APP 270 - Fashion Buying

1. Describe the buyer’s role in the retail supply chain.
   1. Explain the scope of the buyer’s job.
   2. Discuss the various qualifications, qualities, and abilities needed for a buying career.
   3. Identify the roles and responsibilities of a buyer.
   4. Explain the ways buyers are regularly evaluated on their performance.
   5. Discuss the need for buyers to extensively travel to make the purchase. 
2. Explain basic buying principles, processes, and terminology.
   1. Discuss the different types of retail operations.
   2. Discuss the chain of command in the merchandising division of a retail store organization.
   3. Identify how buying resources help buyers with buying plans.
   4. Discuss the different buying approaches used by buyers.
   5. Describe the different types of market settings in which buyers make their initial selections.
3. Analyze consumer buying behaviors.
   1. Define demographics and the role it plays in providing information to the buyer.
   2. Perform trend analysis
   3. Identify the different buying seasons.
   4. Outline the fashion supply chain.
4. Evaluate the mathematical importance in buying success.
   1. Identify the importance of controlling expenses in order to maximize profits.
   2. Practice the process of negotiating with vendors.
   3. Discuss the process of dating and how discounts are offered.
   4. Explain the importance of markup when pricing merchandise.
   5. Identify factors that affect retail pricing.
   6. Analyze the different causes of markdowns.
   7. Identify the effect of sell-through on pricing.
   8. Define retail deductions.
   9. Explain the differences among book inventory, physical inventory, and estimated physical       inventory.
   10. Discuss why retailers use the retail method of inventory.
5. Apply merchandising math used in the retail buying process.
   1. Complete a profit-and-loss statement.
   2. Calculate different types of discounts given to the retailer by the vendor.
   3. Calculate dollar markup and markup percent.
   4. Define and calculate three types of markup: initial, maintained, and cumulative.
   5. Calculate sell-through
   6. Calculate dollar markdown and markdown percent.
   7. Calculate shrinkage based on book and physical inventory figures.
   8. Calculate gross margin return on inventory.
   9. Determine the average inventory and stock turnover rate.
6. Prepare a six-month merchandise plan
   1. Use the open-to-buy formula to determine how much money is available for purchasing    goods.
   2. Discuss plan