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URI / FASHION MERCHANDISING & DESIGN (FMD) / FAS 232 / What are the benefits of working in a highly competitive rapidly chang

What are the benefits of working in a highly competitive rapidly chang

What are the benefits of working in a highly competitive rapidly chang

Description

School: University of Rhode Island
Department: FASHION MERCHANDISING & DESIGN (FMD)
Course: Fashion Retailing
Professor: Yvette harps-logan
Term: Fall 2016
Tags: Fashion and Retailing
Cost: Free
Name: Fashion Retailing (TMD 232) Week 2 notes
Description: Theses notes consist of chapters 1 and 2. Material highlighted in yellow represents an entirely new chapter or idea, pink represents terminology and important vocabulary words, and orange signifies a break, or introduction to a new subject.
Uploaded: 09/20/2016
12 Pages 199 Views 0 Unlocks
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"}ol.lst-kix_8tgrxjdlda5x-3.start{counter-reset:lst-ctn-kix_8tgrxjdlda5x-3 0}ul.lst-kix_hwdfkitjwd8v-0{list-style-type:none}ul.lst-kix_ts1pusg2oij3-7{list-style-type:none}ul.lst-kix_ts1pusg2oij3-8{list-style-type:none}.lst-kix_38usl69jqy6v-7 > li{counter-increment:lst-ctn-kix_38usl69jqy6v-7}ol.lst-kix_38usl69jqy6v-2.start{counter-reset:lst-ctn-kix_38usl69jqy6v-2 0}ul.lst-kix_fo3m29nuuobw-4{list-style-type:none}ul.lst-kix_fo3m29nuuobw-3{list-style-type:none}ul.lst-kix_fo3m29nuuobw-2{list-style-type:none}ul.lst-kix_fo3m29nuuobw-1{list-style-type:none}ul.lst-kix_fo3m29nuuobw-8{list-style-type:none}ul.lst-kix_fo3m29nuuobw-7{list-style-type:none}ul.lst-kix_fo3m29nuuobw-6{list-style-type:none}ol.lst-kix_bexzx6dse8sw-2.start{counter-reset:lst-ctn-kix_bexzx6dse8sw-2 0}ul.lst-kix_fo3m29nuuobw-5{list-style-type:none}.lst-kix_7v7no0cw8bf4-8 > li:before{content:"■ "}.lst-kix_7v7no0cw8bf4-7 > li:before{content:"○ "}.lst-kix_8tgrxjdlda5x-6 > li{counter-increment:lst-ctn-kix_8tgrxjdlda5x-6}ol.lst-kix_38usl69jqy6v-0{list-style-type:none}.lst-kix_d4705a1npxtb-2 > li:before{content:"■ "}.lst-kix_d4705a1npxtb-4 > li:before{content:"○ "}.lst-kix_bexzx6dse8sw-6 > li{counter-increment:lst-ctn-kix_bexzx6dse8sw-6}.lst-kix_d4705a1npxtb-3 > li:before{content:"● "}ol.lst-kix_38usl69jqy6v-3.start{counter-reset:lst-ctn-kix_38usl69jqy6v-3 0}.lst-kix_8tgrxjdlda5x-0 > li{counter-increment:lst-ctn-kix_8tgrxjdlda5x-0}ol.lst-kix_bexzx6dse8sw-8.start{counter-reset:lst-ctn-kix_bexzx6dse8sw-8 0}.lst-kix_d4705a1npxtb-0 > li:before{content:"● "}ul.lst-kix_fo3m29nuuobw-0{list-style-type:none}.lst-kix_49up61grnloq-8 > li:before{content:"■ "}.lst-kix_d4705a1npxtb-1 > li:before{content:"○ "}.lst-kix_49up61grnloq-7 > li:before{content:"○ "}.lst-kix_49up61grnloq-6 > li:before{content:"● "}.lst-kix_38usl69jqy6v-5 > li{counter-increment:lst-ctn-kix_38usl69jqy6v-5}.lst-kix_49up61grnloq-3 > li:before{content:"● "}.lst-kix_49up61grnloq-5 > li:before{content:"■ "}.lst-kix_49up61grnloq-4 > li:before{content:"○ "}ol.lst-kix_bexzx6dse8sw-1.start{counter-reset:lst-ctn-kix_bexzx6dse8sw-1 0}ul.lst-kix_4sazu5efsar6-2{list-style-type:none}ul.lst-kix_4sazu5efsar6-3{list-style-type:none}ul.lst-kix_4sazu5efsar6-4{list-style-type:none}ul.lst-kix_4sazu5efsar6-5{list-style-type:none}ul.lst-kix_4sazu5efsar6-0{list-style-type:none}ul.lst-kix_4sazu5efsar6-1{list-style-type:none}ol.lst-kix_bexzx6dse8sw-7.start{counter-reset:lst-ctn-kix_bexzx6dse8sw-7 0}ul.lst-kix_fpsd88meujj5-0{list-style-type:none}ul.lst-kix_fpsd88meujj5-1{list-style-type:none}ul.lst-kix_fpsd88meujj5-2{list-style-type:none}ul.lst-kix_fpsd88meujj5-3{list-style-type:none}ul.lst-kix_fpsd88meujj5-4{list-style-type:none}ul.lst-kix_fpsd88meujj5-5{list-style-type:none}ol.lst-kix_38usl69jqy6v-6{list-style-type:none}ul.lst-kix_fpsd88meujj5-6{list-style-type:none}ol.lst-kix_38usl69jqy6v-5{list-style-type:none}ul.lst-kix_fpsd88meujj5-7{list-style-type:none}ol.lst-kix_38usl69jqy6v-8{list-style-type:none}ul.lst-kix_fpsd88meujj5-8{list-style-type:none}ol.lst-kix_38usl69jqy6v-7{list-style-type:none}ul.lst-kix_4sazu5efsar6-6{list-style-type:none}ol.lst-kix_38usl69jqy6v-2{list-style-type:none}ul.lst-kix_4sazu5efsar6-7{list-style-type:none}ol.lst-kix_38usl69jqy6v-1{list-style-type:none}.lst-kix_ts1pusg2oij3-6 > li:before{content:"- "}ul.lst-kix_4sazu5efsar6-8{list-style-type:none}ol.lst-kix_38usl69jqy6v-4{list-style-type:none}ol.lst-kix_38usl69jqy6v-3{list-style-type:none}.lst-kix_38usl69jqy6v-1 > li:before{content:"" counter(lst-ctn-kix_38usl69jqy6v-1,lower-latin) ". 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li{counter-increment:lst-ctn-kix_38usl69jqy6v-4}ol.lst-kix_8tgrxjdlda5x-7.start{counter-reset:lst-ctn-kix_8tgrxjdlda5x-7 0}.lst-kix_elsq7uht2jd8-1 > li:before{content:"- "}.lst-kix_d4705a1npxtb-6 > li:before{content:"● "}.lst-kix_4sazu5efsar6-3 > li:before{content:"● "}ul.lst-kix_49up61grnloq-5{list-style-type:none}.lst-kix_9nm7sqpszyb4-3 > li:before{content:"● "}ul.lst-kix_7v7no0cw8bf4-3{list-style-type:none}.lst-kix_7v7no0cw8bf4-4 > li:before{content:"○ "}ul.lst-kix_49up61grnloq-6{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-2{list-style-type:none}.lst-kix_vrfu2guup7v4-0 > li:before{content:"- "}ul.lst-kix_49up61grnloq-3{list-style-type:none}ul.lst-kix_d4705a1npxtb-0{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-5{list-style-type:none}ul.lst-kix_49up61grnloq-4{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-4{list-style-type:none}.lst-kix_7v7no0cw8bf4-2 > li:before{content:"■ "}.lst-kix_7v7no0cw8bf4-6 > li:before{content:"● "}ul.lst-kix_vrfu2guup7v4-1{list-style-type:none}ul.lst-kix_vrfu2guup7v4-0{list-style-type:none}.lst-kix_4sazu5efsar6-5 > li:before{content:"■ "}ul.lst-kix_49up61grnloq-7{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-1{list-style-type:none}ul.lst-kix_vrfu2guup7v4-3{list-style-type:none}ul.lst-kix_49up61grnloq-8{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-0{list-style-type:none}ul.lst-kix_vrfu2guup7v4-2{list-style-type:none}ol.lst-kix_38usl69jqy6v-6.start{counter-reset:lst-ctn-kix_38usl69jqy6v-6 0}ul.lst-kix_d4705a1npxtb-6{list-style-type:none}ul.lst-kix_vrfu2guup7v4-5{list-style-type:none}ul.lst-kix_d4705a1npxtb-5{list-style-type:none}ul.lst-kix_vrfu2guup7v4-4{list-style-type:none}ul.lst-kix_d4705a1npxtb-8{list-style-type:none}ul.lst-kix_vrfu2guup7v4-7{list-style-type:none}ul.lst-kix_d4705a1npxtb-7{list-style-type:none}.lst-kix_d4705a1npxtb-8 > li:before{content:"■ "}ul.lst-kix_vrfu2guup7v4-6{list-style-type:none}ul.lst-kix_49up61grnloq-1{list-style-type:none}.lst-kix_9nm7sqpszyb4-5 > li:before{content:"■ "}ul.lst-kix_d4705a1npxtb-2{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-7{list-style-type:none}ul.lst-kix_49up61grnloq-2{list-style-type:none}ul.lst-kix_d4705a1npxtb-1{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-6{list-style-type:none}.lst-kix_vrfu2guup7v4-2 > li:before{content:"- "}ul.lst-kix_vrfu2guup7v4-8{list-style-type:none}.lst-kix_4sazu5efsar6-7 > li:before{content:"○ "}ul.lst-kix_d4705a1npxtb-4{list-style-type:none}ul.lst-kix_49up61grnloq-0{list-style-type:none}ul.lst-kix_d4705a1npxtb-3{list-style-type:none}ul.lst-kix_7v7no0cw8bf4-8{list-style-type:none}.lst-kix_bexzx6dse8sw-5 > li{counter-increment:lst-ctn-kix_bexzx6dse8sw-5}ul.lst-kix_elsq7uht2jd8-7{list-style-type:none}.lst-kix_9nm7sqpszyb4-7 > li:before{content:"○ "}.lst-kix_7v7no0cw8bf4-0 > li:before{content:"● "}ul.lst-kix_elsq7uht2jd8-6{list-style-type:none}ul.lst-kix_elsq7uht2jd8-8{list-style-type:none}ol.lst-kix_8tgrxjdlda5x-8.start{counter-reset:lst-ctn-kix_8tgrxjdlda5x-8 0}ol.lst-kix_bexzx6dse8sw-4.start{counter-reset:lst-ctn-kix_bexzx6dse8sw-4 0}ul.lst-kix_elsq7uht2jd8-1{list-style-type:none}ul.lst-kix_elsq7uht2jd8-0{list-style-type:none}ul.lst-kix_elsq7uht2jd8-3{list-style-type:none}ul.lst-kix_elsq7uht2jd8-2{list-style-type:none}ul.lst-kix_elsq7uht2jd8-5{list-style-type:none}ul.lst-kix_elsq7uht2jd8-4{list-style-type:none}.lst-kix_8tgrxjdlda5x-5 > li{counter-increment:lst-ctn-kix_8tgrxjdlda5x-5}ol.lst-kix_38usl69jqy6v-7.start{counter-reset:lst-ctn-kix_38usl69jqy6v-7 0}.lst-kix_vrfu2guup7v4-8 > li:before{content:"- "}.lst-kix_vrfu2guup7v4-4 > li:before{content:"- "}.lst-kix_38usl69jqy6v-3 > li{counter-increment:lst-ctn-kix_38usl69jqy6v-3}.lst-kix_9nm7sqpszyb4-1 > li:before{content:"○ "}.lst-kix_vrfu2guup7v4-6 > li:before{content:"- "}ul.lst-kix_69os0ni09p8f-5{list-style-type:none}ul.lst-kix_69os0ni09p8f-4{list-style-type:none}.lst-kix_fpsd88meujj5-6 > li:before{content:"● "}.lst-kix_fpsd88meujj5-7 > li:before{content:"○ "}ul.lst-kix_69os0ni09p8f-7{list-style-type:none}ul.lst-kix_69os0ni09p8f-6{list-style-type:none}ul.lst-kix_69os0ni09p8f-1{list-style-type:none}ul.lst-kix_69os0ni09p8f-0{list-style-type:none}.lst-kix_fpsd88meujj5-4 > li:before{content:"○ "}.lst-kix_fpsd88meujj5-8 > li:before{content:"■ "}ul.lst-kix_69os0ni09p8f-3{list-style-type:none}ul.lst-kix_69os0ni09p8f-2{list-style-type:none}ul.lst-kix_69os0ni09p8f-8{list-style-type:none}.lst-kix_fpsd88meujj5-5 > li:before{content:"■ "}ol.lst-kix_8tgrxjdlda5x-0.start{counter-reset:lst-ctn-kix_8tgrxjdlda5x-0 0}.lst-kix_38usl69jqy6v-8 > li{counter-increment:lst-ctn-kix_38usl69jqy6v-8}.lst-kix_bexzx6dse8sw-7 > li{counter-increment:lst-ctn-kix_bexzx6dse8sw-7}.lst-kix_lcjydoblwry3-0 > li:before{content:"● "}ol.lst-kix_38usl69jqy6v-5.start{counter-reset:lst-ctn-kix_38usl69jqy6v-5 0}.lst-kix_lcjydoblwry3-1 > li:before{content:"○ "}.lst-kix_lcjydoblwry3-3 > li:before{content:"● "}.lst-kix_lcjydoblwry3-2 > li:before{content:"■ "}.lst-kix_lcjydoblwry3-4 > li:before{content:"○ "}.lst-kix_8tgrxjdlda5x-3 > li{counter-increment:lst-ctn-kix_8tgrxjdlda5x-3}ol.lst-kix_bexzx6dse8sw-5.start{counter-reset:lst-ctn-kix_bexzx6dse8sw-5 0}.lst-kix_4sazu5efsar6-2 > li:before{content:"■ "}.lst-kix_mxz92wr0sqj5-0 > li:before{content:"● "}.lst-kix_lcjydoblwry3-7 > li:before{content:"○ "}.lst-kix_bexzx6dse8sw-0 > li{counter-increment:lst-ctn-kix_bexzx6dse8sw-0}.lst-kix_bexzx6dse8sw-6 > li:before{content:"" counter(lst-ctn-kix_bexzx6dse8sw-6,decimal) ". 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TMD 232 - Fashion RetailingIf you want to learn more check out o How else did we deal with OPEC?
If you want to learn more check out What are the factors of fashion as a form of communication?

Chapter one:If you want to learn more check out How do forces add?

Introduction to the world of retailingDon't forget about the age old question of What are the steps of scientific method in Psychology?

Benefits - to working in a highly competitive, rapidly changing retail environment

  • Significant financial rewards
  • Develop management skills

Retailing - the set of business activities that adds value to products and services sold to consumers for their personal or family use

  • Not all done in stores

Retailer - a business that sells products and / or services to consumers for their personal or family use

  • Key component that links manufacturers to consumers

Supply Chain - a set of firms that make and deliver goods and services to consumersWe also discuss several other topics like What refers to the change in allele frequencies in a population through generations?

Retailers Create Value:

  1. Providing an assortment of products and services
  2. Breaking bulk
  3. Holding inventory
  4. Providing services

Manufacturing → wholesaler → retailer → consumerWe also discuss several other topics like What is the definition of a system of equation?

Distribution Channel

  1. Providing Assortments
  • Manufacturers specialize in producing specific types of products
  • Yoplait = yogurt
  1. Breaking Bulk
  • Reduce transaction costs
  • Manufacturers can ship frozen dinners or cartons of blouses to retailers
  • Retailers offer products in smaller quantities tailored to individual consumers and households consumption patterns
  • Allows manufacturers to efficiently make and ship merchandise in larger quantities at one time
  • Enables consumers to purchase merchandise in smaller, more useful quantities
  1. Holding Inventory
  • Products will be available when consumers want them
  • Consumers can keep smaller inventory
  1. Providing Services
  • Retailers offer credit so that consumers can have a product now and pay for it later

Wholesalers - buy and store merchandise in large quantities from manufacturers and then sell the merchandise (usually in smaller quantities)

→ large retailers engage in both wholesaling and retailing

Ex: Walmart, Lowes, Safeway, Brown shoe company

Vertical Integration → a firm performs more than one set of activities in the channel; performed by independent firms, operating own distribution centers

Backward Integration → when a retailer performs some wholesaling and manufacturing activities; operating warehouses or designing private - label merchandise

Forward Integration → when a retailer such as Apple is operating its own retail stores (when a manufacturer performs activities)

Social and Economical Significance of Retailing:

Role in Developed Economics

  • When consumers spend more money buying goods and services from retailers, a country’s economy flourishes

Retail sales:

  • Over $4.3 trillion in annual U.S. sales in 2011
  • More than 8% of the U.S GOPD comes from retailing

Employment:

  • Employs over 14 million people in 2011
  • One of the largest sector jobs growth in the U.S.
  • Also includes
  • Social responsibility and global player

Opportunities in Retailing: Management Opportunities

  • People with a wide range of skills and interest needed because retailers functions include
  • Finance
  • Purchase
  • Accounting
  • Management information systems
  • Supply management including warehouse and distribution management
  • Design and new product development
  • Financially rewarding
  • 5 year salary of buyers $50,000 - $60,000
  • 5 year salary of store managers $20,000 - 160,000

Entrepreneurial Opportunities:

  • Retailing provides opportunities for people who want to start their own business
  • Some of the world’s richest people are retailing entrepreneurs

Retail Strategy

  • Need to identify the competition
  • Intratype Competition

Department vs. department

Supermarket vs. supermarket

  • Intertype Competition

                When retailers have different formats

  • Scrambled Merchandising
  • Identifying Customers
  • What are the significant demographic and lifestyle trends
  • Who are your target customers
  • Quantitative information

A retail strategy should identify…

  1. The target market
  2. True product and service mix
  3. A long term comparative advantage

Whole Foods Implementation

  • Strategy - organic and natural foods supermarket chain (assortment beyond organic / natural foods)
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