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Fashion Buying Cycle
25
Flashcards
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Range Planning
Determining the variety and assortment of products to be offered in each category.
Market Research
Gathering information on target demographics, competitors, and market conditions.
Exit Strategies
Planning for the clearance and disposal of unsold inventory.
Product Selection
Choosing the specific items to be purchased based on the buying plan and trends.
Price Negotiation
Negotiating purchase prices and payment terms with suppliers to match budget constraints.
Technology Integration
Utilizing fashion tech to enhance buying accuracy and efficiency like AI, VR, or data analytics.
Feedback Loop
Gathering insights from sales data, customer reviews, and staff to inform future purchases.
Category Management
Overseeing specific product categories to ensure coherent strategies and performance tracking.
Supplier Relations
Managing relationships with manufacturers, wholesalers, and designers to secure the best terms and products.
Budgeting
Allocating funds for the purchase of merchandise, considering past sales and projected revenue.
Timing of Purchases
Deciding when to buy merchandise to optimize selling periods and stock turnover.
Trade Show Attendance
Visiting fashion trade shows and showrooms to discover new products, suppliers, and trends.
Trend Forecasting
Identifying future fashion trends, including colors, fabrics, textures, and styles.
Competitive Analysis
Comparing the range, pricing, and strategies of competitors to identify opportunities and threats.
Market Adaptation
Adapting buying decisions based on changing market conditions and consumer preferences.
Customer Profiling
Creating profiles of typical customers for targeted buying decisions.
Buying Plan Creation
Planning what types of products to buy, in what quantities, for which segments, and when.
Brand Alignment
Ensuring that product selections are consistent with the brand's image and values.
Merchandising
Planning the presentation of products in-store or online for maximum appeal.
Logistics and Distribution
Coordinating transportation and handling of goods from suppliers to the store or distribution center.
Sales Performance Analysis
Evaluating the performance of purchased products in terms of sales and customer feedback.
Inventory Management
Overseeing stock levels, reorder points, and storage conditions.
Sustainability Considerations
Incorporating eco-friendly practices and ethical sourcing into the buying process.
Showroom Visits
Inspecting merchandise firsthand in supplier or designer showrooms.
In-season Management
Monitoring and adjusting buying plans based on current season sales and stock levels.
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