Analyzing Merchandise Management Performance Notes
Three types of analyses related to the monitoring and adjustment
Sell through analysis
ABC analysis of assortments
Multi attribute analysis of vendors
Sell Through Analysis
Marketing mix Notes
A combination of decisions a business must make in order to best
reach its target market; known as the four Ps of marketing.
Marketers must decide what goods or services are in deman
Market segmentation Notes
Dividing the entire market into smaller groups having similar
Every business must decide which customers it can s
Price considerations in Fashion Business Notes
Marketers must decide on an amount to charge customers for
Affected by supply and demand
Cost of producing the item
Terms of sale such as credit and/or discounts
Evaluating the Merchandise Budget Plan Notes
Inventory turnover GMROI, sales forecast are used for both
planning and control
After the selling season, the actual performance is compared
with the plan
Why did performance exceed or fall short of the plan?
Product/Service Management Notes
Determining a value to charge for goods and services
Price must cover
Costs of conducting marketing research.
Costs of financing the business.
Costs of producing the product.
Costs of promoting the product.
Project Management Notes
What is Project Management?
Project : A group of milestones or phases, activities or tasks that
support an effort to accomplish something
Management : is the process of Planning, Organizing, Controlling
Multi attribute Method for Evaluating Vendors Notes
The multi attribute method for evaluating vendors uses a weighted
average score for each vendor. The score is based on the
importance of various issues and the vendors performance on
Who uses Project Management Notes
Nearly Everyone to some degree People plan their Days,
their Weeks, their Vacations and their Budgets and keep a
simple project management form known as To Do list
Any Process or Means used to track tasks or efforts
The Business of Fashion Notes
The process of developing, promoting, pricing, and distributing
products in order to satisfy customers needs and wants
Marketing involves the total process of finding or creating a
profitable market for specific goo
Road to Better Project Management Notes
Find a Project plan that fits your style of project management
It may be as simple as creating templates, forms and
spreadsheets to track tasks
Formation of a Project Management committee
Listing out all the t
Steps in Determining the Stock to Sales Ratio Notes
Step 1: Calculate Sales-to-Stock Ratio
GMROI = Gross margin% x Sales-to-stock ratio
Sales-to-Stock Ratio = GMROI/Gross margin %
Assume that the buyers target GMROI for the category is
123%, and the buyer
Order Point Fashion Notes
The point at which inventory available should not go below or else
we will run out of stock before the next order arrives
Order point = sales/day (lead time + review time) + buffer stock
Assume Lead time = 3 weeks, review time =
Demographics and Psychographics Notes
Demographics statistics that describe a population in terms of
personal characteristics such as age, gender, income, ethnic
background, education, religion, occupation, and lifestyle
Fashion Merchandise Management Systems Notes
The system for managing fashion merchandise categories is
typically called a Merchandise Budget Plan
Merchandise Budget Plan
Plan for the financial aspects of a merchandise category
Specifies how much money can
Fashion Marketing Basics Notes
What is Fashion Marketing?
Marketing the process of developing, promoting, and distributing
products to satisfy customers needs and wants.
Starts at the very beginning of product development and
continues until a consumer pu
Finances of Fashion Business Notes
Involves planning ways to cover the costs of successfully
operating a business.
Includes factors such as, production costs of the product,
product pricing for the customer, and everyday expenses
such as rent, s
Promotion in Fashion Notes
any form of communication that a business or organization
uses to inform, persuade, or remind people to buy its
inform customer about the features of the product and
persuade to make a purchase
Types of Promoti
The Marketing Mix in Fashion Notes
What is the fashion marketing mix?
Marketing mix consists of our basic marketing strategies
known as the four Ps of marketing.
These are the basic elements to satisfy a customers
Target markets in Fashion Notes
What is a target market?
Target market the specific group of people that a business is
trying to reach
Identified through research and by the shared characteristics
of the specific group of people.
Fashion Merchandising Notes
What is Fashion Merchandising?
Fashion merchandising the planning, buying, and selling if
fashion apparel and accessories to offer the right merchandise
blend to meet customer demand
Retailers and Fashion Merchandising