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Product Planning

Utilize pricing strategies to maximize return on merchandising efforts and meet customers’ perception of value.

Explain how customers see value in terms of price.

Explain how value is perceived when combining both price and non-price factors.

Describe the role of business ethics in pricing.

Explain the use of technology in the pricing function.

Research and explain the concepts and processes needed to obtain, develop, maintain, and improve a product mix in response to market opportunities.

Describe the use of technology in the product/service management function.

Explain the three main market segments of the fashion industry (primary, secondary, and tertiary).

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.

Promotion

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.

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.