Dec 01, 2022
APP 270 - Fashion Buying Credits: 3
Lecture Hours: 3
Lab Hours: 0
Practicum Hours: 0
Work Experience: 0
Course Type: Voc/Tech
Fashion moves quickly so the buyer must be in tune with current trends and suppliers who can provide the best quality merchandise, delivery and pricing. Vendor analysis, open-to-buy and timing are studied, including the development of a six-month merchandise plan.
Prerequisite OR Corequisite: BUS 112 , MAT 121 , or MAT 141
- Describe the buyer’s role in the retail supply chain.
- Explain the scope of the buyer’s job.
- Discuss the various qualifications, qualities, and abilities needed for a buying career.
- Identify the roles and responsibilities of a buyer.
- Explain the ways buyers are regularly evaluated on their performance.
- Discuss the need for buyers to extensively travel to make the purchase.
- Explain basic buying principles, processes, and terminology.
- Discuss the different types of retail operations.
- Discuss the chain of command in the merchandising division of a retail store organization.
- Identify how buying resources help buyers with buying plans.
- Discuss the different buying approaches used by buyers.
- Describe the different types of market settings in which buyers make their initial selections.
- Analyze consumer buying behaviors.
- Define demographics and the role it plays in providing information to the buyer.
- Perform trend analysis
- Identify the different buying seasons.
- Outline the fashion supply chain.
- Evaluate the mathematical importance in buying success.
- Identify the importance of controlling expenses in order to maximize profits.
- Practice the process of negotiating with vendors.
- Discuss the process of dating and how discounts are offered.
- Explain the importance of markup when pricing merchandise.
- Identify factors that affect retail pricing.
- Analyze the different causes of markdowns.
- Identify the effect of sell-through on pricing.
- Define retail deductions.
- Explain the differences among book inventory, physical inventory, and estimated physical inventory.
- Discuss why retailers use the retail method of inventory.
- Apply merchandising math used in the retail buying process.
- Complete a profit-and-loss statement.
- Calculate different types of discounts given to the retailer by the vendor.
- Calculate dollar markup and markup percent.
- Define and calculate three types of markup: initial, maintained, and cumulative.
- Calculate sell-through
- Calculate dollar markdown and markdown percent.
- Calculate shrinkage based on book and physical inventory figures.
- Calculate gross margin return on inventory.
- Determine the average inventory and stock turnover rate.
- Prepare a six-month merchandise plan
- Use the open-to-buy formula to determine how much money is available for purchasing goods.
- Discuss plan
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