merchandising and buying
TRANSCRIPT
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MERCHANDISING AND BUYINGThe Sexy Marketers
Chua, RyanDe Luna, TyroneQuinio, Jonathan
See, JessicaSoon, Alexis
Tangtatco, Eunice
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MERCHANDISE MANAGEMENT-the process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time and meet the company’s financial goals.
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BUYING ORGANIZATION
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Merchandise Group- managed by a general merchandise manager (GMM)- a general product sold by a retailer
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BUYING ORGANIZATION
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Department- managed by divisional merchandise managers (DMMs)- a more specific product in the merchandise group
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BUYING ORGANIZATION
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Classification- groups of items targeting the same customer type- process of grouping something according to shared characteristics
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BUYING ORGANIZATION
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Category
- next lower level in the classification scheme
- each buyer manages several merchandise categories
- a division of things regarded as having a particular shared interest
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BUYING ORGANIZATION
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SKU (Stock-Keeping Unit)- smallest unit available for inventory control
- usually means a particular size, color, and style
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BUYING ORGANIZATION
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MERCHANDISE CATEGORY - THE PLANNING UNIT
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What is merchandise category?- It is the basic unit of analysis for making merchandising management decisions.- It is an assortment of items that customers see as substitutes for one another.
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Retails also defines categories in terms of brands
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- is an approach to managing merchandise assigns one buyer or category manager to oversee all merchandising activities for the entire category.
Category Management
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Category Captain
It works with the retailer to develop a better understanding of shopping behavior, create assortments that satisfy consumer needs, and improve the profitability of the merchandise category.
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MERCHANDISE MANAGEMENT PLANNING SYSTEM
1. Staple Merchandise Category
2. Fashion Merchandise Category
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Staple Merchandise Category- continuous demand over an extended time period
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Staple Merchandise Category
- Continuous replenishment
- Continuous monitoring of merchandise sale and generating replacement orders
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Fashion Merchandise Category
- in demand for only a short period of time
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Fashion Merchandise CategorySeasonal Merchandise
- Sales fluctuate depending on the time of the year
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Forecasting Fashion Merchandise Category
1. Previous sales data
2. Market research
3. Fashion and trend services
4. Vendors
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BUYING CYCLE
- before making any purchase of goods/services or ideas, customers typically go through a buying cycle, that are awareness, conducting research and then making a purchase decision
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BUYING CYCLE