even learn a new language or at least a few key phr

Making the Purchase

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

The most important terms that you will negotiate include (1) price, (2) discounts, (3) transportation, (4) allowances, and (5) return privileges.

Pricing the Merchandise

Richard Clodfelter

Source: Retail Buying. From Basics to Fashion, 6th Edition, 2018, Fairchild Books Library

Book chapter + STUDIO

retail prices adjustments to,determining markup percentage,markup,cost of goods sold,Retail price includes (1) the cost of merchandise, plus (2) an additional amount known as markup. Markup must be large enough to cover the operating expenses of the retail organization while providing a profit.

The Fashion Buyer

David Shaw and Dimitri Koumbis

Source: Fashion Buying. From Trend Forecasting to Shop Floor, 2nd Edition, 2017, Fairchild Books Library

Book chapter

A fashion buyer is the individual or group of individuals (the buying team) whose primary role is to purchase merchandise for a retail organization. They work diligently in researching trends; sourcing materials and/or product; creating seasonal buying plans; and working with outside vendors and designers to produce a range that will be distributed through various retail channels such as brick-and-mortar locations, online stores, and/or catalogs.

Sources of Buying Inspiration

David Shaw and Dimitri Koumbis

Source: Fashion Buying. From Trend Forecasting to Shop Floor, 2nd Edition, 2017, Fairchild Books Library

Book chapter

A buyer will be faced with many challenges, but the greatest one by far is trying to create a seasonal range for both domestic and international markets. Retailers who invest in overseas markets will typically create buying teams for both national and international home office locations, ensuring that the target market is accurately reached in those locations.

Suppliers, Sourcing, and Communication

David Shaw and Dimitri Koumbis

Source: Fashion Buying. From Trend Forecasting to Shop Floor, 2nd Edition, 2017, Fairchild Books Library

Book chapter

The fashion designer<>buyer relationship is very close—however, it is ultimately the buyer who makes the final decisions and takes responsibility for putting products into the range.

Merchandise Planning

David Shaw and Dimitri Koumbis

Source: Fashion Buying. From Trend Forecasting to Shop Floor, 2nd Edition, 2017, Fairchild Books Library

Book chapter

Merchandise planners have to gauge daily, weekly, and seasonal demand for what is probably one of the most difficult consumer products to predict. This difficulty arises from a number of factors, of which the need to successfully monitor and control stock is perhaps the most significant. If a fashion business has too little stock, it will potentially lose sales to competitors; on the other hand, if it has too much stock, it will have invested buying money that is effectively “dead.”

Trends in Fashion Buying

David Shaw and Dimitri Koumbis

Source: Fashion Buying. From Trend Forecasting to Shop Floor, 2nd Edition, 2017, Fairchild Books Library

Book chapter

Buyers help to set up a number of promotional retail activities, with the aim of achieving a higher gross margin each season while moving units at a more rapid rate. Many of these promotions typically entail some level of discount pricing, but there are also other promotional activities that can help to drive sales without compromising the overall pricing strategy as set by the buying and merchandising teams.

Planning and Executing the Purchase

Jay Diamond, Ellen Diamond and Sheri Litt

Source: Fashion Retailing. A multi-channel approach, 3rd Edition, 2015, Fairchild Books Library

Book chapter

The realm of tasks required of fashion buyers primarily depends first upon the size of the company and then upon the retail classification in which it falls. In small stores, for example, the buyers do everything from purchasing the merchandise, to selling to customers. Often the owner fulfills the buying responsibility as well as a host of other management duties. In the larger companies, buyers are mainly responsible for purchasing; they also interact with other management personnel such as adv

Purchasing in the Global Marketplace

Jay Diamond, Ellen Diamond and Sheri Litt

Source: Fashion Retailing. A multi-channel approach, 3rd Edition, 2015, Fairchild Books Library

Book chapter

Some American buyers purchase the majority of their model stocks in one of the major U.S. wholesale markets. They flock to these sales facilities during the Market Weeks as well as other times depending upon the size of their companies and their proximity to the markets. Buyers from other countries also purchase their inventories domestically, as well as using offshore manufacturers.

Private Label Importance to the Merchandise Mix

Jay Diamond, Ellen Diamond and Sheri Litt

Source: Fashion Retailing. A multi-channel approach, 3rd Edition, 2015, Fairchild Books Library

Book chapter

Throughout the United States and abroad, the brick-and-mortar operations as well as the off-site ventures feature a host of national brands and labels that are immediately familiar to the consumer, such as Ralph Lauren, Calvin Klein, and DKNY. These are the brands that have been promoted through the print, broadcast media, the Internet, and social networking, and have maintained a loyal following among shoppers around the world. They are generally available in a variety of retailers’ model stocks

Merchandising for the Retailer

Michele M. Granger

Source: The Fashion Industry and Its Careers: An Introduction, 3rd Edition, 2015, Fairchild Books Library

Book chapter

A general merchandising manager (GMM) is the boss of the buyers’ boss. The GMM leads and manages the buyers of all divisions in a retail operation. This key administrator is responsible for setting the overall strategy and merchandise direction of the retail operation. The GMM develops the buying and selling strategies that will, hopefully, maximize business performance and profitability. The GMM ensures that pricing decisions, promotional strategies, and marketing activities support the financia

New Generation

Michelle Labrague

Source: Fashion Photography Archive, 2015, Fashion Photography Archive

Designer Biography

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