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AFM Unit 3
Merchandise Buying
| Term | Definition |
|---|---|
| procurement | buying at the wholesale level for resale at the retail level |
| market centers | are concentrated geographic areas where goods are bought and sold at wholesale prices - locations where manufacturers and their representatives show and sell their fashion goods |
| market weeks | are scheduled periods of time during which producers introduce their new lines of merchandise and retail buyers shop the various lines |
| trade shows | are periodic temporary exhibits that are scheduled throughout the year in various trading centers often sponsored by trade associations (industry groups) |
| apparel marts | are housed in a single large building or group of buildings that enable manufacturers and buyers to come together in once convenient location. Usually arranged by fashion category and often include fashion shows and meeting rooms for workshops, etc. |
| domestic market centers | are the major fashion areas in the United States |
| foreign market centers | are buying areas outside of the United States |
| resident buying offices | service businesses that employ buyers who daily scout fashion markets to provide their client retailers with advance market information and buying help |
| purchase order | is a written contract authorizing the manufacturer to deliver certain goods at specific prices and times. - paper form |
| blanket orders | are promises to buy from favored vendors over a period of time |
| approval buying | when merchandise is sent to the retailer for a inspection before the final purchase decision is made. |
| back order | orders that have not been completely or fully filled by the specified time due to a stock out (not enough products) |
| open orders | an agreement between the retailer and manufacturer that does not specify colors or styles that allows the manufacturer to send what is best for the retailer at the time |
| commissionaires | independent buying agents that help domestic buyers with foreign purchasing |
| first cost | is the wholesale price for goods in a foreign country or origin |
| leave paper | this is an industry term for writing completed orders with vendors |
| terms of sale | are the conditions governing a sale as set forth by the seller |
| completion date | the specified date when the goods are needed by the retailer |
| regular orders | are orders for merchandise. usually specify style, quantities, delivery dates, sizes and colors |
| advanced orders | list the same specifics as regular orders, but have a longer lead (advanced notice) time before the delivery date |
| reorders | are additional orders of the same merchandise as ordered previously |
| special orders | placed to satisfy individual customer's requests. can also be placed for window displays, fashion shows, or other special events (red carpet) |
| approval buying | an arrangement in which merchandise is shipped to the retailer for inspection before the final purchase decision is made |
Created by:
janice ritchey
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