Compare types of fashion retailers and their target markets, and categorize local, national, and international fashion retailers and market centers according to these types.
Describe factors used by marketers to position products and services and by businesses to position corporate brands.
Determine the factors to consider when developing a merchandise plan and budget for a business.
Differentiate between cost and retail when determining prices for merchandise.
Calculate gross profit and net profit.
Explain the components of the merchandise plan.
Explain the use of the open-to-buy“ concept to maintain the appropriate level and mix of merchandise.“
Implement a plan for inventory management and computer product pricing, utilizing cost control methods.
Describe the importance of inventory control.
Examine the impact of internal and external shortage and shrinkage.
Describe the extent to which inventory control impacts profits.
Calculate markups, markdowns, and types of discounts.
Describe the impact of mispricing on profits.
Develop a fashion or retail promotion utilizing elements of the promotional mix.
Describe the use of technology in the promotion function.
Identify the elements of the promotional mix, including sales promotion, public relations and publicity, advertising, and personal selling.
Explain the importance of public relations and publicity in the fashion industry.
Describe the different types of media used in retail fashion advertising.
Examples: print, broadcast, online, specialty
Explain the importance of coordinating elements of advertising.
Analyze and apply techniques needed for an effective sales presentation.
Obtain customer and product knowledge needed for an effective presentation.
Utilize appropriate techniques when opening a sales presentation.
Utilize questioning techniques in order to satisfy customers’ needs and wants.
Incorporate feature-benefit selling to increase the effectiveness of a sales presentation.
Identify and resolve customers’ questions and present possible solutions to customers’ objections.
Demonstrate methods for closing the sale.
Examples: Always Be Closing (ABC) close, merchandise close, service close
Explain the importance of suggestive selling techniques.
Describe the processes needed to move, store, locate, and/or transfer ownership of goods in the fashion and/or retail industry.
Identify the channels of distribution in moving merchandise from manufacturers and wholesalers to retailers.
Explain the role of wholesalers in the distribution channel.
Describe main methods of transportation used in fashion and retail business activities and the situation in which each method would be most appropriate.
Examples: surface, air, water, electronic
Describe ethical considerations in channel management.
Coordinate channel management with other marketing activities.
Identify major laws that regulate and/or impact the fashion/retail industry.
Describe the provisions of laws that protect consumers.
Examples: product labeling, product safety
