Merchandising Strategies Study Guide Notes
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Merchandising Strategies Midterm Study Guide
Please be familiar with the following terms: * The Buying AND Planning Line organizational structure for a corporate retailer per lecture * Specific responsibilities of buyer vs. planner; levels of financial accountability per lecture * The Fashion Distribution Channel per lecture * The definition of Merchandising, in the context of this course per Levy and Weitz * Vertical Integration-3 Advantages and 3 Disadvantages (be specific!) per lecture * The Nordstrom Inverted Pyramid per lecture * The Nordstrom Customer Service Motto per lecture * The definition of customer service, according to Levy and Weitz * The statistic on the cost of returning vs. new customers, according to lecture and Levy and Weitz * The customization vs. standardization approach to customer service-and examples of retailers who do both-per lecture and Levy and Weitz * The definition of an Assortment Plan-per lecture * The definition of a category-per lecture and Levy and Weitz * Who is responsible for Assortment Planning-per lecture * Both “Lists” of what to remember when Assortment Planning (the 25% and 75% lists)-per lecture * Variety vs. Assortment per lecture—which is breadth, which is depth, what that means to a buyer and assortment planning, which is more strategic and which is a “corporate philosophy” * Be able to define UPC, SKU, EDI, QR, ASN, DC, Cross-docking, pre-packing, and “models” (model stock development) per lecture * What RFID stands for * Know and be able to write out “On EDI” vs. “Not on EDI” flow chart of basic replenishment mrch per lecture * Sell-through analysis (selling, and how often it’s usually done) per lecture and Levy and Weitz * Gross Margin formula, per lecture and Levy and Weitz (no math!) * The “Buyer’s Report Card”—3 financial areas that Buyers receive bonus on and are
Merchandising Strategies Midterm Study Guide
Please be familiar with the following terms: * The Buying AND Planning Line organizational structure for a corporate retailer per lecture * Specific responsibilities of buyer vs. planner; levels of financial accountability per lecture * The Fashion Distribution Channel per lecture * The definition of Merchandising, in the context of this course per Levy and Weitz * Vertical Integration-3 Advantages and 3 Disadvantages (be specific!) per lecture * The Nordstrom Inverted Pyramid per lecture * The Nordstrom Customer Service Motto per lecture * The definition of customer service, according to Levy and Weitz * The statistic on the cost of returning vs. new customers, according to lecture and Levy and Weitz * The customization vs. standardization approach to customer service-and examples of retailers who do both-per lecture and Levy and Weitz * The definition of an Assortment Plan-per lecture * The definition of a category-per lecture and Levy and Weitz * Who is responsible for Assortment Planning-per lecture * Both “Lists” of what to remember when Assortment Planning (the 25% and 75% lists)-per lecture * Variety vs. Assortment per lecture—which is breadth, which is depth, what that means to a buyer and assortment planning, which is more strategic and which is a “corporate philosophy” * Be able to define UPC, SKU, EDI, QR, ASN, DC, Cross-docking, pre-packing, and “models” (model stock development) per lecture * What RFID stands for * Know and be able to write out “On EDI” vs. “Not on EDI” flow chart of basic replenishment mrch per lecture * Sell-through analysis (selling, and how often it’s usually done) per lecture and Levy and Weitz * Gross Margin formula, per lecture and Levy and Weitz (no math!) * The “Buyer’s Report Card”—3 financial areas that Buyers receive bonus on and are