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the weeks in the merchandising calendar designated by the apparel manufacturers and designers as the time for showing the new season lines of fashion items.
- when most buyers purchase merchandise |
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| a geographic location or city where products are sometimes produced and/or imported, then presented for sale by manufacturers, jobbers, wholesalers, and importers |
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| a market center where most companies located in those areas are leaders in the introduction of new fashions. |
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Shopping online:
- buyers conduct this type of buying when they have a regular vendor that they purchase from, and
- they are familiar with the classic styles that the company produces |
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scheduling of which vendors to shop and seminars to attend
- an organized market week plan is required to be formulated before going to market for most retail buyers and merchandisers.
- the plan is based on both the 6-month merchandising budget and the 6-month merchandising plan
- listing of vendors
- resources to shop for each product classification
- daily list of vendor appointments (scheduled in advance)
- listing of seminars and other events to attend during market week
- list of other retail stores nearby market center to shop (if time permits) to look for new vendor sources
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| provide all of the services needed to help the retail merchandiser develop or locate the needed product classifications to satisfy the wants and needs of the retailer's target consumer. |
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| PRIMARILY OWNED BUYING OFFICES |
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| not associated with any retail chain or store and services many independent retailers and buyers at smaller chain retailers |
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| CORPORATE OWNED BUYING OFFICES |
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| these affiliated buying offices are owned by a retail company and services only buyers for that retailer |
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When buyers/merchandisers develop unique private label product for the store.
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| when the vendor invites the retailer to use the advertisement as created by the vendor to tag on the ad and both contribute in paying for it |
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dollar amounts that a retailer requires the vendor to pay because of losses the retailer took when merchandise had to be marked down and was not sold at full price with a full markup.
- to calculate, the retailer reduces the amount to the vendor for merchandise to make the vendor share the risks of selling to the consumer. |
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| needed so buyers can refuse shipments that arrive too late to be of interest to the retailer's target consumer. |
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| blouses, tops, sweaters for examples to coordinate with the hard pieces |
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Ex.- blazers and jackets
- if there are no fillers to cordinate with the hard pieces, many consumers will not buy any of the availible merchandise at full price.
- Late delivery of one product classification: negative ripple effect on the other products |
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| written and signed by the buyer and received and acknowledged by the vendor |
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| organization that supplies the operating capital and becomes the credit and collection devision for the vendor |
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| retailer pays the amount of the invoice to the factor |
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the final sale of items to leave the retailer with zero inventory
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-reductions based upon large quantity purchases
- benefits both parties because it also reduces the vendor's costs of production by lowering the cost per unit |
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- a series of discounts deducted from the vendor's list price
- a series such as 5%, 10% and 25%
- depends on the type of business or trade entity making the purchase
- each discount deduced separately if possible
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| terms of an order also play a key role in the cost of goods for the buyer, including quantity, trade and cash discounts |
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a reduction in the wholesale cost of goods for paying the bill or invoice as specified on the order copy.
- adds profit for the retailer, also negotiating the best terms is important |
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End of the Month:
the dating starts at the end of the month in which the invoice is dated. Invoices dated later in the month, the retailer is given an additional month for dating.
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Extra Dating
- extended beyond the standard cash discount days |
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payment date calculated from "as of" date: 8/10 as of march 10th"
payment date or dating is calculated from the "as of" date on the invoice and not from the date of the invoice or the receipt of goods into store date
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Receipt of Goods, ten days after goods are received.
- the retailer has ten days after the goods are received in the store |
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Cash on Delivery:
the retailer receives no discounts and must pay when the goods are delivered. |
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no discount and full amount is due (N + #)
-# indicates the number of days the buyer has to pay... can be 30, 60, 90, 120
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Free on board factory
indicates the title of the goods passes to the retailer when it leaves factory loading dock
- also pays for transportation and insurance costs |
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- indicates the title of the goods passes to the retailer when the goods reach the retailer's receiving dock
- the vendor pays for transportation and insurance costs |
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| FOB STORE CHARGE REVERSAL |
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- the vendor ships the goods and assumes liability of freight and insurance
- once the invoice is paid, the retailer reimburses vendor for transportation and insurance fees |
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