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Final Exam Study Guide

by: Leticia Notetaker

Final Exam Study Guide MAR 3231

Marketplace > Florida State University > Marketing > MAR 3231 > Final Exam Study Guide
Leticia Notetaker

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About this Document

This study guide covers all the material that has been covered since out first test. There are some sections that are in the power points that are not covered on the study guide & that is simply be...
Retail Management
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This 19 page Study Guide was uploaded by Leticia Notetaker on Monday April 25, 2016. The Study Guide belongs to MAR 3231 at Florida State University taught by in Spring 2016. Since its upload, it has received 77 views. For similar materials see Retail Management in Marketing at Florida State University.


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Date Created: 04/25/16
Buying Career Path  Assistant planner – entry level  Assistant buyer - entry level; trainee  Associate planner  Associate buyer  Planner  Buyer  Divisional planner  Senior buyer  Merchandise manager  General merchandise manager  Personal Characteristics o Passion, leader, ownership, self-motivated, assertive, creative, resilient, etc.  Buyers look at the big picture o The staff & planning division break things down  create strategies that allow for effective buying in each location o Be aware of future trends & where the economy is heading o Developing new business strategies & adjusting old ones (store closings) o Be able to manage your budget, get the biggest bang for your buck; have a plan o Buyer strengths  Driver, developing/maintaining relationships, analytical skills, organized/plan ahead, delegation, leadership, anticipate, passion, ownership, resilient, assertive, creative, self-confident, etc. o Maximize sales & profits, develop a business culture, manage a staff, plan assortments & financials, establish department direction o Conduct & attend meetings o Determine markdown strategies  Assistant buyer o Entry level position o Responsibility to maximize sales, building assortments, establishing department direction within their division o Management responsibilities o Contribute to sales & profit o Review PO's, plan & execute ad process, shop competition (one of the first jobs assigned) o Assist in developing plan-o-grams (schematics of fixtures in a department showing how things should be laid out & what goes where) o Learn how the buying office works o Rtv - return to vendors; merchandise that hasn't sold, work with vendor to return merch & sell other products in their place o Support the buyer  Associate buyer o Contribute to achieving sales & profit goals o React to key selling items o Assist in managing & marketing merchandising o Develop seasonal or 6 month plans o Assigned to one specific brand & carry out same duties as a buyer, develop plans, & begin forecasting for when she goes to the market for buying; responsible for show rooms o Analyze sales & stocks o Plan & control markdowns o Communicate with planners/stores  Liaison o Not every company has one in the buying office o Assigned to a buying division (juniors) must know about everything in that division (dresses, swim wear, shoes, jeans, etc) o Represent the buying division, know how every department in your buying division should be organized o Report issues to & from stores (need more of a certain size, some items don't sell, need more inventory of certain items, reviews stores spaces) o Train managers in merchandising presentation techniques for a division  Planning division is a part of the buying team o Study a business by the numbers, unit financial planning  Business analysis, location sales forecasting, distribution, spacing, store interaction & advertising based on store ranking in sales o Do the analysis on what is & what is not selling o Break down the product into units within the store o Put together the numbers & reports for the buyer to make decisions for the future o Primary goal to maximize corporate stock efficiency & ensures stores have the merch to produce the max volume through locations planning & the distribution o Evaluates planning team, reports to manager of division manager of planning  Planner o Plan & control inventory at locations to ensure strong in-stock positions o Develop location plans based on trends, profiles, competition & seasonal issues o Strategize with stores on assortment levels o Communicate with buying & store organizations & react to store & individual trends; driving profitable sales o Build seasonal 6 month plans based on buying plans o Works with buyer on quantities & distribution  Associate planner o Assist planner & buyer to contribute to overall sales & profit o Assigned a particular brand, label, or department that they will follow o Analyze all financial plus sales & stock performance plans o Review promo plans to ensure strong stock levels of advertised merchandise on hand o Problem solvers o Communicate with stores on business opportunities, needs, & stock levels o Assist in procuring & allocating merch o Manage a segment of the department  Divisional merchandise manager o Reports to the president of the company; who buyers report to o Developed merchandising & financial strategies for their buying division based on input from their GMM o Plans for bigger picture, acts as a problem solver on major issues o Builds, manages, & trains buying team o Have the budget & give the DMM their budgets & their goals o Understand what it's like to be a DMM & a buyer o Communicates company merchandising strategies to their buying division o Meets with buyers & vendors on major issues o Assist buyers in market, building vendor relationships, financial & merchandise planning when needed  General merchandise manager o Usually the executive VP on the executive committee o Hires, supervises, & trains DMMs within division o Communicates company's financial & merchandising strategies to DMMs o Analyze businesses from a 'big picture' point of view o Meets with DMMs frequently to discuss business in their divisions The Buy 1  Merchandise plans Primary sources for buying  Market, visiting sales reps, catalogues,  Vendor reps travel to visit with you, talk about the status of the merchandise or developing promotion plans for the future Types of Buying  Consignment buying - retailer takes possession of merch but title stays with the vendor o Fur dept. ex; took possession of the merch but were not responsible for it; theft would hurt the vendor not the store  Memorandum buying - retailer take the title when merch is received & returns unsold merch at the end of the event o Return at full price o Drive sales & build sales with hardly and risks  Specification buying - where manufacturer produces goods to specifications o See an FSU shirt & take the specs to make a FAMU version  Confining merchandise - vendor sells a limited number of stores in. trading area, limiting a store's competition for certain items Selecting resources  The merchandise, vendor, vendor services, vendor performance Preparation for the market trip  Look books  Assistant buyer sets up appointments, sets up transportation Arrival in the market  shop competition  Look for new resources Completion of market trip  Key strategy is not to place the order in the store room  Better to see all of the vendors, take a step back & see what works the best with your plan The Buy 2 Reordering merchandise  Establish fashion In the showroom  Have their buying plans, initial walk through  Edit the line looking for hottest trends, colors, & styles  Good relationships with vendors is important Show room sales rep responsibilities  Know the merchandise Field reps The editing process  Vendor assistance Discounts  Cash  Seasonal - taking a risk & buying it ahead of the season  Quantity - Walmart can get about whatever they want bc they buy in such large quantities Dating  (2/10 net 30)  EOM dating - calculated from the end of the month o You have 10 days from the end of the month to get the invoice & 2% to Transportation  Location which the merchandise changes ownership is called the FOB point (freight on board) o FOB factory - title passes to he retailer at the factory  Not the store has the responsibility for the product one it is on the truck FOB store (retailer has the advantage); title passes to the retailer at the store US Retail Markets Markets  A location where manufacturers display their samples, introduce new lines, & buyers place orders o May include diff buildings & in some cities, permanent facilities called "marts" host the manufacturers & buyers  Some designers & manufacturers have their own facilities o Dallas not open year round, others are  Basic market calendar; 5 seasons… (summer, fall, spring, resort, holiday) o Jan - summer o March/April - early fall (transition) o May/June - late fall o Aug-sept - resort ( ppl travel to get away from cooling temps) o Oct-Nov - spring o Mid Nov- holiday Why do buyers go to markets?  To buy, network, observe competition  See entire line of merchandise  Seek new resources Why do manufacturers go to markets?  Display & sell their lines  Determine which items should be massed produced  Show merch more effectively  Make fashion statements  Train sales reps 5 Major fashion markets  LA - southwest & west o California styles sportswear & swim o Evening ware (entertainment industry), great junior market o 20 story building with 2000 showrooms o West coast markets much different from east coast markets  Chicago - mid west o Known for women, bridal, kids, men & outerwear o Mart was built by Marshall Fields; 25 stories, many offices & showrooms for home furnishings  NY - northeast o 6000 showrooms  Housed by class & price o 7th ave.; 32 sq. block of area in Manhattan (garment district) o Broadway; moderate o Many central offices & RBO's, media center o Advantages: garment capital of the country o Disadvantages: cost,  Atlanta - southeast o Over 2000 showrooms which show home furnishings & apparel o Conduct training, selling, & product seminars  Dallas - south west & mid west o Largest complex in the country o Apparel, home, trade, & kids marts o World trade center (15 floors), Market Hall (1400 display booths),  Major & regional markets o NE – NY, Midwest – LA, SW – Dallas, Southern – ATL o Merchandise targeted for that region Emerging market  San Francisco o Emerging strong market & thought to be competition for Dallas market Additional Regional Markets  Miami o Sportswear & swim serving the Caribbean, Central & South America  North Carolina o High point, largest furniture market U.S.Trade Shows  Contemporary furniture market in NY  Jacob Javits Convention Center o International gift fair, entertainment o Seminars including topics of color, design, trends, social media, et.  Chicago o Internet retailer conference & exhibition o Largest home & house ware markets in the country o Largest display of e-retailing technology under one roof o International home & housewares show at McCormick Place  Las Vegas o Magic market week - international community of apparel ,accessories, footwear o Platform - the shoe show of LA which is the center of the retail footwear industry o Striving to become a major market o ABC kids expo  Focus on domestic & international vendors for children's apparel o Project-underground brand forum  Most comprehensive underground brand forum featuring brands ranging from multinational companies to local start-ups  Salt Lake City o Outdoor retail; world's largest outdoor sports gathering in the world o Family business  Atlanta  Long Beach o Agenda trade show for Surf & Urban; twice a year o Large surf market (Orlando is east coast competition) o Focus on skate, surf, & urban lifestyle Foreign Markets Introduction  Why are foreign markets important? o Find new merchandise to diversify their lines o Opportunities for new resources o Find unknown vendors/labels; be the first to have them o Observe new trends, buy samples, take photos, or purchase merchandise  New trends arrive here 6-9 months later  Buyers constantly seeking creative & innovative fashion merchandise  Top forecasters Markets  3 primary fashion center o France o Italy o Great Britain  Paris still fights for the leadership role; competing with Milan o Center of haute couture since 1858 (St. Laurent, Dior, Valentino, etc.)  No money in couture; for celebrities, not for the average person o Draw attention for the designer & serve as inspiration for designs for the masses o Design house may stand on name of founder or have a present designer represent the film o Conglomerates control houses  LVMH, Dior < Givenchy, LA Croix; schedules shows in Paris, create the guest list, supply security, & work with the designers to find the best venues o Paris, Milan, London are 3 major European fashion cities  Now located in numerous cities in Europe, Southeast Asian, etc.  Milan o Leading center for men's & women's clothing o Known for fine fabrics, knitwear o Strong production base, haute couture/RTW o Armani, Versace, Dolce & Gabana  Great Britain o For many years, London\s Saville Row was for men's wear what Paris had been for women's wear o 60's-known for Mini's & Punk; known for men's fashion o Special event for up & coming designers Emerging  Spain - leather, women's/kids apparel, over 500 manufacturing firms  Germany - new wave of designers firms (Jil Sander, Wolfgang Joop)  World's major textile fair - Frankfort (Interstoff), cologne (apparel shows) Career Opportunity Vendor Skills to be successful at Professional Sales *A LOT OF TEST QUESTIONS* Personal characteristics  Fast on your feet, analytical, negotiation, aggressiveness, professionalism, attitude Career path for someone who wants to be in professional sales  Vendor Selling Staff o director of sales – leader of the team, manage a field & corporate team, review the business each day & check status, empower their sales team, major role in helping plan market week o sales/merch rep. - layout of merch in the showroom, know everything about the designer & competition o acct. manager - Operate as the lead point of contact for any and all matters specific to your customers; build and maintain strong, long-lasting customer relationships o customer service rep. - maintain client relations between representative & showroom, conducts follow-up on all customer issues with a sense of urgency, deal with short shipments, delivers, and wrong/defective merchandise o showroom sales rep. - know size scales, colors, styles for each client, know competition, ability to negotiate & close sales, set up showroom & merch set up & placement o junior acct. executive - pull up sale & give sales recap, research, execute re-orders, pull samples of outfits for magazine photo shoots, o acct. executive - drive your business, managing sale & profit, budget responsibly, works with design team, search for growth opportunities, chasing re-orders, o director of digital marketing - social media, management responsibilities for the team that works for them, deal with their budget, designing all the content, develop relationships with various retail marketing firms to work on projects (ex. Revlon working with lippie Taylor), direct & execute photo shoots, get samples for the models, work with programmers & photographers  PR reps o Drives special events, working with various labels & vendors, prepare look books o Operate by connections, they make it easier to get your foot in the door o Stories contain latest trends, news about the way the company is building its business, info about how they plan to attract new target markets o Huge responsibility during market week, further develop the guest list, pub schedule, after hour networking sessions, entertainment activities o Types of publicity a company has gotten for free, leads to larger profits & no money comes from the company's final profit Store Line Opportunities & Job Descriptions  Store management o Leadership, store management, organization, approachable, able to give & take criticism, self-motivated, time management, ownership, strategic, results oriented, passionate, self-confident, profit minded  Store line path o Entry level position - store manager o Area/dept. manager (levels 1 & 2)  Higher volume area, larger area to control  Maximize sales & profit for an area  Developing quality sales team  Learn the culture, observe, provide quality customer service  Set sales goals, motivate the staff, drive the business  Inventory control o Merchandise team manager  Specialized position  Responsible for coordinating merch activities  Drive business through merchandising  Hold team responsible for their productivity & results  Prototype  Vendors & the buyers are good at negotiating  Empower team members to be creative o Assistant store manager (or divisional sales manager)  Goal for promotion  Support store manager in reaching store goals  Managing a team of area sales managers; responsible for total sales  Communicate with central office for merch issues; act as a problem solver  Check area, discuss weekly numbers, strategies, presentation ideas o Operations manager  hire, train, & coach sales support team, supervise sales support managers  responsible for all store operational function  Manage store budget & all merch inventories o General manager/VP  manage all aspects of the store  oversee managing, merchandising, people development, operations, customer service & financial management o Regional director of stores  VP reporting to director of stores  responsible for the development & success of the GMs in their region  Conduct regional strategy meetings & involved in selecting stores as prototype stores in region o Director of stores  Responsible for all store operations  Represents stores on executive committees  Works with regionals to set season & yearly goals & objectives  Sales Support Managers o Human resource o Platform - like a dock, where merch is unloaded, scanned, & taken to the floor o Customer service/credit o Visual merchandising o Security - keep an eye on customers as well as employees  Focus on Store Line Positions o Managing a multimillion dollar business o Driving the business o Developing people o Selling o Merchandising  People & Selling o Ensure highest level of customer service o Hire, train, coach & motivate associates o Maximize sales associates productivity o Review sales productivity  Merchandising o Merchandise presentation & replenishment o Direct functions related to assortments o Direct financial functions related to merch o Communicate with central office Forecasting  Research trends  Travel to acquire different experiences o Travel to places where other normally don't go to get new ideas  Fashion Forecasters; what they do… o Research potential trends to provide clients with info on those trends up to two years in advance of the selling season o Take the pulse of the public's psychology & spot upcoming trends o Travel throughout the world linking fashion trends to social influences (sports, music, counter culture, street fashion) o People watch; exhibitions, sports clubs, outside at a café, etc. o Use not only their analytical skills (census data) but their 'gut' instinct gained through market experience o Create new themes, designs, new color palettes & patterns through their creative & imaginative minds; work very close with designers o Assist in brand positioning, creating new products, packaging, merchandising, & updating collections o Analyze & interpret trends o Develop books, magazine, various reports to communicate findings to their clients o Conduct meetings & seminars  PROMOSTYL o International design & consulting bureau o Headquartered in Paris with branches in Milan, London, NY, Tokyo, & Hong Kong o Predict fashion change, a visionary approach to fashion, design, & marketing o Services all segments of the industry o Emphasis on analyzing specific trends, brand positioning, creating new products, packaging, merchandising & redefining & updating collections  DONEGAR o Located in NY o Founded in 1946 o Fashion industry's leading source of global trend intelligence, focused merchandising direction & comprehensive market info o Services include: Industry Research & Analysis, Tobe, Trend & Color Services, Consulting Services  TOBE o Largest fashion consultant in the US  Division of Donegar Group  Analyze & interpret the trends  Prepare a weekly book of 80-100 pages of editorials, illustrations, & photos evaluating major segments of the markets  Provides unbiased reports on quickly changing fashion trends & merchandising strategies to meet its clients’ needs  WGSN o Founded in 1998 to grasp the amazing possibilities of the internet o A market leader in online research, trend analysis & news for fashion & style. Industries in both softlines & hardlines o Based in London, NY with correspondents worldwide o Every member of the team travels regularly gathering info to build a truly global perspective o Meet with industry leaders for 'insiders' looks; think tank; track customer mindset o Color is usually the starting point of each season & act as a springboard (materials & fabric for furniture) o Attending the fabric & color fair is a must for think tanks teams o Research  Visiting international exhibitions, conferences & trade fairs  Street research  Experiences new retail concepts for both softlines & hardlines Sales Promotion Develop strategies where no one else has gone Activities of sales promotion  Advertising  Publicity  Special events  Fashion shows  Retailers spend 1-5% of sales for sales promotion  Manufacturers spend 5-10% of sales promotion o Advertising through many different, national advertising Trade & Fashion Shows  In most organizations, the special events coordinator assumes the responsibilities of fashion shows & P.R.  Events may be either institutional or promotional o Work very close with the major labels to develop a brand image,  The main goal is community service activities Public Relations  Developing newsworthy stories about company through pre3ss releases, press skills, & community service strategies  Develop special events strategy working with buyers & advertising executives  Develop client list & ensure keep clients invited to all special events  Assist stylist  Key characteristics o Organized, aggressive, creative, detailed, strong interpersonal skills, understands business & how this position saves dollars for the company Fashion Directors/Coordinators  Collaborates with merchandise teams to assist in setting fashion direction for the company  Attends domestic & foreign markets to view shows & visit with designers  Develops visuals to show to merchandising teams about trends, designers, brands, & styles seen  Works with me3rchandise division to coordinate trends to be featured  Collaborates with public relations to develop special events (fashion shows, trunk shows, etc.)  Plans & executes shows  Serves as the fashion guru of the company in various media events Stylist  Aware of past & current trends consistently performing research activities to stay ahead of the game  Knowledgeable about brand, fabrics, colors, styles, fits, & has a good sense of pulling looks together  Very strong interpersonal skills in working with vendors, stores, & clients & adapt in developing a very strong customer base where personal attention is a priority  Ability to work with print, television, film, videos  Many stylists have previously worked in retail  There are stylist agencies to connect stylists with clients, does not need to be free lanced Studio Services Associate  Service major stylists in LA  Employed b fashion department or specialty store in a large metropolitan area near the Manager of Retail Services-Market  promote market to retailers & compete with other markets & trade shows  developing incentives for trailers & buyers to participate in market Fashion Office Assistant Market (also an internship)  Manage in-house modeling agency for runway & showroom models for all markets  Coordinate auditions, open call & agency auditions Magazine Positions  Fashion assistant o Main task is to assist fashion editors & be in charge of fashion closet  Fashion editor o Main task is to oversee the entire closet & edit what goes into the magazine  Fashion market director/creative director o Main task is to provide inspiration & ideas for the fashion spreads o Create the visual images to promotes the publication & be first to shoot & first to report Magazine Fashion Editor  Approving what will be in shoot & where shoot will take place through brainstorming sessions with creative director  Calling showrooms for needed samples for upcoming shoots & assuring enough ordered for stylists to work with  Collaborating with stylists to assure samples are current & at the right price Magazine Fashion Market/Creative Director  Constantly knowing the current fashion trends  Collaborating with the fashion edition  Attending fashion shows all over the world & taking inspiration from shows & applying it to the  Weeding through fashion trends to determine what is right for the  Knowing what styles Personal Shoppers  Hourly or salaried associate within a store  Knowledgeable of current trends & assortments found within the store  Develops client base for strong repeat business  Provides personal attention is servicing customer  Special orders garments for customers  May work close with vendors  Strong fashion sense & has the ability to fit the right look to the customer from head to toe


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