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Buying
The process of selecting and purchasing products for resale.
Merchandising
The activity of promoting the sale of goods at retail.
Vertical Integration
Performing more than one marketing channel function.
Organizational Chart
A diagram that depicts a company's corporate structure.
Full Line Discounter
Retailers that carry low-priced brands not found in department stores.
Buyer
A person who purchases and prices merchandise.
Private Company
A business owned by a small group and not publicly traded.
Direct Competing Stores
Stores that offer the same merchandise mix.
Planner
A professional projecting sales and inventory needs.
Discounter
A retailer that sells goods at prices lower than competitors.
Distributor
An intermediary who allocates merchandise to retail locations.
Specialty Store
A retail establishment that focuses on a narrow category of merchandise.
Indirect Competing Stores
Stores offering different assortments within the same merchandise type.
Product Developer
Responsible for determining new products for private label brands.
Department Store
A large store that offers a wide variety of products across different categories.
Complementary Stores
Retailers whose products stimulate each other's sales.
Public Company
A corporation that sells shares to the public through a stock exchange.
Market
A group of potential customers for a specific product or service.
Target Marketing
Responding to niche market needs with tailored marketing strategies.
Basic Goods
Essential items that remain constant throughout the seasons.
Tariff
Taxes imposed on imported goods.
Wholesaler
A business that sells goods in bulk to retailers.
Fashion Goods
Products with strong aesthetic appeal that change frequently.
Private Label
Products branded with the store's own name.
Branded Merchandise
Products identified by a specific brand name or symbol.
Brand Extension
Adding new products to an existing brand line.
Trade Show
Temporary exhibits showcasing vendor merchandise.
Advertising
Paid public communication about a product or service.
Mass Market
A large audience with similar characteristics.
Brand Loyal
Consumers who consistently prefer one brand.
Niche Market
A smaller, defined group of consumers with unique wants.
Cash Flow
The net amount of cash being transferred in and out of a business.
Gross Margin
The difference between sales revenue and the cost of goods sold.
Turnover
A measure of how often inventory is sold over a period.
Balance Sheet
A financial statement showing assets, liabilities, and equity.
Average Inventory
The mean quantity of inventory held over a specified period.
Stock to Sales Ratio
Comparison of beginning of month inventory to sales.
Sales per Square Foot
Sales volume relative to the retail space used.
LIFO
Last In, First Out inventory accounting method.
FIFO
First In, First Out inventory accounting method.
Income Statement
A financial report of a company's revenues and expenses over a period.
GMROI
Gross Margin Return on Investment; indicates inventory profitability.
Physical Inventory
The actual count and evaluation of inventory items.
Cost
The price a retailer pays to acquire goods.
FOB Factory
The retailer assumes shipping costs from the supplier's location.
Markup
The amount added to the cost to set a retail price.
Cash Discount
Reduction in the invoice price for early payment.
Promotional Pricing
Offering products at reduced prices to spur sales.
Dating
The period allowed for payment of a bill or invoice.
4-5-4 Calendar
Retail accounting calendar structuring the fiscal year.
Invoice
A detailed statement of a shipment including costs and charges.
Purchase Order
An agreement between a buyer and vendor for the supply of goods.
FOB Destination
The vendor covers shipping costs until goods reach the buyer.
Floor Ready Merchandise
Products prepped for immediate sale upon delivery.
Control
The process of monitoring and adjusting performance against goals.
Anticipation
Discounts offered for early invoice payment before the due date.
Initial Markup
The original markup percentage applied when pricing a new product.
Cumulative Discount
Discount applied to total purchases over time.
Markdown
A reduction in the selling price of a product.
Open-to-Buy
The budget amount available for new inventory purchases.
Quantity Discounts
Discounts given based on the volume of purchases.
Assortment Planning
Determining the right mix of products in terms of styles and colors.
Distribution Centre
Facilities designed to expedite and manage product shipments to retailers.
Keystoning
Doubling the cost price to determine retail price.
Vendor Partnership
Collaborative relationships with suppliers to optimize efficiency.
Maintained Markup
Difference between the cost and actual selling price.
Cooperative Advertising
Joint advertising costs shared between retailer and vendor.
Market Segmentation
Dividing a market into distinct groups with similar needs.
Fashion
A prevailing style or trend adopted by a large segment of society.
Trend
The general direction in which something is developing.
Positioning
How a product is perceived in relation to competitors.
Micromerchandising
Customizing product offerings based on local market preferences.
Fad
A short-lived trend or craze that quickly gains and loses popularity.
Independent Sales Rep
Contracted individuals who sell products for manufacturers.
Classic
Timeless fashion styles that remain popular over time.
Direct Sales Force
In-house sales personnel selling directly to retailers.
Licensing Agreement
Permission from an owner for another party to use their property.
Manufacturer
A business that produces goods using labor and raw materials.
Chain
A series of retail stores owned by a single organization.
Bankruptcy
A legal status of a person or entity that cannot repay debts.
Conglomerate
A parent company that owns multiple diverse subsidiaries.
Merger
The unification of two or more companies into one entity.
Off Price Discounters
Retailers that offer goods below standard prices due to various factors.
Centralization
Management of all merchandising functions from a central location.
Acquisition
The purchase of one company by another.
Divisional Merchandise Manager
Oversight of a merchandise division's performance and inventory.
Mall
An enclosed shopping space with multiple stores under one roof.
General Merchandise Manager
Executive role managing an entire product group.
Shopping Centre
A retail complex with shared parking and management.
Department Manager
Oversees a specific department within a retail establishment.
Store Manager
Responsible for a retail store's operations and sales.
Category Killer
A store with a vast selection in a particular category, dominating the market.
Manufacturers Outlet
Discount outlet selling surplus or irregular merchandise.
