Class Notes_HUEC3020_Exam2

Class Notes_HUEC3020_Exam2 - ClassNotesExamII 17:47 HUEC3020

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Class Notes – Exam II 17:47 HUEC 3020 Quiz last class, Mon. 9-13-10 What is primary data? What kind of info can you get  from sales associate?  Chapter 4     External Sources:     Data is used to interpret data Many resources to get info, basically info 2 approaches. o 1-Primary Data-Specific to business o 2-Secondary (Second Grade) Data- Available to all kinds of Business 2 Kinds of Sources:     Internal-Ask in company. Look in the store record-most important b/c shows  sells. Micro-level info and economic trends-do not go to sales associate, go to  manager.  External External Sources:     Customers (More important for info on own business, where forecasting  requires other external sources to get info) Magazines and trade publications Vendors Trade associations
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Comparison shoppers Fashion forecasters Reporting services The internet Busying offices Sales Associates? External Sources: Customers Formal-questionnaires Customer advisory groups- teen boards (what are the trends) Consumer advisory panels- customers who make suggestions about store  policies, services, and merchandise assortment. Ex. Survey-Feedback used to adjust Changes in styling, new materials, new models, and other innovations long  before they are available to customers Fashion News: Vogue, Harper’s Bazaar, Jane, Elle, Glammer, Mademoiselle,  and GQ Fortune, Forbes. Product categories: Women’s Wear Daily, Stores, Chain Store Age, Furniture  Age, Footwear News. *Companies have to claim bankruptcy b/c they do not have the cash flow even  though making profit. Current asset can turn into cash. Too much asset can  not turn into cash quickly.
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Vendors, Trade Associations Vendors- merchandise being heavily ordered by other retailers, merchandise  re-orders. *Advice: DON’T let the vendor make the decision for you. Use there  info, but also take into consideration your own data. You make the decision Accepting advice versus letting vendor make your decisions Trade Association- make important personal contracts and discuss matters  relevant to a particular retailing area, and sponsor trade show. The National Retail Federation.-largest retail organization? Comparison Shoppers Shopping competing stores to provide information o The merchandise assortment o Prices o Promotion policies Located in many large cities and charge clients based on service provided. Fashion Forecasters
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This note was uploaded on 09/28/2010 for the course HUEC 3042 taught by Professor Liu during the Fall '08 term at LSU.

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Class Notes_HUEC3020_Exam2 - ClassNotesExamII 17:47 HUEC3020

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