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Buying Versus Planning

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...Becoming a retail store buyer might well be one of the most misunderstood careers in the retail industry. With promises of worldwide travel and multimillion-dollar spending power, buyers have the ideal dream job—or do they? Today...

Classification Identification and Planning

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...With the six-month planning complete, a top-down process allows buyers to plan for smaller classifications of business and gives them greater control over business decisions. Understanding individual classifications of business within...

Stock-to-Sales Ratio Method of Inventory

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...To achieve optimal profit results, buyers must link average inventory levels, turnover, and sales to actual inventory stock levels for a specified period. Buyers use specific methods to determine how much inventory to hold in stock...

Stock Levels: Capacity, Stability, and Profit = Average Stock

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

Search for publications

A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...All retail business planning begins with projected retail sales. Buyers cannot begin to plan inventory until retail sales are established. This concept may seem elementary, yet buyers can fall into alternative methods that negate careful...

Assortment Planning and How Much to Buy

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

Search for publications

A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...Each step of the buying process introduces another level of planning and decision making. The plan began with a total season plan and was then broken down into a classification plan. The classification plan works in conjunction with further...

Forecasting and Vendor Relationships

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...After weeks and sometimes months of careful planning, all plans eventually become forecasts. Forecasting in-season results, managing the open-to-buy process, and maintaining vendor relationships are all essential buyer functions...

Inventory Turnover

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...Managing inventory turnover is directly related to profit margins. When inventory sells quickly at the full retail price, profit levels are high, but buyers may miss business because inventory sells too quickly. Total demand is unknown when...

A Report Card: Gross Margin And Contribution

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...Planning for and executing profitability projections are the final phases of determining business success. Two distinct calculations are made to determine profitability. The first and most common is gross margin. In simple terms, gross...

Markdowns

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...Retail pricing strategies will always involve some form of markdown. The reasons for this vary, and they can be due to many factors. In general, markdowns are the result of slow sales performance. This could be the result of poor planning...

Planning Purchase Receipts

Dana D. Connell

Dana Connell is an instructor at Columbia College of Art and Design, Chicago. Author affiliation details are correct at time of print publication.

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A Buyer’s Life : A Concise Guide to Retail Planning and Forecasting

Fairchild Publications, 2010

Book chapter

...Planning purchase receipts is the final step in the six-month merchandising plan. The buyer calculates this final step only after establishing sales, markdowns, and stock levels. Establish The Plan Components As discussed in Chapter 3...