Fashion Buying and Merchandising Principles
Expert-defined terms from the Advanced Certificate in Fashion Buying and Merchandising course at London School of Planning and Management. Free to read, free to share, paired with a globally recognised certification pathway.
Advanced Certificate in Fashion Buying and Merchandising #
Advanced Certificate in Fashion Buying and Merchandising
This course is designed to provide students with advanced knowledge and skills i… #
It covers a wide range of topics related to the principles and practices of buying and merchandising in the fashion industry. Students will learn how to analyze market trends, develop merchandising strategies, and make informed buying decisions.
Alphabetical Order #
Alphabetical Order
- Allocation : The process of distributing merchandise to different retail… #
- Allocation: The process of distributing merchandise to different retail locations based on factors such as sales history, store size, and customer demographics.
- Assortment Planning : The process of determining the mix of products to… #
- Assortment Planning: The process of determining the mix of products to be offered by a retailer, taking into account factors such as customer preferences, seasonality, and sales trends.
- Buying Calendar : A schedule that outlines key dates and deadlines for t… #
- Buying Calendar: A schedule that outlines key dates and deadlines for the buying and merchandising process, including market weeks, order deadlines, and delivery dates.
- Cost of Goods Sold (COGS) : The direct costs associated with producing o… #
- Cost of Goods Sold (COGS): The direct costs associated with producing or purchasing the goods that are sold by a retailer, including materials, labor, and overhead expenses.
- Drop Ship : A fulfillment method where a retailer transfers customer ord… #
- Drop Ship: A fulfillment method where a retailer transfers customer orders to a manufacturer, wholesaler, or another retailer, who then ships the goods directly to the customer.
- Exclusivity : The practice of offering unique products or services that… #
- Exclusivity: The practice of offering unique products or services that are only available through a specific retailer, creating a competitive advantage.
- Forecasting : The process of predicting future sales and trends based on… #
- Forecasting: The process of predicting future sales and trends based on historical data, market research, and other factors.
- Gross Margin : The difference between the selling price of goods and the… #
- Gross Margin: The difference between the selling price of goods and the cost of goods sold, expressed as a percentage of sales.
- Inventory Management : The process of overseeing the flow of goods into… #
- Inventory Management: The process of overseeing the flow of goods into and out of a retail establishment, including ordering, stocking, and tracking inventory levels.
- Initial Markup : The difference between the cost of goods and the sellin… #
- Initial Markup: The difference between the cost of goods and the selling price, expressed as a percentage of cost.
- Just-in-Time (JIT) Inventory : A system of inventory management that aim… #
- Just-in-Time (JIT) Inventory: A system of inventory management that aims to minimize carrying costs by ordering goods only when they are needed for production or sale.
- Key Performance Indicators (KPIs) : Quantifiable metrics used to evaluat… #
- Key Performance Indicators (KPIs): Quantifiable metrics used to evaluate the performance of a business or specific activities, such as sales, profit margins, and inventory turnover.
- Lead Time : The amount of time between placing an order for goods and re… #
- Lead Time: The amount of time between placing an order for goods and receiving them, including production time, shipping time, and any delays.
- Markdown : A reduction in the selling price of goods to stimulate sales,… #
- Markdown: A reduction in the selling price of goods to stimulate sales, clear excess inventory, or respond to market conditions.
- Open-to-Buy (OTB) : The budgeted amount of money available for purchasin… #
- Open-to-Buy (OTB): The budgeted amount of money available for purchasing goods during a specific period, taking into account current inventory levels, sales forecasts, and other factors.
- Omni-Channel Retailing : A multichannel approach to retailing that aims… #
- Omni-Channel Retailing: A multichannel approach to retailing that aims to provide a seamless shopping experience across all channels, including online, mobile, and brick-and-mortar stores.
- Private Label : Products that are manufactured and sold under the retail… #
- Private Label: Products that are manufactured and sold under the retailer's own brand name, offering exclusivity and higher profit margins.
- Quick Response (QR) : A strategy that aims to reduce lead times and impr… #
- Quick Response (QR): A strategy that aims to reduce lead times and improve responsiveness to market demands by streamlining supply chain operations and communication.
- Reorder Point : The inventory level at which a retailer should place a n… #
- Reorder Point: The inventory level at which a retailer should place a new order to replenish stock before running out of a particular product.
- Seasonality : The fluctuation in consumer demand for certain products or… #
- Seasonality: The fluctuation in consumer demand for certain products or services based on the time of year, such as holiday shopping seasons or weather-related trends.
- Turnover Rate : The rate at which inventory is sold and replaced over a… #
- Turnover Rate: The rate at which inventory is sold and replaced over a specific period, calculated as the cost of goods sold divided by the average inventory value.
- UPC (Universal Product Code) : A standardized barcode system used to ide… #
- UPC (Universal Product Code): A standardized barcode system used to identify products and track inventory in retail stores.
- Vendor Compliance : The adherence to specific requirements and standards… #
- Vendor Compliance: The adherence to specific requirements and standards set by a retailer for its suppliers, including product quality, packaging, labeling, and delivery schedules.
- Wholesale : The sale of goods in large quantities to retailers or other… #
- Wholesale: The sale of goods in large quantities to retailers or other businesses for resale, typically at a discounted price.
- X-Dock : A designated area in a retail store where incoming merchandise… #
- X-Dock: A designated area in a retail store where incoming merchandise is unpacked, inspected, and prepared for display on the sales floor.
- Yield Management : A pricing strategy that aims to maximize revenue by a… #
- Yield Management: A pricing strategy that aims to maximize revenue by adjusting prices based on demand, availability, and other factors.
- Zero-Based Budgeting : A budgeting approach that requires all expenses t… #
- Zero-Based Budgeting: A budgeting approach that requires all expenses to be justified for each new period, rather than using previous budgets as a baseline.