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Retailing Chapter 6

QuestionAnswer
1. What is a merchandise plan? A basic budgeting too that assists the retailer or buyer in meeting departmental or classification goals.
2. What is the merchandise life cycle? Customer-acceptance levels and buying levels of an item of merchandise.
3. What is staple merchandise? Merchandise that sells well over a long period of time.
4. What is fashion merchandise? Merchandise that sells well for several seasons but not as long as staple merchandise.
5. What is seasonal merchandise? Merchandise that sells well at certain times of the year.
6. What is convenience merchandise? Merchandise that is purchased by customers without much planning or thought.
7. What is a basic stock list? List used for items a store should always have in stock.
8. What is a model stock list? List used for fashion merchandise.
9. What is a never out list? List used for the most popular merchandise that should always be in stock.
10. What is a purchase order? Order form that lists the style numbers of the merchandise being purchased, the amount, the delivery date, and terms of purchase.
11. What is an invoice? A bill for merchandise.
12. What is inventory? Merchandise retailers have for sale.
13. What is inventory control? Managing inventory levels to ensure enough merchandise to meet sales goals without having too much inventory on hand.
14. What is stock turnover? The number of times the average inventory is sold during a time period, usually a year.
15. What are the three stock lists? Basic stock list, model stock list, never-out list.
16. What are the four steps of the product life cycle? Introduction, Growth, Acceptance, Decline.
17. What is the importance of stock turnover? Stock turnover is important because it can help make future sales projections, and having a high stock turnover means business is operating efficiently.
18. What are two types of inventory systems? Perpetual inventory system and physical system.
19. What are the four steps to the receiving process? Receiving the merchandise, Check in the merchandise, Mark the merchandise with the selling price, and Move the merchandise to the selling area of the store to be seen by customers.
20. What are the components of a merchandise plan? Planned sales, Planned stock, Planned Reductions, Planned purchases.
Created by: Roberta_Phillips
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