76 Cards in this Set
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Store buying
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purchasing planning with other peoples money. requires planning and organization before going to market.
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market
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a place where goods are offered for sale at wholesale.
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Market centers
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4 in the US at this time: californiamart, dallas market center, Miami merchandise market, new york. New york is the primary center. and only one without a mart.
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merchandise marts
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denver, Chicago, Atlanta and regional marts. manufacturers and independents sales showrooms to the trade only. serve the regional area for retailers.
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sales representatives
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independent: carry several non-competing lines to offer retail clients more variety.
operate as independent. may have a showroom.
Company sales representatives: operate out of corporate showrooms in fashion mart. investment by coprorate to service large accounts.
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market week
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scheduled several months before clothes will be needed in the stores. buyer directory, high security,
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trade shows
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temporary exhibits, attended by buyers in specific regions, MAGIC attracts buyer from around the world.
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foreign fashion markets
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londonl paris, milan, tokyo. paris couture show leads the season.
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Haute couture
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expensive fabrics, hand sewn details. expensive- very small target market.
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pret-a-porter
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ready to wear.
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paris couture
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began in 1858, Charles Frederick Worth- house of worth.
1907- paul poiret-first to stage fashion show.
couture house: designer creates original
paris couture houses are named after their founder
1986- trade association
membership only by invitation
strict rules
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store business
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goods much be where the people are, people must be where the goods are, seeing- desiring-paying-processing. constant state of change, retailers must be first to spot a trend and act on the trend.
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fashion merchandising
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the right merchandise, at the right price, in the right place, at the right time, in the right quantities.
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fashion retailers
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classified by type of merchandise, 1.general merchandise retailers: JC Penny, Sears, Target. sell many kind of clothing, broad range of customers, several price ranges
2. specialty retailers: offer limited lines of related merchandise, target specific customer, small target market.
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department store
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general merchandise retailer: historic tourist landmarks: Macy's, Bloomingdales, Heralds- london, le printemps- paris. flagship stores located in cities,
1970's suburban shopping centers anchor stores.
1980's department stores overextended.
full mark up policy
large department stores …
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department stores: traditional and limited-line
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traditional: macys's, JC penny's, Dillards, Kohls.
limited-line: nordstrom, saks fifth ave, neiman marcus
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relationship merchandising strategies
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emphasis on presentation, customer service, right products for target market, addresses the needs for individual customers.
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boutiques
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unique store concept, independtly owned, unique merchandise, Gigi's, Magnolia Moon, Stitch
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speciality stores
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focus on specific type of merchandise. carries merchandise for well defined target market. limited but deep assortment of merchandise.
ex: crate and barrel, Gap, Vicrotia's secret
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chain stores
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central organization owns separate several retail stores. standardized store decor. management and merchandising decisions and policies. large chains- 11 or more units.
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discount retailers
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brand name merchandise at below traditional retail price. budget or mass apparel merchandise. private label merchandise. self service.
ex. target
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off price retailer
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sell national brands, designer apparel lines.
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factory outlet store
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manufacturers sell seconds, irregulars and overruns. located a distance from full-price retailers.
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independent off price retailer
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tj max, marshalls, Ross
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retailer owned off price retailer
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nordstrom rack, off 5th
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warehouse retailer
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reduce operating expense by combing showroom, warehouse and retail operation. no fitting rooms
ex. Costco
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catalogue- e commerce
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apparel is top selling item sold through catalogs, customers can order by mail, phone, internet, fax. Victoria secret has a popular business with catalogs.
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television retailer
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apparel through TV shopping channel. customer order by phone/ toll free number.
ex. QVC, Home shopping network
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at home retailer
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personal contact and sales consumers homes. party plan and door-to-door sales. accessories, cosmetics, and lingerie are popular
ex. silpada jewelry
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McNair's Wheel of retailing
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most retailers begin as lower price distributers, to girl they trade up and add amenities.
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merchandising policies
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maximize a profit, attract target group of customers, establish goals, adjust to current trends, adjust to marketplace needs.
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6 most important store merchandising policies.
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1. stage of fashion cycle being established
2. level of quality to maintain
3. price range
4. depth and breadth of merchandise assortment
5. brand policies
6. exclusivity
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3 levels of quality
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top: finest materials and workmanship
intermediate: high quality and workmanship with concern for price
serviceable: fairly low level of materials and workmanship with low price
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price range
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no direct correlation between price and quality.
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brand policies
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brands differentiate products from competition.
national brands: consistent quality, carried by many retailers
to differentiate: retailers buy exclusive styles "confined style"
manufacturers limits retailers and number of stores that may carry products.
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exclusivity
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difficult to achieve for retailers.
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operational policy
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designed to keep the customers once they come into store. build a stores reputations. store ambiance, customer service, selling service, promotional activities
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ambiance
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atmosphere create the image of the store.
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sensory retailing
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in store simulation of all sense. mood music, creates a unique experience for the shopper
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low range/ discount ambiance
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send customer clear message, plain fixtures, limited fitting rooms
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customer service department stores
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credit plans, generous policies, phone ordering, free or inexpensive shipping. free parking
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customer service discount stores
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extended hours, credit plans with installment buying, returns, offer credit other than cash
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selling services- specialty stores
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one client at a time, bring clothes to dressing room, offer fit and style advice.
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department stores with one-on-one service
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bloomingdales, neiman marcus, bergdorf goodman, lord and taylor
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core competencies for customer loyalty
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educator: explain products, make recommendations, inform customers.
energy: smile, eye contact, enthusiasm "customer comes first"
expeditor: sensitive to time constraints, help through checkout.
authentic: genuine interest in helping regardless of sale.
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loyalty marketing
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reward frequent guests with special rates and other benefits.
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customer retention
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programs that encourage customer to revisit store
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lifestyle center
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may drive traditional shopping mall out of business. resemble villages. themed architecture
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pop up stores
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temporary, set up in empty storefronts- kiosks.
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services
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trade and consumer fashion publications
broadcast media
advertising
public relations agencies
visual merchandise
market research
trade association
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advertising
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paid for by the manufacturing company or retailer, campaign with strategy between client and agency, expensive, TV, some radio.
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Publicity
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free and voluntary information about the product or company. purpose to inform or enhance public interest.
public relations.
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QR codes
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black and white boxes of pixels
encode links and information
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fashion magazines
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vogue, harpers bazzar, marie claire, elle
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trade publicaitons
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announce new technical developments. analyze fashion trends, report women wear daily. first published in 1910
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store appeal
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visual appeal, ease of movement and comfort, maintain budget, space for sale budget.
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visual merchandising
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arrangement and presentation of merchandise. on the sales floor, in displays.
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rubber banding
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Cosmetic products that can be returned to the manufacturer and replaced with the other products, if not sold within a specified period of time.
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color cosmetics
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refers to the facial makeup
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alpha hydroxie acid
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extracted from fruits, yogurt, and sugarcane.
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brand- line representatives
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people who are well equipped to help people with their product.
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mass distribution
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market that involves drug stores, discount stores, variety stores, and large national chains.
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premiums
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a gift-with-purchase or a purchase-with- gift offer to promote their products.
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department store
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most familiar with buying to the public
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specialty store
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carries a limited line of merchandise.
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discount stores
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any store that sells good at less than full price
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mom-and-pop stores
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single stores managed by a manager with a few assistants
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assortment
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the range of stock that a retailer offers
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advertising
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space and time that is payed for
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publicity
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free and voluntary mention
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qr codes
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black and white boxes of pixels that encode links and information
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trade publication
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unlike the fashion magazines, trade newspapers and magazine are published just for the industry.
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fashion stylists
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people who coordinate the appeal and accessories for ads and things like that
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visual merchandising
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the arrangement and presentation of merchandise in store windows
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associated or cooperative office is what...
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cooperatively owned and operated by a group of privately owned stores for their mutual use
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operate owed or syndicated office
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is maintained by a parent organization exclusively for the store that it owns.
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AM 101: Final Exam