D.E.C.A. BMTD Ultimate Guide

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93 Terms

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Buying

The process of selecting and purchasing products for resale.

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Merchandising

The activity of promoting the sale of goods at retail.

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Vertical Integration

Performing more than one marketing channel function.

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Organizational Chart

A diagram that depicts a company's corporate structure.

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Full Line Discounter

Retailers that carry low-priced brands not found in department stores.

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Buyer

A person who purchases and prices merchandise.

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Private Company

A business owned by a small group and not publicly traded.

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Direct Competing Stores

Stores that offer the same merchandise mix.

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Planner

A professional projecting sales and inventory needs.

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Discounter

A retailer that sells goods at prices lower than competitors.

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Distributor

An intermediary who allocates merchandise to retail locations.

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Specialty Store

A retail establishment that focuses on a narrow category of merchandise.

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Indirect Competing Stores

Stores offering different assortments within the same merchandise type.

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Product Developer

Responsible for determining new products for private label brands.

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Department Store

A large store that offers a wide variety of products across different categories.

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Complementary Stores

Retailers whose products stimulate each other's sales.

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Public Company

A corporation that sells shares to the public through a stock exchange.

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Market

A group of potential customers for a specific product or service.

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Target Marketing

Responding to niche market needs with tailored marketing strategies.

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Basic Goods

Essential items that remain constant throughout the seasons.

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Tariff

Taxes imposed on imported goods.

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Wholesaler

A business that sells goods in bulk to retailers.

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Fashion Goods

Products with strong aesthetic appeal that change frequently.

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Private Label

Products branded with the store's own name.

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Branded Merchandise

Products identified by a specific brand name or symbol.

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Brand Extension

Adding new products to an existing brand line.

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Trade Show

Temporary exhibits showcasing vendor merchandise.

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Advertising

Paid public communication about a product or service.

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Mass Market

A large audience with similar characteristics.

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Brand Loyal

Consumers who consistently prefer one brand.

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Niche Market

A smaller, defined group of consumers with unique wants.

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Cash Flow

The net amount of cash being transferred in and out of a business.

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Gross Margin

The difference between sales revenue and the cost of goods sold.

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Turnover

A measure of how often inventory is sold over a period.

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Balance Sheet

A financial statement showing assets, liabilities, and equity.

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Average Inventory

The mean quantity of inventory held over a specified period.

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Stock to Sales Ratio

Comparison of beginning of month inventory to sales.

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Sales per Square Foot

Sales volume relative to the retail space used.

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LIFO

Last In, First Out inventory accounting method.

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FIFO

First In, First Out inventory accounting method.

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Income Statement

A financial report of a company's revenues and expenses over a period.

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GMROI

Gross Margin Return on Investment; indicates inventory profitability.

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Physical Inventory

The actual count and evaluation of inventory items.

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Cost

The price a retailer pays to acquire goods.

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FOB Factory

The retailer assumes shipping costs from the supplier's location.

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Markup

The amount added to the cost to set a retail price.

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Cash Discount

Reduction in the invoice price for early payment.

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Promotional Pricing

Offering products at reduced prices to spur sales.

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Dating

The period allowed for payment of a bill or invoice.

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4-5-4 Calendar

Retail accounting calendar structuring the fiscal year.

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Invoice

A detailed statement of a shipment including costs and charges.

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Purchase Order

An agreement between a buyer and vendor for the supply of goods.

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FOB Destination

The vendor covers shipping costs until goods reach the buyer.

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Floor Ready Merchandise

Products prepped for immediate sale upon delivery.

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Control

The process of monitoring and adjusting performance against goals.

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Anticipation

Discounts offered for early invoice payment before the due date.

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Initial Markup

The original markup percentage applied when pricing a new product.

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Cumulative Discount

Discount applied to total purchases over time.

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Markdown

A reduction in the selling price of a product.

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Open-to-Buy

The budget amount available for new inventory purchases.

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Quantity Discounts

Discounts given based on the volume of purchases.

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Assortment Planning

Determining the right mix of products in terms of styles and colors.

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Distribution Centre

Facilities designed to expedite and manage product shipments to retailers.

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Keystoning

Doubling the cost price to determine retail price.

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Vendor Partnership

Collaborative relationships with suppliers to optimize efficiency.

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Maintained Markup

Difference between the cost and actual selling price.

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Cooperative Advertising

Joint advertising costs shared between retailer and vendor.

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Market Segmentation

Dividing a market into distinct groups with similar needs.

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Fashion

A prevailing style or trend adopted by a large segment of society.

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Trend

The general direction in which something is developing.

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Positioning

How a product is perceived in relation to competitors.

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Micromerchandising

Customizing product offerings based on local market preferences.

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Fad

A short-lived trend or craze that quickly gains and loses popularity.

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Independent Sales Rep

Contracted individuals who sell products for manufacturers.

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Classic

Timeless fashion styles that remain popular over time.

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Direct Sales Force

In-house sales personnel selling directly to retailers.

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Licensing Agreement

Permission from an owner for another party to use their property.

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Manufacturer

A business that produces goods using labor and raw materials.

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Chain

A series of retail stores owned by a single organization.

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Bankruptcy

A legal status of a person or entity that cannot repay debts.

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Conglomerate

A parent company that owns multiple diverse subsidiaries.

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Merger

The unification of two or more companies into one entity.

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Off Price Discounters

Retailers that offer goods below standard prices due to various factors.

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Centralization

Management of all merchandising functions from a central location.

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Acquisition

The purchase of one company by another.

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Divisional Merchandise Manager

Oversight of a merchandise division's performance and inventory.

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Mall

An enclosed shopping space with multiple stores under one roof.

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General Merchandise Manager

Executive role managing an entire product group.

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Shopping Centre

A retail complex with shared parking and management.

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Department Manager

Oversees a specific department within a retail establishment.

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Store Manager

Responsible for a retail store's operations and sales.

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Category Killer

A store with a vast selection in a particular category, dominating the market.

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Manufacturers Outlet

Discount outlet selling surplus or irregular merchandise.