Concept Map of MM Exam ( How does merchandise management relate to the…
Concept Map of MM Exam
- What is fashion merchandise management?
- Definition of MM: Development and delivery of the right product mix by season and event (WEEK 1 RCO4)
2.Detail of MM: Retailers must keep pace in crowded an competitive environment (2) A critical component: Competition/ Profile of Products/ Wants/ Trends / What works. (3) The Merchandise Mix: Product Mix/ Volume/ Place/ Timing (Week 1 RCO 3)
Tip: Merchandise Management entails having the correct inventory and merchandise mix in store to meet sales and profit goals
- Are there any elements or principles within other industries or environments that can be applied to merchandise management in this context?
(2) 7 steps to the process of forecasting as follows:
- Week 9- RCO4 Fashion Forecasting: (1) Fashion forecasting involves the prediction of mood, behaviour and buying habits of consumers;
1-Identify the basics about past trends and forecasts;
2-Determine the causes of change in the past;
3-Determine the difference between past forecasts and actual behaviors;
4-Determine the factors likely to affect trends in the future;
5-Apply forecasting tools and techniques while paying attention to issues of accuracy and reliability.;
6-Follow the forecast continually to determine reasons for significant deviations from expectations;
7-Revise the forecast where necessary.(3) Forecasting can be both short-term and long-term (up to two years in advance; generally at a more senior level);
- Week 9- RCO2 Competitors in Fashion: (1) Understanding and constant monitoring of the competitive landscape is crucial to the successful launch and survival of any new brand or retail business;
(2) Being able to differentiate your brand from other competitors;
(3) Create and make strategic decisions to engage audiences by identifying gaps;
- Week 1- RCO2 Challenges to Retailers: (1)Retailers must keep pace in a crowded and competitive environment;
(2)should be able to identify challenges that emerge in the course of running the business;
(3)-The right product attributes
-The right price
-A communication strategy that reaches and
-Engages the customer
- Week 9- RCO5 Acceptable Fashion: (1) Designers and brands must have extensive knowledge of what is accepted by both their targeted customer, and by the wider public;
(2) Many designers try to push the boundaries of acceptable fashion to get noticed and talked about, but sometimes their bold designs are considered unacceptable by the audience for a variety of reasons.
- What elements is it comprised of? ( List of all Elements from different RCO AND link to Q3 for General outline)
WEEK 1: 1. RCO1- Modern consumers: FASHION AND LIFESTYLE RETAILER ANTHROPOLOGIE - Challenge of Satisfying Existing Customers Developing New Customers
- RCO3- Key factors for success: (1) RESEARCH: A CRITICAL COMPONENT Competition | Profile of Products | Wants | Trends | What Works
(2) THE MERCHANDISE MIX:Product Mix | Volume | Place | Timing
WEEK 3: 1.RCO1 – The global economy: (1) International spread of capitalism across national boundaries;
(2)The world is increasingly one global marketplace
- RCO2 – Challenges in global interdependence: (1) Events and actions in one country can create challenges in another;
(2) For example: Stock market volatility; Exchange rate changes; Political unrest...
- RCO3- Technology and globalization: (1) Technology has transformed the way commerce is conducted;
(2) It has allowed business to be players in the global economy;
(3) Technological advances have made it possible for companies to obtain more data about consumers' lifestyles and preferences;
(4) We can see the global macro picture and micro details about consumer behavior
- Week 8: RCO2 - Research and Context (Link with Week 1 RCO3): (1) - The gathering of information to generate trends, or fashion related themes;
(2) Analyze internal and external reasons to assist in new market development.
- How does merchandise management relate to the other functions or areas of a fashion business?
- Week 8- RCO5 Individuality and Creativity in Fashion: (1)Show the uniqueness of a business;
(2)- Fashion including fast fashion, slow fashion, and high-end brands requires designers to bring products to the world with the current ;
(3) Morden consumer doesn't like purchasing similar outlook clothes;
(4) Fashion is characterized by a fundamental duality;
(5) Designers must work within the content of evolution of social constructs
- Week 7- RCO1 Fashion and Culture : (1)Fashion and Culture is very much interrelated;
(2) Culture is developed over time by the shared actions and behaviour of a group of people, and it will affect the actions of the people in the group.
- Week 8- RCO 2 Research Context: (1)Should in depth research;
(2) Research helps to evaluate whether particular projects are feasible.
(3) Both primary and secondary data must be considered while researching;
(4) Also most designer aim to know what their competitors are doing;
Gathering data from PESTEL, political, Economics, Society, Technology, Environment, and Legal Factors
- Week 7- RCO4 The Mechanism of Fashion Design: (1) Designers can see a lot of ready-to-wear, and can remember many designer costumes in vivid details;
(2) Buyers work closely with designers and share the same trend forecasting knowledge;
(3) Fashion designers have both technical knowledge of garment construction and excellent visual image of clothing.
(2) Market research that focuses on consumers, competing companies, and sales records are conducted.(3) 3 steps for trends forecasting: hunt, identify and gather.
- Week 8- RCO1 Fashion Trend research:(1) This process encompasses the three components of the environment, market, and product.
-Hunt: Find key ideas and findings then take notes and figure out the ideas.
-Identify: Group the findings into key concepts and coherently organize and indicate viewpoint and message consistently.
-Gather: Analyzing the key findings and receive feedbacks from those questions.
-Finally apply them to design and implement into products collections.
Moreover, concerning fashion and design, merchandise management looks over all areas including research, designing and business analysis
- Week 7- RCO5 Influence of Fashion Designer and Design Process: There are many influences that can impact fashion designers and their design process.
(1) Peers & Colleagues-Awareness of the work of their peers and colleagues.Fashion magazines, on the street, fashion week.
iconic garments such as jeans or a button down shirt ;
(2) Sources of information-Sources of information regarding art, style and color.Seasonal and long-term trend reports;
(3) Travel & observations;
(4)Past designs-Memory of their own pass designs
- How are the elements related?(Link with Q2 detail content of map)
- WEEK 1: RCO1- Modern consumers：(1) Retailers must keep pace in a crowded and competitive environment; (2) It is hence necessary that we understand the likes and dislikes of the consumer in order to produce quality.
(3) Choose different sales channels to cater to contemporary consumer psychology, such as online shopping, e-commerce
- WEEK3: RCO2- Changes in Global Interdependence: (1) Support based on different national policies leads to constant changes in inflation rate；
(2) Close ties between countries and countries can reduce tax rates；
- WEEK 3: RCO3- Technology and globalization: (1) Some companies fail to follow the changes in the technological era, leading to the failure to update technology management;
(2) Use e-commerce and the web；
(3) Promote/advertise for the brand
- WEEK 3: RCO1 - The global economy:(1) Actively discover changes in the economic environment of the country and other countries；
(2) Different materials from different countries, different import prices；
(3) Planting retail businesses in countries with lower debt to GDP ratio means that the probability of attaining higher profits is large;
- WEEK 8: RCO2 - Research Context: (1) Research and content is a key factor towards attaining success in a merchandise management.
(2) Business owner is able to acquire a competitive advantage over other players in the sector if they are conversant with wants and prevailing market trends.
(3) Research and content can assist in predictions of demand in the market with regard to quantity, place and timing;
- WEEK 1: RCO3 –Key factors for success:(1) Research is a key factor towards attaining success in a merchandise management;
(2) Predictions of demand in the market with regard to quantity;
(3) Manager should look keenly FOR market change