Advertising is persuasive and/or informative non-personal communications paid for by a clearly identifiable sponsor

Agile manufacturing is a new technology that incorporates modular production rather than the traditional piece goods line method and allows for special orders at the last minute without disruption.

Assortment

is the selection of merchandise offered in a store at any given time Description of assortments is often presented in terms of breadth (i.e. number of styles) and depth (i.e. number of sizes and colors available for each style).

Brand is a known name associated with a specific product or group of products carrying with it an expectation of such perceived values as style and image, quality, price, fit, reliability, consistency, and confidence that you'll look good.

Breadth is a term used to refer to the number of different product lines, styles, or brands that are carried in a retailing establishment.

Bridge is a merchandise level price point between designer or couture and better goods

Concessions also known as shops-withinshops, can be defi ned as space leased by the host retailer to another retailer, wholesaler or manufacturer from which to sell its merchandise

Category is a major grouping of merchandise that includes al types of departments, classifications, and sub-classifications that a particular type of customer would shop, for example, women's or men's apparel.

Corporation is a firm owned by one or more persons, each of whom has a financial interest. corporation allows capital to be raised through the sale of company stock and does not allow legal claims against individuals, as in the case with sole proprietorships and partnerships

Counterfeit is a type of merchandise that violates a companys intellectual property rights. The law states that a protected trademark or copyright cannot be copied and offered for sale by another company

Credit is an alternate to paying cash

It allows the customer to buy merchandise now,

and pay for it later

Even though the stores do not benefit financially from the interest charged on these accounts (they do with charge cards), acceptance of those cards is a convenience afford to their customers that can ultimately increase patronage and sales

Cross merchandising Selling complementary goods in order to encourage customers to buy more
Ethical sourcing A philosophy and act of selecting and retaining only those suppliers that follow good business ethics and adhere to fair treatment of workers.

Electric data interchange (EDI) is

communication system that electronically transfers information from one point to another via computer An important application is the transfer of purchase orders between manufacturers and retailers This is one way that vendors and retailers can respond instantaneously to quickly changing consumer demands

Electronic mail (e-mail) is a technology that can help companies to effortlessly communicate with headquarters or other companies to determine exact availability of goods (i.e., quantities, styles, and sizes for each ship date) and lock in and guarantee an order on the spot when working with customers

Electronic retailing offers products through such electronic media as computers and television
Shopping on the Internet is the newest technological retail format of on-line retailing.

Floor ready merchandise

Goods are shipped to the retail store in condition ready to be displayed on the sales

floor, without further preparation by store workers

FOB (specified location) - Free on Board.

This price includes the price of the product itself plus all shipping costs to the location

specified, usually the port from which the product is shipped.

Generic product

Product sold in simple (usually black and white) packaging, with no brand name or advertising. Generic products are designed to sell at a lower price by eliminating expense

House brand

A brand name owned by a retail company, sold only within its retail outlets; may also be called a private label.

Intellectual property

Ownership conferring the right to possess, use, or dispose of products created by human

ingenuity, including patents, trademarks, and copyrights.

These rights are protected when properly registered, but registration in one country does not create rights in another country

Joint venture A company owned by two or more companies, often from different countries Innovation is anything the consumer perceives to be new, and could include an old product introduced into a new market.

Just in time (JIT)

A philosophy and method of manufacturing that minimizes production costs by minimizing raw

materials and components inventories through requiring that such materials be delivered where needed in the production process just in time, or just before needed in the production process. to react more easily and quickly to changes in fashion and consumer demand, because large inventories are not built during the manufacturing process.

JIT also increases flexibility, allowing retailers

Interior product displays help customer locate merchandise and can illustrate how the merchandise is used or worn
They include counter top or point-of-purchase displays, showcase displays, wall or ledge

displays, aisle displays, open selling displays, and closed island displays.

International source/sourcing is the process of buying of goods offshore, from other countries. Inventory planning entails the determination of the stock levels necessary to meet the sales plan. Note: the terms inventory and stock are used interchangeably

Management is the process of getting activities competed efficiently and effectively with and through other people. A business usually has at least three management aspects: 1) the business 2) the employees and 3) the operations

Merchandise planning is a broad term that describes those retiling activities that are based in planning.

It directly involves the five "rights" of

merchandising that Mazur brought to our attention

These are: purchasing the right

merchandise, at the right time, at the right place, in the right quantity, and at the right price.

Mazur plan divides retail activities into four divisional areas.

1) merchandising which is buying and selling of goods and services for a profit. This includes the planning, pricing, and control of sales and inventory; 2) publicity, which is concerned with promotion and advertising, display, special events, and public relations;
3) store ( operations) management, which involves the operations of the retail store, selling, customer service, and all such physical concerns for the store as maintenance and security 4) accounting and control (finance), which is concerned with all the financial aspects of the business, including credit, collection, budgets, control, and bookkeeping.

Some retailers may also have a fifth divisional area to account for and handle their branch stores Others may be organized according to regions and/or divisions All retailers, however, must have at least two functional areas merchandising and store operations management-to run the business

Niche is a term used to describe a narrowly defined customer segment

Because niches have very specific needs, niche

retailers offer deep assortments of one particular type of merchandise market in narrow geographic terms; that is, a retailer might serve only one small neighborhood, meeting many of its needs.

A company could also serve a niche by defining its

Negotiation can result in a settlement and mutual agreement between two or more parties on any matter.
This settlement is based on communication and the satisfaction of a goal of one or more of the

parties

From a retailer's or manufacturer's perspective,

negotiations are often undertaken to solve problems, resolve conflicts, reduce costs, and/or improve profit.

Merchandising
Often refers to the way in which goods are

displayed in a retail store, to make them more visually enticing to customers, with the intention of increasing sales

Merchandising includes careful selection of the assortment of goods, and determining which goods will be sold in close proximity to one another

Multipack A package that combines, into one retail unit, several individual retail packages, in order to encourage consumers to purchase several units at once

Multipacks may sometimes be featured at a special promotional price that makes the per unit price more favorable than the sum of the prices of the individual units.

Offshore assembly Assembling garments in one country from components cut in another

Planogram A visual plan of a section of the retail floor, or a section of a retail sales shelf, indicating precisely where each unit of merchandise will be displayed

Point of purchase (POP) display

a merchandise display located where customers purchase store merchandise, strategically

placed to encourage customers to make last minute impulse purchases of additional or high profit products

Sourcing Searching around the world for the available suppliers / goods that meet a

commercial buyers criteria.

Strategic alliance A partnership between two or more noncompeting companies for the purposes of creating a synergistic or mutually beneficial business relationship that either partner would be unable to create as efficiently on its own Supply chain The logistics activities that, when linked together, provide for the production and delivery of goods from raw material to finished product, to retail outlet

Universal Product Code (UPC)

A graphic code comprised of a unique combination of black and white bars of varying widths, that when scanned by a computerized bar code reader, identify the product and key information such as product specifications and price
Also referred to as a Bar Code.

Vertical integration
Linking the successive manufacturing processes from raw materials supply through finished product in a long - term business relationship, generally within one company.