Executive Summary
My vision for this upcoming season, is to give my customers a more variety of merchandise and different price points. I will carry casual clothing, to semi casual and to night out outfits. I will carry a variety of accessories, this will also increase profit. My vision is to give the customer a lifestyle experience. I want this boutique to be the go to spot for women. My vision, is to have all ladies know who this store is. By carrying more varieties, I will meet my sales goals. I will carry different fabrics and colors, and styles. Merchandise budget will help indicate how much to invest in the merchandise inventory and plan sales. The merchandise budget is composed of: The sales plan, the stock plan, planned reductions, planned purchase levels, and gross margins. I will aim to have a good range plan, this will create a balanced of have enough options of merchandise available and enough quantity of merchandise for the customer. By pricing the merchandise properly, this will limit the amount of markdowns and sale promotions. Having the right balance between inventory and the right price, will ensure to meet consumer demands. By forecasting, studying last year sales, attending fashions shows, keeping up with trends, all these factors, will help bring desirable merchandise to the consumers.
Retailer Overview
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The age ranged, for these ladies are 20-45 years old, income is middle class to lower high class. They love to go to social events, like concerts, dinners with friends, movies, date nights and just hanging out with friends and family. They have a very active lifestyle, they have plans almost every weekend, they enjoy looking good and enjoying life. Their family size is small, no children to 1 child. By family not being so big, they can afford to enjoy luxury
Macy’s intended to deliver enhanced shopping experiences to its consumers through dynamic department stores and online sites. In this regard, the company developed a North Star strategy that allows it to improve its sales growth and to develop its existing core activities. The company’s consumer research monitors, analyze and anticipate their needs and wants based on the changing market trends. This allows it to strengthen its customer base and also helps it in identifying new markets and customers. Macy’s also identifies different styles and designs based on various occasions and events that allow it to capture the changing preferences of its customers. The company also celebrates various iconic events to interact with its customers which
Increase Sales thru product offerings of appliances, Sephora beauty products, and Plus size boutiques. Facilities to be refreshed in 350 locations and rollout same day pick up on internet sales. General Merchandise sales improvement by 10 to 20 bps thru private brand penetration, supply chain improvements, pricing and clearance options. Expense reduction will result by controlling costs, marketing, process improvements and promoting private label credit card usage. The ultimate goal is to reach $1billion in EBITDA by end of year January
I would suggest that they incorporate more diversity in their ads and campaigns to reach different ethnicities if they want to continue to expand. Also, in stores, particularly the Willow Grove, PA location, is very large and spacious. Upon entering the store it is primarily women’s apparel and accessories, as well as men’s. Maybe the company can incorporate more of its products in this location, to provide consumers with more of a product assortment.
A “Maxxinista”, a T.J Maxx associate, welcomes the shoppers with a bright smile, making them feel appreciated for their business. During the summer, the store incorporates bright colors that corresponds with the season, which they assign exclusive outfits: casual, sporty, date night and professional, in each display, T.J Maxx offers the shoppers an inside scoop on the latest shopping trends for the season. By incorporating these colorful displays in front of the entrance, not only does T.J Maxx provide customers with ideas on what to wear , but they also assist them with welcoming every season of the
Respondent Abercrombie & Fitch Stores, Inc., operates several lines of clothing stores, each with its own “style.” Consistent with the image Abercrombie seeks to project for each store, the company imposes
Large online electronic suppliers. E.g. QED-UK 4. Large online general supplier. E.g. Amazon and Tesco. These Businesses’ compete in many ways.
The growing popularity of online retailing is attracting competition from traditional and online multi-retailers such as Wal-Mart and Amazon which are gaining considerable market shares in many of the product segments included in the specialty retail sector.
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
The principles of marketing (The Times 100, n.d) are a range of processes concerned with finding out what consumers want, and providing it for them. This involves the ‘4ps’ of marketing; price, place, product and promotion. The product decision in any company involves dealing with goods that should be offered to a group of customers (Jobber & Ellis-Chadwick, 2012). Burberry maintains a product line with great width and scope in which their products fall into two main categories; fashion or continuity. Their fashion products are designed to be responsive to fashion trends and are introduced on a collection to collection basis (Burberry, n.d). Continuity products however have life cycles that are expected to last for a certain time period. Burberry also has 3 primary collections; womenswear, menswear and accessories, with the variety of products they can utilize their product mix greatly. Burberry also has...
Quantitative plans are called budgets. Budgets are prepared to impose cost controls on the activities of an organization (Chenhall, 1986).Budgets are then used to evaluate the performance of the management and budget itself is considered as a standard to evaluate the performance Solomon, 1956). The purpose of the budget is also to implement the strategy of the organization and communicate it to the employees of the organization Rickards (2006). The change in the external environment has led to the change in the budgeting approaches from the initial cash based budgets to the zerio based budgets (Bovaird, 2007).
The business model that sets Zara apart from other clothing retailers is how rapidly the company changes stocks and releases new product lineups. The company averages 12-16 collections annually which equates to more than one lineup a month. Due to stock being limited and the rapid production Zara brings forth, their items are viewed as exclusive promoting further business. Their customers are happy knowing that their specific article of clothing is more “rare” due to only having an average of a two-week window to purchase the clothing. The company specifically targets current trends and has them in the store within 30 days. This maintains the brand’s uniqueness and relativity in fashion.
The sign of moving products promptly from a designer’s table to the retail sales floor has swayed the whole global retail commerce and enticed rivalry. Customers value a “new look” that can be worn for this instant and assess the goods as a monetary fortune; not something that you will keep
assortment has to include items that will get consumers into the store and products that
In a simple way, the retailer needs to create a warm, friendly and an approachable retail space to attract consumers.The visual displays is an imperative element of branding of any store. If the stock is presentable, it is bound to appeal to the shoppers. If the shoppers appreciate the store layout and product, they are likely to spend more time in the store, and in return reward the store with sales. Along with the products for sales, the staff, the décor, the store interiors, the trial rooms arrangement, the lightings and music also form an inclusive elements boosting store sales. (fibre2fashion, 2008)
The nature of the business of retailing puts retailers at a assumed risk of incurring costs because products are bought with the assumption that consumers will purchase. Additionally there are external factors that may also pose risks such as natural disasters, theft, spoilage and fire. In other circumstances retailers also extends financial credit to customers in the form of credit sales which facilitates the smooth transition from retailers to the marketplace. Retailers are in constant contact with customers which gives them the opportunity to research and study buyer’s behaviour. This involves collecting information about changes in customer preferences, perception and shifts in the demand curve. Through advertising within their stores retailers are able to exhibit and introduce existing and new products to the marketplace. Ultimately retailers are in the business of selling products to customers to achieve their goals of generating