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week 10-11 Flashcards

1
Q

management management
enumerate (4)

A
  1. managing the merchandise
    planning process
  2. buying merchandise
  3. retail pricing
  4. retail communication mix
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2
Q

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.

A

merchandise management

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3
Q
  • Sense market trends
    is example of ________________
A

merchandise management

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4
Q
  • Analyze sales data
    is example of ______________
A

merchandise management

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5
Q
  • Make appropriate adjustments ? in prices and inventory levels
    is example of _________________
A

merchandise management

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6
Q

Types of Merchandise (2)

A

staple merchandise
fashion merchandise

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7
Q
  • Predictable Demand
    is example of ____________
A

staple merchandise

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8
Q
  • History of Past Sales
    is example of ___________
A

staple merchandise

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9
Q
  • Relatively Accurate Forecasts
    is example of __________
A

staple merchandise

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10
Q
  • Unpredictable Demand
    is example of ________________
A

fashion merchandise

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11
Q
  • Limited Sales History
    is example of ______________
A

fashion merchandise

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12
Q
  • Difficult to Forecast Sales
    is example of ______________
A

fashion merchandise

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13
Q

staple merchandise (3)

A
  • Predictable Demand
  • History of Past Sales
  • Relatively Accurate Forecasts
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14
Q

fashion merchandise (3)

A
  • Unpredictable Demand
  • Limited Sales History
  • Difficult to Forecast Sales
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15
Q
  • Continuous demand over an extended time period
A

Staple Merchandise (BASIC)

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16
Q
  • Limited number of new product introductions
A

Staple Merchandise (BASIC)

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17
Q
  • Hosiery, basic casual apparel
A

Staple Merchandise (BASIC)

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18
Q
  • Easy to forecast demand
A

Staple Merchandise (BASIC)

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19
Q
  • Continuous replenishment
A

Staple Merchandise (BASIC)

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20
Q
  • In demand for a relatively short period of time
A

fashion merchandise

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21
Q
  • In demand for a relatively short period of time
A

fashion merchandise

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22
Q
  • In demand for a relatively short period of time
A

fashion merchandise

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23
Q

Factors Affecting Sales Projections (2)

A

controllable
uncontrollable

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24
Q

Factors Affecting Sales Projections

  • CONTROLLABLE (4)
A
  • Promotions
  • Store Locations
  • Merchandise Placement
  • Cannibalization
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25
Factors Affecting Sales Projections * UNCONTROLLABLE (4)
* Seasonality * Weather * Competitive Activity * Product Availability * Economic Conditions
26
BUYING ORGANIZATION (5)
MERCHANDISE GROUP DEPARTMENT CLASSIFICATION CATEGORY SKU
27
Managed by a general merchandise manager (GMM), senior VP
MERCHANDISE GROUP
28
_______________ are managed by a divisional merchandise manager (DMM),
department
29
A group of items targeting the same customer type, such as girls' sizes 4-6
classification
30
each buyer manages several merchandises _________ (e.g., sportswear, dresses, swimwear, outerwear ___________ for girls' sizes 4-6
category
31
the smallest unit available for inventory control Size, Color, Style
SKU
32
Draw a Merchandise Planning Process
-------------------------- 7 boxes
33
a way to classify a sales opportunity based on how confident the sales rep is in closing the deal in a given time frame.
Forecast Category Sales
34
It helps sales reps organize the sales pipeline and estimate how much revenue the company can expect within a given time period.
Forecast Category Sales
35
_______________________ is the process of selecting the collection of products that will be on offer in particular areas (localisation) and during specified periods (seasonality).
develop an assortment plan / Assortment planning
36
It considers the financial objectives and seasonality of the product selection so that both you and your customers gain from the outcome.
develop an assortment plan
37
_____________________________ entails evaluating individual product attributes, including Brand, Size, Style, Colour, Function, Price and Stock Keeping Unit (SKU) performance during selection to address the preferences and needs of your customers.
develop an assortment plan/ Assortment planning
38
The __________________________ defines the products that make up your categories, sub-categories, segments, and sub-segments.
develop an assortment plan /assortment plan
39
ABC Classification of merchandise (inventory) A – higher product availability B – medium product availability C – lower product availability is acceptable
Determining Variety and Assortment
40
ABC Classification of merchandise (inventory) ____ - medium product availability
B
41
ABC Classification of merchandise (inventory) ____ - higher product availability
A
42
ABC Classification of merchandise (inventory) ___ - lower product availability is acceptable
C
43
Factors considered to determine the appropriate level of buffer stock and thus the product availability for each SKU * Fluctuations in ________ * Lead time for ______ from the vendor * ____________ of store deliveries
- Demand - Deliver - Frequency
44
__________________________are the ideal quantities of products that you should have in a fulfillment center(s) at any given time. By optimizing inventory levels, you reduce the risk of common inventory issues, from high storage costs to out-of-stock items.
Optimal inventory levels
45
Too much ___________ can require too much capital, sit on shelves too long, or eventually become unsellable. But too little ______ can lead to stockouts and backorders, which can reduce customer satisfaction.
- inventory - stock
46
When it comes to optimizing inventory levels, here are a few things to consider: * It will be different for every brand. * Each SKU may require a different optimal inventory level based on demand. * Optimal inventory levels can change quickly (monthly, seasonally, and annually as you grow).
DETERMINE APPROPRIATE INVENTORY LEVEL AND PRODUCT AVAILABILITY
47
Ultimately, optimizing inventory becomes more complex as: * Your order volume increases. * You introduce more products. * You expand your physical distribution.
DETERMINE APPROPRIATE INVENTORY LEVEL AND PRODUCT AVAILABILITY
48
DETERMINE APPROPRIATE INVENTORY LEVEL AND PRODUCT AVAILABILITY fill up the gap: When it comes to optimizing inventory levels, here are a few things to consider: * It will be different for every ______. * Each ____ may require a different optimal inventory level based on demand. * __________________ levels can change quickly (monthly, seasonally, and annually as you grow).
- brand - SKU - Optimal inventory
49
DETERMINE APPROPRIATE INVENTORY LEVEL AND PRODUCT AVAILABILITY fill up the gap: Ultimately, optimizing inventory becomes more complex as: * Your order volume _________. * You introduce more ____________. * You expand your ___________ distribution.
- increases - products - physical
50
* The percentage of demand for a particular SKU that is satisfied
PRODUCT AVAILABILITY
51
* Level of support or service level
PRODUCT AVAILABILITY
52
* The backup (buffer) stock in the model stock plan determine product availability
PRODUCT AVAILABILITY
53
* The higher ______________________, the higher the amount of backup stock necessary to ensure that the retailer won’t be out of stock on a particular SKU when consumers demand it
PRODUCT AVAILABILITY
54
Factors considered to determine the appropriate level of buffer stock and thus the product availability for each SKU * ABC Classification of merchandise (inventory) A – higher __________ availability B – ________ product availability C – _______ product availability is acceptable
- product - medium - lower
55
__________________ is the process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity.
Inventory planning
56
_________________________ affects a company's cash flow and profits while contributing to an efficient supply chain.
Inventory planning
57
* Inventory that goes up and down due to the replenishment process
Cycle (base) stock
58
* Inventory needed to avoid stockout
Backup (buffer, safety) stock
59
indicate the desired inventory level for each SKU - cost of carrying inventory - lost sale due to stockout
Basic stock
60
Three types of analyses related to the monitoring and adjustment step are: * Sell through analysis * ABC analysis of assortments * Multi-attribute analysis of vendors
Analyzing Merchandise Management Performance
61
A ____________________ compares actual and planned sales to determine whether more merchandise is needed to satisfy demand or whether price reductions are required.
sell-through analysis
62
identifies the performance of individual SKUs in the assortment plan.
ABC Analysis
63
* _______- orders merchandise by some performance measure determine which items: * should never be out of _____ * should be allowed to be out of stock ___________ * should be __________ from the stock selection.
- Rank - stock - occasionally - deleted
64
A items: 5% of SKUs, represent ____% of sales
70
65
B items: 10% of SKUs, represent ___% of sales
20
66
C items: 65% of SKUs, represent ___% of sales
10
67
* D items: 20% of SKUs, represent ___% of sales
10
68
The____________________________________________________ uses a weighted average score for each vendor.
multi-attribute method for evaluating vendors
69
The score is based on the importance of various issues and the vendor’s performance on those issues.
multi-attribute method for evaluating vendors

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