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Description
Flashcards by polly arnold, updated more than 1 year ago
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Created by polly arnold
over 8 years ago
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| Question | Answer |
| What are some of the characteristics of a fashion market? | - Short life cycles - High volatility - Low predictability - High impulse purchase (Fernie and Spars, 1998) |
| What are the 3 characteristics of critical lead times | - Time-to-market - Time-to-serve - Time-to-react |
| Describe the fashion process | |
| What are the 5 phases of the fashion design process? | 1. Research and Analysis: Gathering information about trends, fabric and new business opportunities 2. Synthesis: Producing a range of samples view by selectors 3. Selection: Preparation of presentation of garments for viewing and selection 4. Manufacturing: Preparing 5. Distribution: Delivery to retailers |
| Name a few bits of research you would conduct when designing a product | - Sales figures - Fashion images - Textile agents - Visit fabric exhibitions - Focus groups - Attend seminars - Buy garments |
| What methods are used in analysis? | - Focus evenings - Feedback from the retailer - Visits to retail sites - Surveys - Sales figures |
| What are the 7 things you need to design for mass market? | 1. Customers 2. Designers 3. Buyers 4. Merchandisers 5. Manufacturers 6. Raw material suppliers 7. Place to retail from |
| Describe the elements of the supply chain | |
| What are some key facts about mass market fashion designing? | - A brief needs to be set - Quality control expectations need to be outlined - Timetables need to be established (critical path analysis) - Relationships need to be developed - Consumer information is vital |
| What are the six buying phases? | 1. initiate purchase 2. Check requisition information 3. Select supplier 4. Issue order 5. Process order 6. Complete purchase |
| What are the 5 Design phases? | 1. Research and analysis 2. Synthesis 3. Selection 4. Manufacturing 5. Distribution |
| What are some of a buyers roles? | - Predicting fashion trends - Range planning - Fabric sourcing - Garment sourcing - Negotiating with Vendors |
| What are buyers key skills | - Multi-tasker - Flexible - Energetic - Self-motivated - Creative - People/ action orientated |
| Define: Characteristics | Personal qualities considered to be important to becoming an effective buyer |
| Stock planning Management Control Are all key roles of what | Merchandising |
| What does stock management and distribution involve? | - Getting stock into business (Macro and micro level) - Getting stock around business (Distribution/ allocation) |
| What is the difference between macro and micro levels? | Macro: Trends/ sales forecasting and marketing strategies e.g. ansoff and boston matrix Micro: Depth/ breadth |
| What is distribution? | Value of stock in total Planning process |
| What is allocation | Number of lines by colour/ size/ branch Range plan Store size Plan |
| What is the formula for gross margin? | Gross margin= (profit/retail selling prices)/ 100 |
| What are the 5 fashion retail planning levels? | - line or style - sub-category - category - department - business |
| Discuss the importance of timing | |
| What is involved in sales planning? | Change Previous sales history Seasonal sales variation Seasonal sales peaks Fundamental sales ratio |
| What is the formula for stock turn? | Annual sales value/ average monthly stock value |
| What is the formula for weeks cover? | Weeks in a year/ stock turn |
| What does WSSI stand for? | Weekly sales, stock and intake chart |
| What are some of the decisions that are driven by WSSI? | sales forecast for future weeks stock levels repeat buys mark-downs |
| what are the 5 elements of allocation planning? | 1. Size ratios 2. Replenishment 3. Delivery schedule 4. Stock fragmentation 5. Promotion plans |
| What are the 2 main merchandise management activities? | - Planning stock to be delivered into business - Moving delivered stock |
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