M3 L1-L4 Flashcards
The smallest unit available for inventory control Size, color, style
SKU
refers to how the communication tool is perceived by the target audience.
CREDIBILITY
is the number of different merchandising categories within a store or department
VARIETY
focuses on the ability of the communication tool to deliver a personal message, its audience reach and the level of interaction offered. television advertising is good at visually informing target consumers of key features and benefits, whereas sales promotions are a call to action, to encourage consumers to make a purchase for example.
COMMUNICATION POTENTIAL
This is an agreement among manufacturers or among wholesalers or among retailers to set prices of certain items is called
HORIZONTAL PRICE FIXING
occurs when manufacturers or Pricing in Retail wholesalers seek to control the retail prices of their goods and services by disallowing retailers from selling their concerned items below the minimum prices fixed by them.
VERTICAL PRICE FIXING
Inventory needed to avoid stock out.
Back Up Stock
Inventory that goes up and down due to the replenishment process
CYCLE STOCK
Process by which a retailer offers the correct quantity of the right merchandise in the right place at the right time and meets the company’s financial goals
MERCHANDISE MANAGEMENT
A group of items targeting the same customer type, such as girls sizes 4-6
Classification
Designed, produced and marketed by a vendor and sold by many retailers.
National brands
Developed by a retailer and only sold in the retailer’s outlets
Private-level brands
Each buyer managers several merchandise categories (e.g., sportswear, dresses, swimwear, outerwear categories for girls sizes 4-6)
Category
A requirement imposed by a vendor that a retailer cannot sell an item for less than a specific price
Resale price maintenance
A practice used by retailers in which they deduct money from the amount the owe a vendor without getting vendor approval
Chargebacks
