[Solved] 3.4 revise the report

Assignment Prompt & Instructions

– ## FMAN3000Assessment21.docx – ## DMUAbiWilsonPDF.pdf – CLASS.zip – rangebuildmixes.xlsx – Week2TheBuyingCycleandGlobalFashionIndustry.pptx – highgradeexample.docx – essaywiththefeedback.docx – example2.docx **## FMAN3000Assessment21.docx** ## MODULE ASSESSMENT | | | | | | | — | — | — | — | — | | ASSESSMENT BRIEF | FMAN3000 | FASHION COMSUMER AND MARKETPLACE | | CREDIT VALUE:<br>30 Credits | WORTH:<br>100% of module | TYPE: <br>Written Report 4000 words and 500 word reflective synopsis +/- 10% | ASSESSORS: Claire Marsh & Karen Hickinbotham | HAND IN: <br>Week 25<br>Monday 18th March 2024<br>12pm midday via Turnitin | | BUYING CYCLE REPORT | ### ASSESSMENT BRIEF : Buying Cycle Report **Hand in week 25 (Monday 18th March 2024, midday)** **RATIONALE** #### To remain competitive, fashion retailers need to ensure they not only develop commercial product, but ensure they deliver to the right place at the right time, profitably. To achieve this, retailers strategize and follow a logical cycle to ensure successful and effective product is planned, developed, sources and manufactured to meet the demand of their target customer. This assessment will widen your contextual understanding of the buying cycle. **YOUR TASK** Produce a report of 4000 words (+/- 10%) which demonstrates your critical understanding of the processes of the Buying cycle and suggest future recommendations for the retailer. This must be written in third person. In addition to this you are required to give a 500 word (+/- 10%) reflective statement of your understanding of each element of the buying cycle. Reflecting on the areas you struggled with and how you overcame these barriers. This can be written in first person. AIM: To research, critically analysis and evaluate a product and retailer through each process of the Buying cycle, then give a reflective summary of your learning journey. **OBJECTIVES:** 1. Chose a clothing retailer who sells in the UK a. Retailer example: H&M, Zara, Tesco, M&S, Primark, Reiss, COS, All Saints 2. Choose a clothing product from the above chosen retailer a. Product example: T-shirt, trousers, jacket, jeans 3. Devise a report structure to communicate your findings (see pages 10 & 11) 4. Conduct secondary research by evaluating other retailers (L.O.2) – Competition, Trend analysis, Country of Origin, Design/manufacture processes, Marketing and promotional activity, Customer Profile, Sourcing Strategy. 5. Apply your product to the Buying cycle process. 6. Develop essential buying information for your product – Costing information, critical path, Range plan, transportation method, retail outlet method. 7. Conclusion – what has your research lead you to conclude? Review with a SWOT analysis and recommendations for improvements. What are your predictions and recommendations for the next 3 years relating to your retailer? (L.O.4) 8. 500 word reflective statement – Reflect on your journey through the module, referring to the processes of the buying cycle, which elements were your strengths and highlight how you overcame any weaknesses. This can be written in third person. **** **REPORT FORMAT** Produce a digital report of a max 4000 words +/- 10% Wordcount from Introduction to end of Conclusion, not including figures and tables. Consider the accessibility of your work (use font size 12 and 1.5 line spacing) and make sure any figures are readable. The body of your assignment should be written in third person. **Use the following as a basic guide to your contents page and structure;** Front page · Title · Module code (FMAN3000) · Module Name (Fashion Buying Management) · State Chosen Retailer · State Chosen Product · Students name · Students ID Contents · List of figures · List of tables · Introduction Include the stages of the Buying Cycle as part of your contents and use to show critical thinking: · Buying Cycle overview · Retail pyramid · Customer profiles · Roles & responsibilities of Buying dept · Purpose of the Critical Path and examples of possible issues and suggestions to resolve them · Strategies (market trends/comp shops, sales information, supplier intel, political & social influences) · Design & Trend (influences) · Range Build (base plan, option count, best & worst sellers, product mix, budgets/financial targets, the range plan) · Sampling & fit process · Sourcing (supplier analysis, regional strengths & weaknesses, lead times, sustainability and ethical policies) · Quality Assurance & testing requirements · Production & delivery from factory to retailer Discussion – pull your research together and link your sections · Conclusion – what are your learnings about your retailer and product of choice? · Recommendations – what can they do to improve their business? How will they do this? What will it achieve? Give examples to support your suggestions. · 500 word reflection of your understanding of the buying cycle processes · Reference list · Appendix · Self-assessment form Make sure you use Harvard Referencing format – https://library.dmu.ac.uk/refguide/harvard **NOTES;** **Appendices** Appendices should be used to show a copy of primary research findings and any further supporting evidence which may not be deemed appropriate to include within the main body of the report. Any large or detailed findings which would disrupt the flow of reading should be placed in the appendices. All material in the appendices should be referred to within the main body of the report. **Visual imagery** You are strongly encouraged to use visual imagery throughout your report. Please ensure they are correctly titled ‘figure number. Description (source, year)’ as per the Harvard referencing method. All figures must be listed within the ‘list of figures’ placed at the beginning of the report, after the contents page. **References** You are encouraged to read and research as widely as possible to better inform your knowledge and your work. References must be included within the reference list and presented in alphabetical order as per the Harvard reference method. Visit [https://library.dmu.ac.uk/refguide](https://library.dmu.ac.uk/refguide) to help get your referencing correct. **Hand in** The hand in is Week 25, date **Monday 18th March 2024 12pm (midday)** by Turnitin accessible from the FMAN3000 blackboard shell. Please ensure you leave adequate time to submit in a case of technical difficulties (e.g. 24 hours before hand in). ## image1.png **## DMUAbiWilsonPDF.pdf** ABI WILSON – HEAD OF BUYING & DESIGN – CELEBRATIONS SAINSBURY’S ARGOS & HABITAT November 2023 ▪ About me ▪ The Commercial team – roles & responsibilities ▪ The Buying cycle ▪ Framework, range creation & selection ▪ Production & delivery ▪ Trade & review ▪ Questions ABI WILSON – HEAD OF BUYING & DESIGN – CELEBRATIONS SAINSBURY’S ARGOS & HABITAT Creative not clever. Committed. Customer. Driven. Inclusive. Sustainable. MERCHANDISING • Commercial KPI • Budgets • Stock management DESIGN • Product design /development • Print & fabric • Trend & innovation DITIGAL • Digital trading • Digital content COMMERCIAL TEAM: ROLES & RESPONSIBILITIES TECHNOLOGY • Product technology • QC • Ethical • Legislation BUYING • Product Proposition • Commercial KPI • Sourcing • Rate / COGs BUYERS ADMIN ASSISTANT BUYER BUYER SENIOR BUYER HEAD OF BUYING DIRECTOR • 5 years + • 2 years + • 2 years + • 12-18 months The commercial team is split into different functions, who collaborate together to deliver the trade plan There are typically 6 levels of experience & role in each of the areas The product life cycle – from strategy & concept to launch & trade performance. TREND & INNOVATION: MARCO TREND, LIFESTYLE, FUTURE FORCASTING. TRADE SHOWS, INSPIRATION, TREND BOOKS, REPORTS & STREET STYLE Design & innovation gather future view influences to collate new season direction. This will include lifestyle & product trend & generalised content for a broad category use DESIGN PRESENTATION: CREATING CUSTOMER STYLE PREFERENCE, OR DESIGN COLLECTION THEMES FOR USE ACROSS TOTAL CATEGORIES FOR FUTURE TRADING SEASON – EG AW24 – TYPICALLY 12-18 MONTHS AHEAD. Strategy is a collaborative piece across all commercial stakeholders, typically lead by Buying & Merchandising and sets the clear financial objective for the future season, which is set against the annual budget, & presented for approval to the HOB /HOM or Director, and will feed into a wider business strategy & financial metric. Design presentation is alongside to lead product direction. STRATEGY: IDENTIFYING THE FINANCIAL PURPOSE, SEASONAL REVIEW, NEW INSIGHT & OPPORTUNITY – THE ‘WHAT’, ‘WHY’ & ‘HOW’ TO PRODUCT & RANGES. IDENTIFYING REQUIREMENTS TO DELIVERY & KEY STAKEHOLDERS FRAMEWORK: PLOTTING OPTIONS & FINANCIALS AGAINST RANGE SEGMENTS IN ORDER TO MEET CUSTOMER NEEDS & DELIVER FINANCIAL METRICS Identifying the segmentation of each range to meet customer expectations & deliver robust financial outcome. Considering – ▪ Innovation direction ▪ Historical data & new insight ▪ Market activity & comp shops ▪ Brand mix ▪ Rate mix ▪ Promotional activity COST NEGOTIATIONS & SOURCING : BRIEFING & SOURCING PRODUCT TO DELIVER FINANCIAL METRICS – USING AVAILABLE LEVERS The costs of goods (COGs) is the term for cost price – all the variables which impact the product price. As buyers, we are able to impact these using levers. These are the where we make choices on the different factors in a product to impact the final price we pay. This is a key part of buying – & other stakeholders contribution. EG The same item could be made in India or China, but one country has preferable duty, the other has favourable shipping time – when both samples arrive – one is stronger, and therefore your lever may change in order to obtain the best product, on time, at the best value possible – it may not be the cheapest price. OWN LABEL LICENSE BRAND DIRECT SOURCE DIRECT IMPORT DOMESTIC F O B IN T O D C F R E IG H T – T R U C K / S E A / A IR OWN LABEL LICENSE BRAND Consider – • Cost • Lead time • Cost of stock E2E • Freight variables – £ • FX impact • Duty • Quota SOURCING: WHERE A PRODUCT IS PRODUCED & HOW IT LANDS IN TO RETAILER STORES & HUBS. PRODUCT TECHNICAL PACKS: DESIGN PACKS ARE CREATED BY IN HOUSE DESIGN TEAM, FREELANCE OR SUPPLIERS & TAKE CONCEPT THROUGH TO SPECIFICATION TO BE PRODUCED AS A SAMPLE AT THE MANUFACTURERS SAMPLE ROOM. Packs are typically graded gold / silver / bronze, ABC etc which refers to the level of information required to get the product right first time. The fewer samples required manages cost. As a buyer & designer you will collaborate to decide what brief spec is required for each outcome When suppliers create briefed product its exclusive to the retailer, and protected design IP When product is bought off shelf – suppliers own development, the IP needs to be established & assigned, or market & available. RANGE BUILD & SELECTION TAKING THE SAMPLES & BUILDING THE RANGE, USING THE FRAMEWORK & CONSIDERING THE KEY CUSTOMER & COMMERCIAL PILLARS PRODUCT MOVE ON: DESIGNS ORIGINATE FROM MANY SOURCES – BUT SOMETIMES IT’S A SAMPLE AS ‘SAME BUT DIFFERENT’ – TO APPEAL TO THE SAME CUSTOMER, STYLE PREFERENCE, VALUE POSITION & TIER LEVEL. THIS IS CALLED A MOVE ON – THINK OF IT AS YOUR FAVOURITE OUTFIT – REFRESHED. This is an example of a plinth end of Christmas jumpers from 2021 & 2022 – with the same space, same mission, & same garment format – what would you do next for this year? TRADE & REVIEW: REVIEWING THE PERFORMANCE You are reviewing the performance of the ranges, and individual line level. • Sales – the total sum of money taken • Cash / Profit – the total sum of profit • Cover – how many weeks stock do we have, if the rate of sale ROS continues • ROS – Rate of sale – how many units per week, per store sold You will discuss – • What has impacted trade – Stock, presentation, market, weather, mindset, fit, price • What trade actions need to happen next eg promotion, images, price action, rebuys – positive change to drive profit activity. Trade is reviewed every week, every event, & trade cycles in your business – ie Monday morning, Easter, plinth space change etc Which of these sold best & why? TRADE & REVIEW: WHAT NEXT? OVER PERFORMING… • Do you have enough stock to continue? • Do you have more stock on the way? • Is there another item planned? Colourway? Similar style? – Perhaps we need to buy more… • What is the lead time • Should we change anything • What would seasonal impact be? MISSING PLAN… • Why isn’t it selling? Size / fit / as planned / price / seasonal impact / duplication etc • What action can be taken? Price change / promo / link sale etc • What else might be impacted- make amends • Impact to future stock – delay, slow boat, discuss with factory Case study… Hot water bottle – £12 What happens next…? FINAL POINTS & QUESTIONS…. THE LEARNS… Authentic – Brand, self aware Kind is kweeen!! Listen, learn, network Always Customer / Mission The gaps – spot them /delegate STOP Mentor What is the question you’re trying to answer? Questions…? – Slide 1 – Slide 2 – Slide 3 – Slide 4 – Slide 5 – Slide 6 – Slide 7 – Slide 8 – Slide 9 – Slide 10 – Slide 11 – Slide 12 – Slide 13 – Slide 14 – Slide 15 – Slide 16 – Slide 17 – Slide 18 – Slide 19 **CLASS.zip** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/class-zip-9783843) **rangebuildmixes.xlsx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/rangebuildmixes-xlsx) **Week2TheBuyingCycleandGlobalFashionIndustry.pptx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/week2thebuyingcycleandglobalfashionindustry-pptx) **highgradeexample.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/highgradeexample-docx) **essaywiththefeedback.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/essaywiththefeedback-docx) **example2.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/example2-docx-9783833) **example2.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/example2-docx-9783833) **## FMAN3000Assessment21.docx** ## MODULE ASSESSMENT | | | | | | | — | — | — | — | — | | ASSESSMENT BRIEF | FMAN3000 | FASHION COMSUMER AND MARKETPLACE | | CREDIT VALUE:<br>30 Credits | WORTH:<br>100% of module | TYPE: <br>Written Report 4000 words and 500 word reflective synopsis +/- 10% | ASSESSORS: Claire Marsh & Karen Hickinbotham | HAND IN: <br>Week 25<br>Monday 18th March 2024<br>12pm midday via Turnitin | | BUYING CYCLE REPORT | ### ASSESSMENT BRIEF : Buying Cycle Report **Hand in week 25 (Monday 18th March 2024, midday)** **RATIONALE** #### To remain competitive, fashion retailers need to ensure they not only develop commercial product, but ensure they deliver to the right place at the right time, profitably. To achieve this, retailers strategize and follow a logical cycle to ensure successful and effective product is planned, developed, sources and manufactured to meet the demand of their target customer. This assessment will widen your contextual understanding of the buying cycle. **YOUR TASK** Produce a report of 4000 words (+/- 10%) which demonstrates your critical understanding of the processes of the Buying cycle and suggest future recommendations for the retailer. This must be written in third person. In addition to this you are required to give a 500 word (+/- 10%) reflective statement of your understanding of each element of the buying cycle. Reflecting on the areas you struggled with and how you overcame these barriers. This can be written in first person. AIM: To research, critically analysis and evaluate a product and retailer through each process of the Buying cycle, then give a reflective summary of your learning journey. **OBJECTIVES:** 1. Chose a clothing retailer who sells in the UK a. Retailer example: H&M, Zara, Tesco, M&S, Primark, Reiss, COS, All Saints 2. Choose a clothing product from the above chosen retailer a. Product example: T-shirt, trousers, jacket, jeans 3. Devise a report structure to communicate your findings (see pages 10 & 11) 4. Conduct secondary research by evaluating other retailers (L.O.2) – Competition, Trend analysis, Country of Origin, Design/manufacture processes, Marketing and promotional activity, Customer Profile, Sourcing Strategy. 5. Apply your product to the Buying cycle process. 6. Develop essential buying information for your product – Costing information, critical path, Range plan, transportation method, retail outlet method. 7. Conclusion – what has your research lead you to conclude? Review with a SWOT analysis and recommendations for improvements. What are your predictions and recommendations for the next 3 years relating to your retailer? (L.O.4) 8. 500 word reflective statement – Reflect on your journey through the module, referring to the processes of the buying cycle, which elements were your strengths and highlight how you overcame any weaknesses. This can be written in third person. **** **REPORT FORMAT** Produce a digital report of a max 4000 words +/- 10% Wordcount from Introduction to end of Conclusion, not including figures and tables. Consider the accessibility of your work (use font size 12 and 1.5 line spacing) and make sure any figures are readable. The body of your assignment should be written in third person. **Use the following as a basic guide to your contents page and structure;** Front page · Title · Module code (FMAN3000) · Module Name (Fashion Buying Management) · State Chosen Retailer · State Chosen Product · Students name · Students ID Contents · List of figures · List of tables · Introduction Include the stages of the Buying Cycle as part of your contents and use to show critical thinking: · Buying Cycle overview · Retail pyramid · Customer profiles · Roles & responsibilities of Buying dept · Purpose of the Critical Path and examples of possible issues and suggestions to resolve them · Strategies (market trends/comp shops, sales information, supplier intel, political & social influences) · Design & Trend (influences) · Range Build (base plan, option count, best & worst sellers, product mix, budgets/financial targets, the range plan) · Sampling & fit process · Sourcing (supplier analysis, regional strengths & weaknesses, lead times, sustainability and ethical policies) · Quality Assurance & testing requirements · Production & delivery from factory to retailer Discussion – pull your research together and link your sections · Conclusion – what are your learnings about your retailer and product of choice? · Recommendations – what can they do to improve their business? How will they do this? What will it achieve? Give examples to support your suggestions. · 500 word reflection of your understanding of the buying cycle processes · Reference list · Appendix · Self-assessment form Make sure you use Harvard Referencing format – https://library.dmu.ac.uk/refguide/harvard **NOTES;** **Appendices** Appendices should be used to show a copy of primary research findings and any further supporting evidence which may not be deemed appropriate to include within the main body of the report. Any large or detailed findings which would disrupt the flow of reading should be placed in the appendices. All material in the appendices should be referred to within the main body of the report. **Visual imagery** You are strongly encouraged to use visual imagery throughout your report. Please ensure they are correctly titled ‘figure number. Description (source, year)’ as per the Harvard referencing method. All figures must be listed within the ‘list of figures’ placed at the beginning of the report, after the contents page. **References** You are encouraged to read and research as widely as possible to better inform your knowledge and your work. References must be included within the reference list and presented in alphabetical order as per the Harvard reference method. Visit [https://library.dmu.ac.uk/refguide](https://library.dmu.ac.uk/refguide) to help get your referencing correct. **Hand in** The hand in is Week 25, date **Monday 18th March 2024 12pm (midday)** by Turnitin accessible from the FMAN3000 blackboard shell. Please ensure you leave adequate time to submit in a case of technical difficulties (e.g. 24 hours before hand in). ## image1.png **## DMUAbiWilsonPDF.pdf** ABI WILSON – HEAD OF BUYING & DESIGN – CELEBRATIONS SAINSBURY’S ARGOS & HABITAT November 2023 ▪ About me ▪ The Commercial team – roles & responsibilities ▪ The Buying cycle ▪ Framework, range creation & selection ▪ Production & delivery ▪ Trade & review ▪ Questions ABI WILSON – HEAD OF BUYING & DESIGN – CELEBRATIONS SAINSBURY’S ARGOS & HABITAT Creative not clever. Committed. Customer. Driven. Inclusive. Sustainable. MERCHANDISING • Commercial KPI • Budgets • Stock management DESIGN • Product design /development • Print & fabric • Trend & innovation DITIGAL • Digital trading • Digital content COMMERCIAL TEAM: ROLES & RESPONSIBILITIES TECHNOLOGY • Product technology • QC • Ethical • Legislation BUYING • Product Proposition • Commercial KPI • Sourcing • Rate / COGs BUYERS ADMIN ASSISTANT BUYER BUYER SENIOR BUYER HEAD OF BUYING DIRECTOR • 5 years + • 2 years + • 2 years + • 12-18 months The commercial team is split into different functions, who collaborate together to deliver the trade plan There are typically 6 levels of experience & role in each of the areas The product life cycle – from strategy & concept to launch & trade performance. TREND & INNOVATION: MARCO TREND, LIFESTYLE, FUTURE FORCASTING. TRADE SHOWS, INSPIRATION, TREND BOOKS, REPORTS & STREET STYLE Design & innovation gather future view influences to collate new season direction. This will include lifestyle & product trend & generalised content for a broad category use DESIGN PRESENTATION: CREATING CUSTOMER STYLE PREFERENCE, OR DESIGN COLLECTION THEMES FOR USE ACROSS TOTAL CATEGORIES FOR FUTURE TRADING SEASON – EG AW24 – TYPICALLY 12-18 MONTHS AHEAD. Strategy is a collaborative piece across all commercial stakeholders, typically lead by Buying & Merchandising and sets the clear financial objective for the future season, which is set against the annual budget, & presented for approval to the HOB /HOM or Director, and will feed into a wider business strategy & financial metric. Design presentation is alongside to lead product direction. STRATEGY: IDENTIFYING THE FINANCIAL PURPOSE, SEASONAL REVIEW, NEW INSIGHT & OPPORTUNITY – THE ‘WHAT’, ‘WHY’ & ‘HOW’ TO PRODUCT & RANGES. IDENTIFYING REQUIREMENTS TO DELIVERY & KEY STAKEHOLDERS FRAMEWORK: PLOTTING OPTIONS & FINANCIALS AGAINST RANGE SEGMENTS IN ORDER TO MEET CUSTOMER NEEDS & DELIVER FINANCIAL METRICS Identifying the segmentation of each range to meet customer expectations & deliver robust financial outcome. Considering – ▪ Innovation direction ▪ Historical data & new insight ▪ Market activity & comp shops ▪ Brand mix ▪ Rate mix ▪ Promotional activity COST NEGOTIATIONS & SOURCING : BRIEFING & SOURCING PRODUCT TO DELIVER FINANCIAL METRICS – USING AVAILABLE LEVERS The costs of goods (COGs) is the term for cost price – all the variables which impact the product price. As buyers, we are able to impact these using levers. These are the where we make choices on the different factors in a product to impact the final price we pay. This is a key part of buying – & other stakeholders contribution. EG The same item could be made in India or China, but one country has preferable duty, the other has favourable shipping time – when both samples arrive – one is stronger, and therefore your lever may change in order to obtain the best product, on time, at the best value possible – it may not be the cheapest price. OWN LABEL LICENSE BRAND DIRECT SOURCE DIRECT IMPORT DOMESTIC F O B IN T O D C F R E IG H T – T R U C K / S E A / A IR OWN LABEL LICENSE BRAND Consider – • Cost • Lead time • Cost of stock E2E • Freight variables – £ • FX impact • Duty • Quota SOURCING: WHERE A PRODUCT IS PRODUCED & HOW IT LANDS IN TO RETAILER STORES & HUBS. PRODUCT TECHNICAL PACKS: DESIGN PACKS ARE CREATED BY IN HOUSE DESIGN TEAM, FREELANCE OR SUPPLIERS & TAKE CONCEPT THROUGH TO SPECIFICATION TO BE PRODUCED AS A SAMPLE AT THE MANUFACTURERS SAMPLE ROOM. Packs are typically graded gold / silver / bronze, ABC etc which refers to the level of information required to get the product right first time. The fewer samples required manages cost. As a buyer & designer you will collaborate to decide what brief spec is required for each outcome When suppliers create briefed product its exclusive to the retailer, and protected design IP When product is bought off shelf – suppliers own development, the IP needs to be established & assigned, or market & available. RANGE BUILD & SELECTION TAKING THE SAMPLES & BUILDING THE RANGE, USING THE FRAMEWORK & CONSIDERING THE KEY CUSTOMER & COMMERCIAL PILLARS PRODUCT MOVE ON: DESIGNS ORIGINATE FROM MANY SOURCES – BUT SOMETIMES IT’S A SAMPLE AS ‘SAME BUT DIFFERENT’ – TO APPEAL TO THE SAME CUSTOMER, STYLE PREFERENCE, VALUE POSITION & TIER LEVEL. THIS IS CALLED A MOVE ON – THINK OF IT AS YOUR FAVOURITE OUTFIT – REFRESHED. This is an example of a plinth end of Christmas jumpers from 2021 & 2022 – with the same space, same mission, & same garment format – what would you do next for this year? TRADE & REVIEW: REVIEWING THE PERFORMANCE You are reviewing the performance of the ranges, and individual line level. • Sales – the total sum of money taken • Cash / Profit – the total sum of profit • Cover – how many weeks stock do we have, if the rate of sale ROS continues • ROS – Rate of sale – how many units per week, per store sold You will discuss – • What has impacted trade – Stock, presentation, market, weather, mindset, fit, price • What trade actions need to happen next eg promotion, images, price action, rebuys – positive change to drive profit activity. Trade is reviewed every week, every event, & trade cycles in your business – ie Monday morning, Easter, plinth space change etc Which of these sold best & why? TRADE & REVIEW: WHAT NEXT? OVER PERFORMING… • Do you have enough stock to continue? • Do you have more stock on the way? • Is there another item planned? Colourway? Similar style? – Perhaps we need to buy more… • What is the lead time • Should we change anything • What would seasonal impact be? MISSING PLAN… • Why isn’t it selling? Size / fit / as planned / price / seasonal impact / duplication etc • What action can be taken? Price change / promo / link sale etc • What else might be impacted- make amends • Impact to future stock – delay, slow boat, discuss with factory Case study… Hot water bottle – £12 What happens next…? FINAL POINTS & QUESTIONS…. THE LEARNS… Authentic – Brand, self aware Kind is kweeen!! Listen, learn, network Always Customer / Mission The gaps – spot them /delegate STOP Mentor What is the question you’re trying to answer? Questions…? – Slide 1 – Slide 2 – Slide 3 – Slide 4 – Slide 5 – Slide 6 – Slide 7 – Slide 8 – Slide 9 – Slide 10 – Slide 11 – Slide 12 – Slide 13 – Slide 14 – Slide 15 – Slide 16 – Slide 17 – Slide 18 – Slide 19 **CLASS.zip** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/class-zip-9783843) **rangebuildmixes.xlsx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/rangebuildmixes-xlsx) **Week2TheBuyingCycleandGlobalFashionIndustry.pptx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/week2thebuyingcycleandglobalfashionindustry-pptx) **highgradeexample.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/highgradeexample-docx) **essaywiththefeedback.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/essaywiththefeedback-docx) **example2.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/example2-docx-9783833) **## FMAN3000Assessment21.docx** ## MODULE ASSESSMENT | | | | | | | — | — | — | — | — | | ASSESSMENT BRIEF | FMAN3000 | FASHION COMSUMER AND MARKETPLACE | | CREDIT VALUE:<br>30 Credits | WORTH:<br>100% of module | TYPE: <br>Written Report 4000 words and 500 word reflective synopsis +/- 10% | ASSESSORS: Claire Marsh & Karen Hickinbotham | HAND IN: <br>Week 25<br>Monday 18th March 2024<br>12pm midday via Turnitin | | BUYING CYCLE REPORT | ### ASSESSMENT BRIEF : Buying Cycle Report **Hand in week 25 (Monday 18th March 2024, midday)** **RATIONALE** #### To remain competitive, fashion retailers need to ensure they not only develop commercial product, but ensure they deliver to the right place at the right time, profitably. To achieve this, retailers strategize and follow a logical cycle to ensure successful and effective product is planned, developed, sources and manufactured to meet the demand of their target customer. This assessment will widen your contextual understanding of the buying cycle. **YOUR TASK** Produce a report of 4000 words (+/- 10%) which demonstrates your critical understanding of the processes of the Buying cycle and suggest future recommendations for the retailer. This must be written in third person. In addition to this you are required to give a 500 word (+/- 10%) reflective statement of your understanding of each element of the buying cycle. Reflecting on the areas you struggled with and how you overcame these barriers. This can be written in first person. AIM: To research, critically analysis and evaluate a product and retailer through each process of the Buying cycle, then give a reflective summary of your learning journey. **OBJECTIVES:** 1. Chose a clothing retailer who sells in the UK a. Retailer example: H&M, Zara, Tesco, M&S, Primark, Reiss, COS, All Saints 2. Choose a clothing product from the above chosen retailer a. Product example: T-shirt, trousers, jacket, jeans 3. Devise a report structure to communicate your findings (see pages 10 & 11) 4. Conduct secondary research by evaluating other retailers (L.O.2) – Competition, Trend analysis, Country of Origin, Design/manufacture processes, Marketing and promotional activity, Customer Profile, Sourcing Strategy. 5. Apply your product to the Buying cycle process. 6. Develop essential buying information for your product – Costing information, critical path, Range plan, transportation method, retail outlet method. 7. Conclusion – what has your research lead you to conclude? Review with a SWOT analysis and recommendations for improvements. What are your predictions and recommendations for the next 3 years relating to your retailer? (L.O.4) 8. 500 word reflective statement – Reflect on your journey through the module, referring to the processes of the buying cycle, which elements were your strengths and highlight how you overcame any weaknesses. This can be written in third person. **** **REPORT FORMAT** Produce a digital report of a max 4000 words +/- 10% Wordcount from Introduction to end of Conclusion, not including figures and tables. Consider the accessibility of your work (use font size 12 and 1.5 line spacing) and make sure any figures are readable. The body of your assignment should be written in third person. **Use the following as a basic guide to your contents page and structure;** Front page · Title · Module code (FMAN3000) · Module Name (Fashion Buying Management) · State Chosen Retailer · State Chosen Product · Students name · Students ID Contents · List of figures · List of tables · Introduction Include the stages of the Buying Cycle as part of your contents and use to show critical thinking: · Buying Cycle overview · Retail pyramid · Customer profiles · Roles & responsibilities of Buying dept · Purpose of the Critical Path and examples of possible issues and suggestions to resolve them · Strategies (market trends/comp shops, sales information, supplier intel, political & social influences) · Design & Trend (influences) · Range Build (base plan, option count, best & worst sellers, product mix, budgets/financial targets, the range plan) · Sampling & fit process · Sourcing (supplier analysis, regional strengths & weaknesses, lead times, sustainability and ethical policies) · Quality Assurance & testing requirements · Production & delivery from factory to retailer Discussion – pull your research together and link your sections · Conclusion – what are your learnings about your retailer and product of choice? · Recommendations – what can they do to improve their business? How will they do this? What will it achieve? Give examples to support your suggestions. · 500 word reflection of your understanding of the buying cycle processes · Reference list · Appendix · Self-assessment form Make sure you use Harvard Referencing format – https://library.dmu.ac.uk/refguide/harvard **NOTES;** **Appendices** Appendices should be used to show a copy of primary research findings and any further supporting evidence which may not be deemed appropriate to include within the main body of the report. Any large or detailed findings which would disrupt the flow of reading should be placed in the appendices. All material in the appendices should be referred to within the main body of the report. **Visual imagery** You are strongly encouraged to use visual imagery throughout your report. Please ensure they are correctly titled ‘figure number. Description (source, year)’ as per the Harvard referencing method. All figures must be listed within the ‘list of figures’ placed at the beginning of the report, after the contents page. **References** You are encouraged to read and research as widely as possible to better inform your knowledge and your work. References must be included within the reference list and presented in alphabetical order as per the Harvard reference method. Visit [https://library.dmu.ac.uk/refguide](https://library.dmu.ac.uk/refguide) to help get your referencing correct. **Hand in** The hand in is Week 25, date **Monday 18th March 2024 12pm (midday)** by Turnitin accessible from the FMAN3000 blackboard shell. Please ensure you leave adequate time to submit in a case of technical difficulties (e.g. 24 hours before hand in). ## image1.png **## DMUAbiWilsonPDF.pdf** ABI WILSON – HEAD OF BUYING & DESIGN – CELEBRATIONS SAINSBURY’S ARGOS & HABITAT November 2023 ▪ About me ▪ The Commercial team – roles & responsibilities ▪ The Buying cycle ▪ Framework, range creation & selection ▪ Production & delivery ▪ Trade & review ▪ Questions ABI WILSON – HEAD OF BUYING & DESIGN – CELEBRATIONS SAINSBURY’S ARGOS & HABITAT Creative not clever. Committed. Customer. Driven. Inclusive. Sustainable. MERCHANDISING • Commercial KPI • Budgets • Stock management DESIGN • Product design /development • Print & fabric • Trend & innovation DITIGAL • Digital trading • Digital content COMMERCIAL TEAM: ROLES & RESPONSIBILITIES TECHNOLOGY • Product technology • QC • Ethical • Legislation BUYING • Product Proposition • Commercial KPI • Sourcing • Rate / COGs BUYERS ADMIN ASSISTANT BUYER BUYER SENIOR BUYER HEAD OF BUYING DIRECTOR • 5 years + • 2 years + • 2 years + • 12-18 months The commercial team is split into different functions, who collaborate together to deliver the trade plan There are typically 6 levels of experience & role in each of the areas The product life cycle – from strategy & concept to launch & trade performance. TREND & INNOVATION: MARCO TREND, LIFESTYLE, FUTURE FORCASTING. TRADE SHOWS, INSPIRATION, TREND BOOKS, REPORTS & STREET STYLE Design & innovation gather future view influences to collate new season direction. This will include lifestyle & product trend & generalised content for a broad category use DESIGN PRESENTATION: CREATING CUSTOMER STYLE PREFERENCE, OR DESIGN COLLECTION THEMES FOR USE ACROSS TOTAL CATEGORIES FOR FUTURE TRADING SEASON – EG AW24 – TYPICALLY 12-18 MONTHS AHEAD. Strategy is a collaborative piece across all commercial stakeholders, typically lead by Buying & Merchandising and sets the clear financial objective for the future season, which is set against the annual budget, & presented for approval to the HOB /HOM or Director, and will feed into a wider business strategy & financial metric. Design presentation is alongside to lead product direction. STRATEGY: IDENTIFYING THE FINANCIAL PURPOSE, SEASONAL REVIEW, NEW INSIGHT & OPPORTUNITY – THE ‘WHAT’, ‘WHY’ & ‘HOW’ TO PRODUCT & RANGES. IDENTIFYING REQUIREMENTS TO DELIVERY & KEY STAKEHOLDERS FRAMEWORK: PLOTTING OPTIONS & FINANCIALS AGAINST RANGE SEGMENTS IN ORDER TO MEET CUSTOMER NEEDS & DELIVER FINANCIAL METRICS Identifying the segmentation of each range to meet customer expectations & deliver robust financial outcome. Considering – ▪ Innovation direction ▪ Historical data & new insight ▪ Market activity & comp shops ▪ Brand mix ▪ Rate mix ▪ Promotional activity COST NEGOTIATIONS & SOURCING : BRIEFING & SOURCING PRODUCT TO DELIVER FINANCIAL METRICS – USING AVAILABLE LEVERS The costs of goods (COGs) is the term for cost price – all the variables which impact the product price. As buyers, we are able to impact these using levers. These are the where we make choices on the different factors in a product to impact the final price we pay. This is a key part of buying – & other stakeholders contribution. EG The same item could be made in India or China, but one country has preferable duty, the other has favourable shipping time – when both samples arrive – one is stronger, and therefore your lever may change in order to obtain the best product, on time, at the best value possible – it may not be the cheapest price. OWN LABEL LICENSE BRAND DIRECT SOURCE DIRECT IMPORT DOMESTIC F O B IN T O D C F R E IG H T – T R U C K / S E A / A IR OWN LABEL LICENSE BRAND Consider – • Cost • Lead time • Cost of stock E2E • Freight variables – £ • FX impact • Duty • Quota SOURCING: WHERE A PRODUCT IS PRODUCED & HOW IT LANDS IN TO RETAILER STORES & HUBS. PRODUCT TECHNICAL PACKS: DESIGN PACKS ARE CREATED BY IN HOUSE DESIGN TEAM, FREELANCE OR SUPPLIERS & TAKE CONCEPT THROUGH TO SPECIFICATION TO BE PRODUCED AS A SAMPLE AT THE MANUFACTURERS SAMPLE ROOM. Packs are typically graded gold / silver / bronze, ABC etc which refers to the level of information required to get the product right first time. The fewer samples required manages cost. As a buyer & designer you will collaborate to decide what brief spec is required for each outcome When suppliers create briefed product its exclusive to the retailer, and protected design IP When product is bought off shelf – suppliers own development, the IP needs to be established & assigned, or market & available. RANGE BUILD & SELECTION TAKING THE SAMPLES & BUILDING THE RANGE, USING THE FRAMEWORK & CONSIDERING THE KEY CUSTOMER & COMMERCIAL PILLARS PRODUCT MOVE ON: DESIGNS ORIGINATE FROM MANY SOURCES – BUT SOMETIMES IT’S A SAMPLE AS ‘SAME BUT DIFFERENT’ – TO APPEAL TO THE SAME CUSTOMER, STYLE PREFERENCE, VALUE POSITION & TIER LEVEL. THIS IS CALLED A MOVE ON – THINK OF IT AS YOUR FAVOURITE OUTFIT – REFRESHED. This is an example of a plinth end of Christmas jumpers from 2021 & 2022 – with the same space, same mission, & same garment format – what would you do next for this year? TRADE & REVIEW: REVIEWING THE PERFORMANCE You are reviewing the performance of the ranges, and individual line level. • Sales – the total sum of money taken • Cash / Profit – the total sum of profit • Cover – how many weeks stock do we have, if the rate of sale ROS continues • ROS – Rate of sale – how many units per week, per store sold You will discuss – • What has impacted trade – Stock, presentation, market, weather, mindset, fit, price • What trade actions need to happen next eg promotion, images, price action, rebuys – positive change to drive profit activity. Trade is reviewed every week, every event, & trade cycles in your business – ie Monday morning, Easter, plinth space change etc Which of these sold best & why? TRADE & REVIEW: WHAT NEXT? OVER PERFORMING… • Do you have enough stock to continue? • Do you have more stock on the way? • Is there another item planned? Colourway? Similar style? – Perhaps we need to buy more… • What is the lead time • Should we change anything • What would seasonal impact be? MISSING PLAN… • Why isn’t it selling? Size / fit / as planned / price / seasonal impact / duplication etc • What action can be taken? Price change / promo / link sale etc • What else might be impacted- make amends • Impact to future stock – delay, slow boat, discuss with factory Case study… Hot water bottle – £12 What happens next…? FINAL POINTS & QUESTIONS…. THE LEARNS… Authentic – Brand, self aware Kind is kweeen!! Listen, learn, network Always Customer / Mission The gaps – spot them /delegate STOP Mentor What is the question you’re trying to answer? Questions…? – Slide 1 – Slide 2 – Slide 3 – Slide 4 – Slide 5 – Slide 6 – Slide 7 – Slide 8 – Slide 9 – Slide 10 – Slide 11 – Slide 12 – Slide 13 – Slide 14 – Slide 15 – Slide 16 – Slide 17 – Slide 18 – Slide 19 **CLASS.zip** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/class-zip-9783843) **rangebuildmixes.xlsx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/rangebuildmixes-xlsx) **Week2TheBuyingCycleandGlobalFashionIndustry.pptx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/week2thebuyingcycleandglobalfashionindustry-pptx) **highgradeexample.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/highgradeexample-docx) **essaywiththefeedback.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/essaywiththefeedback-docx) **example2.docx** This file is too large to display. [View in new window](https://www.sweetstudy.com/files/example2-docx-9783833) – 1 – 2 – 3 – 4 – 5 – 6 – 7 – 8