Podcast
Questions and Answers
What is the primary responsibility of a buyer?
What is the primary responsibility of a buyer?
The role of the merchandiser includes concern for the qualitative aspects of buying.
The role of the merchandiser includes concern for the qualitative aspects of buying.
False
Name one issue faced by brands like Burberry and FCUK in the early 21st century.
Name one issue faced by brands like Burberry and FCUK in the early 21st century.
Excessive use of house check and overexposed logos.
The ________ is responsible for setting the financial parameters of a garment range.
The ________ is responsible for setting the financial parameters of a garment range.
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Match the following roles with their responsibilities:
Match the following roles with their responsibilities:
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What is the first step in the retail buying cycle?
What is the first step in the retail buying cycle?
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The final selection of products and suppliers is the last step in the retail buying cycle.
The final selection of products and suppliers is the last step in the retail buying cycle.
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What is monitored in the retail buying cycle?
What is monitored in the retail buying cycle?
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The __________ of products and suppliers is an important phase in the retail buying cycle.
The __________ of products and suppliers is an important phase in the retail buying cycle.
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Match the following steps of the retail buying cycle with their corresponding descriptions:
Match the following steps of the retail buying cycle with their corresponding descriptions:
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What is the main activity during Month 1 to 2 in the product range development process?
What is the main activity during Month 1 to 2 in the product range development process?
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Product development involves finalizing the concept as a product range in Month 2.
Product development involves finalizing the concept as a product range in Month 2.
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What is the purpose of sourcing in the product range development process?
What is the purpose of sourcing in the product range development process?
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The __________ of the product range occurs in Month 4 to 5.
The __________ of the product range occurs in Month 4 to 5.
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Match the following activities with their respective months:
Match the following activities with their respective months:
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Which stage follows the manufacturing in the product range process?
Which stage follows the manufacturing in the product range process?
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The distribution phase includes the training of retail staff on product information.
The distribution phase includes the training of retail staff on product information.
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During which months does the retail phase take place?
During which months does the retail phase take place?
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Which of the following best describes the primary focus of buying and merchandising?
Which of the following best describes the primary focus of buying and merchandising?
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Buying and merchandising have no impact on a business strategy.
Buying and merchandising have no impact on a business strategy.
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What role connects the creative and financial product requirements of a fashion brand?
What role connects the creative and financial product requirements of a fashion brand?
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What is the primary focus of the 'Research' stage in merchandising?
What is the primary focus of the 'Research' stage in merchandising?
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The buyer engages in activities to deliver, sell, and trade a __________.
The buyer engages in activities to deliver, sell, and trade a __________.
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The 'Concept' stage involves the final sale of products.
The 'Concept' stage involves the final sale of products.
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Match the aspect of buying and merchandising with its corresponding focus:
Match the aspect of buying and merchandising with its corresponding focus:
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What does the 'Concept to Carrier Bag' model represent?
What does the 'Concept to Carrier Bag' model represent?
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What is the importance of 'Sourcing' in the production process?
What is the importance of 'Sourcing' in the production process?
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The ________ stage includes the oversight of order statuses compared to delivery phasing budgets.
The ________ stage includes the oversight of order statuses compared to delivery phasing budgets.
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A buyer's role is solely focused on the creative aspects of product management.
A buyer's role is solely focused on the creative aspects of product management.
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List one of the positive characteristics of a buyer's job.
List one of the positive characteristics of a buyer's job.
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Match each stage of merchandising with its description:
Match each stage of merchandising with its description:
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The buyer's role in range planning is to create a __________ product range.
The buyer's role in range planning is to create a __________ product range.
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What happens during the 'Carrier Bag' phase?
What happens during the 'Carrier Bag' phase?
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Distribution involves the creation of replenishment plans for products in stores.
Distribution involves the creation of replenishment plans for products in stores.
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Which of these roles is directly involved in the operational trading of a product?
Which of these roles is directly involved in the operational trading of a product?
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What is the role of 'Retail' in merchandising?
What is the role of 'Retail' in merchandising?
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What is one of the primary roles of a buyer in a fashion business?
What is one of the primary roles of a buyer in a fashion business?
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B&M only focuses on the qualitative aspects of product management.
B&M only focuses on the qualitative aspects of product management.
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What type of merchandise involves a greater focus on trends and consumer preferences?
What type of merchandise involves a greater focus on trends and consumer preferences?
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The qualitative role of product is to be a __________.
The qualitative role of product is to be a __________.
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Match the following roles with their descriptions:
Match the following roles with their descriptions:
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Why is it essential for a product range to support business wealth creation?
Why is it essential for a product range to support business wealth creation?
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Buying basic merchandise requires the same skills as buying fashion merchandise.
Buying basic merchandise requires the same skills as buying fashion merchandise.
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What is one key characteristic that successful product management must balance?
What is one key characteristic that successful product management must balance?
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The financial capabilities of product directly influence the __________ of a business.
The financial capabilities of product directly influence the __________ of a business.
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What significant challenge does modern B&M face?
What significant challenge does modern B&M face?
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Study Notes
Fashion Buying Lecture 1
- The lecture covers the roles of buyers and merchandisers in the fashion industry.
- Intended learning outcomes include understanding the context of product within a fashion business, the roles and responsibilities of buyers and merchandisers, and the retail buying cycle.
- Product is defined as a physical good, service, idea, person or place with tangible or intangible attributes that consumers value enough to exchange something of value to acquire it.
- Buyers and merchandisers are responsible for product range development and delivery, aligning with the company's creative and financial goals. This includes factors like fashionability, pricing, fabrication, sizing, and appropriate product budgets.
- The implication of successful product management is the financial success of a business.
- Buyers and merchandisers play an important role in financial success.
- The buyer's role focuses on the qualitative aspects of buying, product features, and customer satisfaction.
- The merchandisers role includes setting financial parameters, estimating sales, and managing deliveries and distribution.
- The role of a buyer and merchandiser is multi-skilled and central to the fashion business.
- The buyer & merchandiser roles are connected to many other roles within the business such as Retail/VM, Marketing, Quality, Design/Trend, Suppliers, and Finance.
- The buying process (Concept to Carrier bag) is a sequential process detailing the steps that take place from concept to the sale of the final product. It involves research, concept development, product development, sourcing, manufacturing, shipping, warehousing, distribution, retail, and carrier bag.
- The retail buying cycle has key stages including range review, identifying potential products, evaluation, pre-selection, final selection of products, monitoring, evaluation of products and suppliers.
- Buying fashion differs from buying other goods in that fashion is influenced by trends and style.
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Description
This lecture introduces the vital roles of buyers and merchandisers in the fashion industry. Participants will learn about product management, the retail buying cycle, and how these professionals contribute to the financial success of a fashion business. Key focus areas include product development, alignment with creative goals, and market factors like pricing and fashionability.
