RMG 200 Study Guide - Final Guide: Addon, Customer Service, Inventory Control

• School: Ryerson University
• Department: Retail Management
• Course: RMG 200
• Professor: Brent Bar

Document Summary

Merchandise management: process by which a retailer attempts to offer the right quantity of the right merchandise in the right place at the right time while meeting the company"s financial goal. Buyers need to be in touch with and anticipate what customers will want to buy assortment plan: list of merchandise that indicates in very general terms what should be carried in a particular merchandise category. Financial budgets (including merchandise plans) are the starting point to beginning a season since merchandise cannot be purchased without financial commitment. Classification: a group of items or skus for the same type of merchandise, such as pants, supplied by different vendors category: an assortment of items (skus) the customer sees as reasonable substitutes for each other. Supply chain members must agree on the category definition, and it must be based on what is logical to the customer.