Percentage of the final selling price that is (gross) profit. #RetailPlanning #FinancialManagement #Pricing #RetailSelling
The Federal Fair Labor Standards Act: Wage and Overtime Laws. Specific states also have laws that could apply. Always check with your institution to see how overtime hours and pay should be handled in your store. #BuyingMerchandise #PlanningMerchandiseAssortments #RetailPlanning
The range of product lines, styles and colors offered for sale. #RetailPlanning
A planned approached mapped out on how your store will promote and cross-merchandise products via events and sales. While sometimes refereed to as visual merchandising, yet a merchandise plan is more comprehensive to include calendar of events, budget, displays plan-o-grams, and communication. ...
A formally written statement that allows your store buyers to make better purchasing decision, which in turn will drive your store's retail success. #RetailPlanning #PlanningMerchandiseAssortments #Promotion #VisualMerchandising #Pricing
Prices at which demand for a given product stay relatively high. Also referred to as pricing strategy. #RetailSelling #Pricing #FinancialManagement #RetailPlanning
A percentage expression using an item's cost price as its computational basis. To calculate: Selling Price = Cost Price x (1 + margin percentage expressed as a decimal) . Here is the difference between the same percentage of Markup and Margin Example of...
At the store level, the approach to provide a variety of goods available for sale, display these goods to inspire interest, and persuade the purchase of these goods. #BuyingMerchandise #RetailPlanning #PlanningMerchandiseAssortments
Merchandise categories enable the store staff to classify and structure all aspects of the merchandise in their store. The main goal is for you shift from managing individual articles to merchandise groupings. Merchandise categories can be assigned to stores and store department. In doing so,...
An animal-friendly alternative to real leather, but may not be eco-friendly. #BuyingMerchandise #KnowingCustomerNeedsandWants #RetailPlanning #PlanningMerchandiseAssortments #CustomerService