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AM 101: EXAM 1
Store buying |
purchasing planning with other peoples money. requires planning and organization before going to market.
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market |
a place where goods are offered for sale at wholesale. |
Market centers |
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. |
merchandise marts |
denver, Chicago, Atlanta and regional marts. manufacturers and independents sales showrooms to the trade only. serve the regional area for retailers. |
sales representatives |
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. |
market week |
scheduled several months before clothes will be needed in the stores. buyer directory, high security, |
trade shows |
temporary exhibits, attended by buyers in specific regions, MAGIC attracts buyer from around the world. |
foreign fashion markets |
londonl paris, milan, tokyo. paris couture show leads the season.
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Haute couture |
expensive fabrics, hand sewn details. expensive- very small target market. |
pret-a-porter |
ready to wear.
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paris couture |
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 |
store business |
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. |
fashion merchandising |
the right merchandise, at the right price, in the right place, at the right time, in the right quantities. |
fashion retailers |
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. |
department store |
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 actor shopping malls, |
department stores: traditional and limited-line |
traditional: macys's, JC penny's, Dillards, Kohls.
limited-line: nordstrom, saks fifth ave, neiman marcus
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relationship merchandising strategies |
emphasis on presentation, customer service, right products for target market, addresses the needs for individual customers. |
boutiques |
unique store concept, independtly owned, unique merchandise, Gigi's, Magnolia Moon, Stitch
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speciality stores |
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 |
chain stores |
central organization owns separate several retail stores. standardized store decor. management and merchandising decisions and policies. large chains- 11 or more units. |
discount retailers |
brand name merchandise at below traditional retail price. budget or mass apparel merchandise. private label merchandise. self service.
ex. target |
off price retailer |
sell national brands, designer apparel lines.
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factory outlet store |
manufacturers sell seconds, irregulars and overruns. located a distance from full-price retailers. |
independent off price retailer |
tj max, marshalls, Ross |
retailer owned off price retailer |
nordstrom rack, off 5th
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warehouse retailer |
reduce operating expense by combing showroom, warehouse and retail operation. no fitting rooms
ex. Costco |
catalogue- e commerce |
apparel is top selling item sold through catalogs, customers can order by mail, phone, internet, fax. Victoria secret has a popular business with catalogs. |
television retailer |
apparel through TV shopping channel. customer order by phone/ toll free number.
ex. QVC, Home shopping network |
at home retailer |
personal contact and sales consumers homes. party plan and door-to-door sales. accessories, cosmetics, and lingerie are popular
ex. silpada jewelry |
McNair's Wheel of retailing |
most retailers begin as lower price distributers, to girl they trade up and add amenities. |
merchandising policies |
maximize a profit, attract target group of customers, establish goals, adjust to current trends, adjust to marketplace needs. |
6 most important store merchandising policies. |
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 |
3 levels of quality |
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 |
no direct correlation between price and quality.
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brand policies |
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 |
difficult to achieve for retailers.
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operational policy |
designed to keep the customers once they come into store. build a stores reputations. store ambiance, customer service, selling service, promotional activities |
ambiance |
atmosphere create the image of the store. |
sensory retailing |
in store simulation of all sense. mood music, creates a unique experience for the shopper |
low range/ discount ambiance |
send customer clear message, plain fixtures, limited fitting rooms
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customer service department stores |
credit plans, generous policies, phone ordering, free or inexpensive shipping. free parking |
customer service discount stores |
extended hours, credit plans with installment buying, returns, offer credit other than cash |
selling services- specialty stores |
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 |
bloomingdales, neiman marcus, bergdorf goodman, lord and taylor
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core competencies for customer loyalty |
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. |
loyalty marketing |
reward frequent guests with special rates and other benefits. |
customer retention |
programs that encourage customer to revisit store |
lifestyle center |
may drive traditional shopping mall out of business. resemble villages. themed architecture |
pop up stores |
temporary, set up in empty storefronts- kiosks. |
services |
trade and consumer fashion publications
broadcast media
advertising
public relations agencies
visual merchandise
market research
trade association
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advertising |
paid for by the manufacturing company or retailer, campaign with strategy between client and agency, expensive, TV, some radio.
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Publicity |
free and voluntary information about the product or company. purpose to inform or enhance public interest.
public relations. |
QR codes |
black and white boxes of pixels
encode links and information
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fashion magazines |
vogue, harpers bazzar, marie claire, elle |
trade publicaitons |
announce new technical developments. analyze fashion trends, report women wear daily. first published in 1910 |
store appeal |
visual appeal, ease of movement and comfort, maintain budget, space for sale budget.
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visual merchandising |
arrangement and presentation of merchandise. on the sales floor, in displays. |
rubber banding |
Cosmetic products that can be returned to the manufacturer and replaced with the other products, if not sold within a specified period of time. |
color cosmetics |
refers to the facial makeup |
alpha hydroxie acid |
extracted from fruits, yogurt, and sugarcane.
|
brand- line representatives |
people who are well equipped to help people with their product.
|
mass distribution |
market that involves drug stores, discount stores, variety stores, and large national chains. |
premiums |
a gift-with-purchase or a purchase-with- gift offer to promote their products. |
department store |
most familiar with buying to the public
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specialty store |
carries a limited line of merchandise.
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discount stores |
any store that sells good at less than full price |
mom-and-pop stores |
single stores managed by a manager with a few assistants |
assortment |
the range of stock that a retailer offers
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advertising |
space and time that is payed for |
publicity |
free and voluntary mention |
qr codes |
black and white boxes of pixels that encode links and information
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trade publication |
unlike the fashion magazines, trade newspapers and magazine are published just for the industry. |
fashion stylists |
people who coordinate the appeal and accessories for ads and things like that
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visual merchandising |
the arrangement and presentation of merchandise in store windows |
associated or cooperative office is what... |
cooperatively owned and operated by a group of privately owned stores for their mutual use
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operate owed or syndicated office |
is maintained by a parent organization exclusively for the store that it owns.
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