CNSR SCI 567 Exam 1 exam with 100% correct answers

National Brands manufacturer brands and SMU's Ex; Nike, Adidas, Champion Secret Brands Strategy of having brands that are not just associated with ownership in order to build massive scale to own/protect the category Ex; Fiskars scissors Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Liscenced Merchandise Brand Well known name brand contracts with another to develop, produce, and sell the brand Licensing fee Ex; Looney Toons, Disney Exclusive Brands A known name or association, but exclusive for one retail company Usually a collaboration between the retailer and the brand Ex; ELLE, Lauren Conrad, JLo Private label brands Store brands, house broads, own brand Produce yourself National manufacture brands Designed, produced, and marketed by the vendor, sold by many retailers, but also may be sold to the customer by the brand private labels developed by the retailer and only sold by the retailer a private brand can become a national brand Concept to customer (CTC) Strategic approach to developing, sourcing, and allocating products to the appropriate stores. Fast fashion as little as 6 weeks Classics/basics = 6 + months out CTC 5 Steps 1. Plan 2. Analyze 3. Design 4. Develop 5. Implement White space Untapped opportunities Competitive shopping selling and analyzing what your competitors are doing Focus on the product assortments Concept Boards Key styling by brand or classification Color/print/fabrication/pattern/sillhouette CTC Process has 3 simple rules 1. Know your customer 2. Focus on assortments that can meet the revenue and profit expectations 3. Recognize your competition 9 Box Grid Tool used to aid in identifying untapped opportunities (white space) Combine 2 sets of variables Assortment Planning the outline of product flow for a merchandise classification Challenges in assortment planning 1. Limited space and dollar volume assigned to each product category 2. Consumers may or may not be willing to accept a substitute when their preferred product is not available, so demand is difficult to measure 3. Too many choices cause choice paralysis The Jam Study` Concluded that a curation of assortments are essential for retailers and brands More options hinder customers from making decisions less is more Merchandise assortment Refers to the number of different product items the retailer stocks within a particular product line - # of SKUs -Depth Narrow breath/Shallow depth Assortment Convenience stores Wide breath/Shallow depth assortment Discount stores Narrow Breadth/Deep assortment Specialty stores - small format Wide breadth (w/in category)/Deep assortment Specialty stores - large format box box stores Key Item A term used for an item that the retailer prices competitively and notes in the assortment plans to sell a lot in one season