Introduction Flashcards
(22 cards)
What is retailing?
Sales of goods and services to final consumer at profit.
What is a Textile & Apparel (soft goods) Chain?
Production and distribution from fiber to consumer.
How can merchandising help companies gain a profit?
Through minimizing costs, hiring good sales people, and managing supply chains.
What is Supply Chain Management (SCM)?
Collection of actions required to coordinate and manage all activities necessary to bring a product to market.
What is the Traditional Supply Chain?
Producer > Retailer > Consumer
What is production?
What, how, and when to produce.
What is a manufacturer?
A company that performs all functions of creating, marketing, and distributing an apparel line on a continual basis.
What is wholesale price?
The price the retailer will pay the apparel manufacturer for the goods.
What are the supply chain drivers?
Production Inventory Location Transportation Information
What is inventory?
How much to make and store.
What is location?
Where best to do activity.
What is transportation?
How and when to move the product.
What is information?
Basics for decision making.
What are some attraction to consumers?
Location, accessibility, assortments, image, and convenience.
What is merchandising?
Involves all activities in promoting the sale of goods at retail to make a profit.
What is a merchandisers goal?
Translate trend into dollars.
What is vertical integration?
Business strategy whereby a company handles several steps in production and/or distribution.
What is multichanneling?
The strategy where merchandise if offered through bricks-and-mortar stores, catalogs, and/or websites,
What is different about merchandising apparel and other fashion goods?
Short selling life.
Fashion > Create Demand
What product characteristics contributes to uniqueness?
Aesthetics, physical appearance, economic, and historical significance.
What is internal selling?
Process used for private-label merchandise whereby a company design team will present seasonal lines to merchandisers within the company who will select specific pieces of the line for production.
What is cross-merchandising?
Strategy by which apparel companies and retailers combined apparel and accessories in their product offerings.
