Description
This course provides an understanding of the concepts and calculations necessary in successful merchandising, while familiarizing students with the retail method of inventory, planning seasonal purchases, methods of figuring markups, turnover, stock-sales ratios, open-to-buy, markdowns, and terms of sale. Students will study the basic buying and merchandising principles, procedures, and techniques practiced by merchandisers of fashion goods in determining what assortments to buy and which resources to select.
Objectives:
• Understand the buyer’s role in the different types of retailing
• Understand consumer buying behavior
• Identify various methods of fashion forecasting
• Develop and present a Trend Forecast
• Identify elements that are essential to a good merchandise budget
• Calculate the stock sales ratio method
• Calculate the initial markup, markup percent, and maintained markup
• Write the formula for computing gross margin and net profit
• Relate eight fact