Chapter 16 Flashcards
Define procurement
buying at the wholesale level for resale at the retail level
What are market centres
concentrated geographic areas where goods are bought and sold at wholesale prices
How far ahead to buyers place their main orders for merchandise?
3-6 months ahead
What are market weeks?
scheduled periods of time where producers introduce new lines
What are trade shows?
exhibits scheduled throughout the year
- lasts 2-4 days
- cover areas of fashion that might otherwise be lost
What are offshore market centres?
buying areas outside the united states, and are the simplest way to source internationally
What is a purchase order?
a written contract authorizing the manufacturer to deliver certain goods at specific prices and times
Define completion date
the specified date when the goods are needed by the retailer
What is the term “As Ready”
means the manufacturer promises to ship orders when they are completed
Regular orders VS Advance orders
regular- stock orders for line merchandise specifying style numbers, quantities, delivery dates, sizes and colours that are available immediately
advance- list the same specifics as regular orders but that longer lead time before the delivery date
define reorders
additional orders of the same merchandise as ordered previously
define backorders
orders that have not been filled within the time specified due to a stockout
define open order
does not detail styles/colours
define special orders
placed to satisfy individual customer requests
define blanket orders
promises to buy from favoured vendors over a period of time
