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Retail > week 10-11 > Flashcards

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
Q

Factors Affecting Sales Projections

  • UNCONTROLLABLE (4)
A
  • Seasonality
  • Weather
  • Competitive Activity
  • Product Availability
  • Economic Conditions
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26
Q

BUYING ORGANIZATION (5)

A

MERCHANDISE GROUP
DEPARTMENT
CLASSIFICATION
CATEGORY
SKU

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27
Q

Managed by a general merchandise manager (GMM), senior VP

A

MERCHANDISE GROUP

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28
Q

_______________ are managed by a divisional merchandise manager (DMM),

A

department

29
Q

A group of items targeting the same customer type, such as girls’ sizes 4-6

A

classification

30
Q

each buyer manages several merchandises _________ (e.g., sportswear, dresses, swimwear, outerwear ___________ for girls’ sizes 4-6

A

category

31
Q

the smallest unit available for inventory control Size, Color, Style

A

SKU

32
Q

Draw a Merchandise Planning Process

A

————————– 7 boxes

33
Q

a way to classify a sales opportunity
based on how confident the sales rep is in closing the deal in a
given time frame.

A

Forecast Category Sales

34
Q

It helps sales reps organize the sales pipeline and
estimate how much revenue the company can expect within a given
time period.

A

Forecast Category Sales

35
Q

_______________________ is the process of selecting the collection of products that will be on offer in particular areas (localisation) and during specified periods (seasonality).

A

develop an assortment plan
/ Assortment planning

36
Q

It considers the financial
objectives and seasonality of the product selection so that both you
and your customers gain from the outcome.

A

develop an assortment plan

37
Q

_____________________________ 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.

A

develop an assortment plan/ Assortment planning

38
Q

The __________________________ defines the products that make up your categories, sub-categories, segments, and sub-segments.

A

develop an assortment plan /assortment plan

39
Q

ABC Classification of merchandise (inventory)
A – higher product availability
B – medium product availability
C – lower product availability is acceptable

A

Determining Variety and Assortment

40
Q

ABC Classification of merchandise (inventory)

____ - medium product availability

A

B

41
Q

ABC Classification of merchandise (inventory)

____ - higher product availability

A

A

42
Q

ABC Classification of merchandise (inventory)

___ - lower product availability is
acceptable

A

C

43
Q

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
A
  • Demand
  • Deliver
  • Frequency
44
Q

__________________________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.

A

Optimal inventory levels

45
Q

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.

A
  • inventory
  • stock
46
Q

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).
A

DETERMINE APPROPRIATE INVENTORY LEVEL AND PRODUCT AVAILABILITY

47
Q

Ultimately, optimizing inventory becomes more complex as:

  • Your order volume increases.
  • You introduce more products.
  • You expand your physical distribution.
A

DETERMINE APPROPRIATE INVENTORY LEVEL AND PRODUCT AVAILABILITY

48
Q

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).
A
  • brand
  • SKU
  • Optimal inventory
49
Q

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.
A
  • increases
  • products
  • physical
50
Q
  • The percentage of demand for a particular SKU that is satisfied
A

PRODUCT AVAILABILITY

51
Q
  • Level of support or service level
A

PRODUCT AVAILABILITY

52
Q
  • The backup (buffer) stock in the model stock plan determine
    product availability
A

PRODUCT AVAILABILITY

53
Q
  • 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
A

PRODUCT AVAILABILITY

54
Q

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

A
  • product
  • medium
  • lower
55
Q

__________________ is the process of determining the optimal quantity and timing of inventory for the purpose of aligning it with sales and production capacity.

A

Inventory planning

56
Q

_________________________ affects a
company’s cash flow and profits while contributing to an
efficient supply chain.

A

Inventory planning

57
Q
  • Inventory that goes up and down
    due to the replenishment process
A

Cycle (base) stock

58
Q
  • Inventory needed to avoid stockout
A

Backup (buffer, safety) stock

59
Q

indicate the desired inventory level for each SKU

  • cost of carrying inventory
  • lost sale due to stockout
A

Basic stock

60
Q

Three types of analyses related to the monitoring and adjustment step are:

  • Sell through analysis
  • ABC analysis of assortments
  • Multi-attribute analysis of vendors
A

Analyzing Merchandise Management Performance

61
Q

A ____________________ compares actual and planned sales to determine whether more merchandise is needed to satisfy demand or whether price
reductions are required.

A

sell-through analysis

62
Q

identifies the performance of individual SKUs in the
assortment plan.

A

ABC Analysis

63
Q
  • _______- 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.
A
  • Rank
  • stock
  • occasionally
  • deleted
64
Q

A items: 5% of SKUs, represent ____% of sales

A

70

65
Q

B items: 10% of SKUs, represent ___% of sales

A

20

66
Q

C items: 65% of SKUs, represent ___% of sales

A

10

67
Q
  • D items: 20% of SKUs, represent ___% of sales
A

10

68
Q

The____________________________________________________ uses a weighted average score for each vendor.

A

multi-attribute method for evaluating vendors

69
Q

The score is based on the importance of various
issues and the vendor’s performance on those issues.

A

multi-attribute method for evaluating vendors

Retail (5 decks)

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