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Download 2.02 Sources of Information for Merchandise Planning
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SOURCES OF INFORMATION FOR MERCHANDISE PLANNING FM 2.02 Understand the preparation of fashion merchandise buying plans *Internal *Forecasting fashion trends to assist the buyer *Standards and testing labs to check if merchandise meets standards *Example - Bureau working with a group of retailers to determine a quality check of certain merchandise COMPANY MERCHANDISING BUREAUS *External *Mystery shoppers hired to gather intelligence on competitors and own store *Depth of assortments, prices, ambiance, services, media selection, and quality of salespeople *Example: Mystery shopper goes into Belk and visits 3 departments tracking the level of service provided COMPARISON SHOPPERS *External *To stay in touch with the target market *Surveys, panels, customer counts, and sample products *Example – Focus group to gain info about a new line of cosmetics CONSUMER OPINIONS & BEHAVIOR * External *Expert guidance for forecast planning * Assist buyer in merchandise selection *Example – The Doneger Group provide a report on upcoming trends to the merchandise department REPORTING CONSULTING SERVICES *External *Expert buying services *Developing merchandise plans *Example – The Doneger Group prepares the merchandise plan for their client/retailer RESIDENT BUYING OFFICES *Internal *To show increases/decreases in sales *Items in growth or decline phase, media, PR, or weather impact on sales *Example – Increased sales due to a current sales promotion. Sweaters being marked down for clearance SALES RECORDS * Internal *Provide personalized information for customers *Sales Process steps provide opportunity to increase sales while providing great customer satisfaction *Example – Sales person assisting a bride and bridesmaids in wedding gown and bridesmaids dresses SALES PEOPLE *External *Information from trade associations, shows, or publications *Networking, competitive analysis, and market research *Example – Attending a trade show and observing the vendors to complete a competitive analysis TRADE INFORMATION *External *Suppliers of merchandise *Provide product info, market knowledge, and info on other retailers * Example – Questioning a vendor about the different retailers that sell a particular product VENDORS *Internal *Logs completed for customer inquiries about out of stock items or products not carried * Identify potential new products, preferred product assortments, and current stock deficiencies *Example – Salesperson makes a log entry about a new brand of jeans that customers continue to want but the store doesn’t carry them. Buyer needs to order. WANT BOOKS *Internal *Slips completed for customer inquiries about out of stock items or items not carried *Identify potential new products, preferred product assortments, and current stock deficiencies *Example – Completed for customer and submitted for buyer to order or reorder WANT SLIPS
