This 3 day course provides a more in-depth study of the practical realities of merchandising in the fashion retail industry.
Best Part time Course Studies in Operations Management 2017. This 3 day course provides a more in-depth study of the practical realities of merchandising in the fashion retail industry.
To undertake this course you should have either completed the FRA Introduction to Merchandising course, or have relevant experience of working in the fashion retail industry. A good understanding of this business function and the different elements involved is required. Experience of working with Excel is also essential as study will involve the use of mathematical formulae and calculations.
The principles and practises of merchandising are explored and specifically analysed in terms of how it is applied in different retail businesses, including e-retail.
The course will include:
Sales and forecasting
The supply chain
Allocation and reconciliation
If you wish to increase your knowledge of the merchandising business function, as a way of developing a career in merchandising, or you would like to progress in the industry, then this course is for you.
This course is ideal for any business wishing to develop their team by providing opportunities to fully explore this business functions. The course enables the development of new skills and explores important elements within fashion retail that will encourage team members to "think outside of the box" and develop new areas of learning. The following aspects of merchandising and buying are covered:
Sales Budgeting - 'Top down' and 'bottom up' planning is explained, along with the concept of sales densities. This section examines why a sales budget is needed, who is involved, how retailers forecast and which factors must be considered
Margin & Profitability - Sales and gross margin profitability theory, calculating a selling price, margin principles, mark up's, hidden costs and margin improvement.
Costing - The elements of product cost, the supplier's cost and cost sheets
Range Planning - Key areas of range planning: strategy, analysis and implementation. Product hierarchy, store grading, option planning and forecasting are examined in detail. Receiving at a warehouse, initial allocation, reconciliation of sales, stock and space, stock and sales reporting, replenishment algorithms, markdowns and WSSI reporting
Supply Chain, Calendars & The Critical Path - Supplier selection: an exploration of different types of suppliers, regional specialisms and skill sets, lead times, seasonal calendars and critical path formation
OTB - The meaning of OTB is explained, along with how it is calculated. Includes an explanation of the concept of 'weeks of stock cover'
WSSI - Discussion on the principles of the WSSI, what it is and who uses it. Includes a WSSI reporting exercise
Intake & Allocation - A look at how stock is received at the warehouse and how initial allocations are determined. Includes a detailed allocation matrix exercise
In-Season Trading - Stock and sales reporting is examined, along with actions taken to remedy adverse or favourable variances between planned and actual stock and sales
Markdowns - Examines planned and forced markdowns, using weighted average margin to calculate a markdown and estimating the effectiveness of a markdown
After completion of Introduction to Buying and Merchandising course or relevant head office experience at MAA or BAA level. Over 18.
Before the course begins it is preferable to have started your research into the UK retail market, by comparing the different retail locations and shopping areas of London. Specifically examine different types of stores, customers, prices, areas and merchandise, to give you initial insight into different retail environments.
3 days 10.00am - 4.30pm (including lunch break)