Term
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Definition
| (Total Retail-Total Cost)/Total Retail |
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Term
| Why would a buyer want to develop a product? |
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Definition
| BC they know their customer, the customer needs a certain product, exclusivity, edge over competition, to meet price points |
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Term
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Definition
| buy goods, trend research, source new vendors, develop a product. |
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Term
| what does a buyer need when going to market? |
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Definition
| List with contact info, open-to buy (budget), & vendor issues, problems, success stories. |
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Term
| what are finalized b DMM and GMM before going to market? |
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Definition
| 6 mth plan, open to buy, assortment plan. |
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Term
| what do buyers consider on a market trip? |
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Definition
| price, style, color, fabric, quality |
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Term
| What are all market decisions based on? |
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Definition
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Term
| What is a start ship and cancel date? |
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Definition
| 1st day it can ship; and the date that, if it isn't shipped by, you can cancel. AKA can't ship before, can't ship after. |
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Term
| what does negotiating mean? |
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Definition
| a settlement of some matter. |
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Term
| steps to prepare for negotiation? |
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Definition
| gather information (vendor performances, MD$$ and % to sales), analyze situation, whole point is the relationship between you & vendor. |
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Term
| 6 rights of merchandising to know if it is saleable? |
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Definition
| RIGHT merchandise, place, time, quantity,and condition. |
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Term
| What are spec sheets used for? |
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Definition
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Term
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Definition
| their ideal size. this must be exactly like the sample. |
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Term
| What is the retail price based on? |
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Definition
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Term
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Definition
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Term
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Definition
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Term
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Definition
| quantity sold/ quantity received |
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Term
| What is a markdown/ what is the purpose? |
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Definition
price reductions.
do it to correct buying errors, clean up odds & ends (broken assortments), and get rid of mechandise. |
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Term
| Calculate Markdowns? (% to sales; % monthly to total) |
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Definition
MD % to sales: MD$/ sales $
MD monthly% to total: monthly MD$/ total MD$ |
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Term
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Definition
| Total amount that we can spend/ Unit price |
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Term
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Definition
| Total BOM $$ / # of months |
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Term
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Definition
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Term
| How to find TY sales with LY sales? |
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Definition
| LY sales$$ * % increase = ___ + LY sales $$= TY sales $$ |
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Term
| how to find profit or loss on income statement? |
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Definition
| GS-CR$A=NS-COGS=GM-OE=P/L |
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Term
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Definition
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Term
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Definition
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Term
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Definition
| relationship between stock and sales. |
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Term
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Definition
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Term
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Definition
OR quantity+ NR quantity= Total Retail.
(OR= Original and NR is New)
Total received quantity* Cost of 1 item = Total cost.
Then, use MU formula (R-C/C) |
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Term
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Definition
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Term
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Definition
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Term
| If you have nothing on order, what is the open to buy formula? |
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Definition
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Term
| By style, % off the original retail when R= $16 each, new R= $10? |
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Definition
| 16-10=(6* # on hand)/potential sales $ |
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