In an international context, the main aim of this module is to build upon the knowledge and skills gained in the first Fashion Buying Module, to enable students, to gain a deeper understanding of fashion business dynamics, and the decision making processes required to enable the modern fashion buyer to operate in the fast changing global market place. The unit will enable students to understand how buying decision making is made at all levels of the market place – from supermarkets through to couture. The way other key functions such as design, finance, garment technology and retail operations integrate into the buying and merchandising management processes will be fully explored and their significance revealed. Where at all possible, students will be enabled to put the knowledge gained in this advanced buying unit into context using seminars, workshops, case studies. The overall focus will be to explain how good buying & merchandise planning, reaction and decision-making, can successfully impact upon the bottom line. N.B. All elements will put into a clear marketing context at all times.
| 1. Trends and forecasting Key sources of trend prediction, significance of key shows and exhibition calendars explained. Trend prediction in action. Environmental scanning and competitive shopping techniques, range presentation techniques and their rationale explained. On-line .v. paper based trend prediction – their problems and issues. Mood boards and trends boards – how they develop and their significance. The role of the designer and the relationship with the buyer. The importance of buyer’s requiring selling skills. 2. Market planning for fashion retailing The Marketing Mix in a fashion context, segmenting customers and understanding their needs. Pen-portraits explained. Seasonal demand its patterns and impact. Weather impact on fashion demand patterns. Product option planning methodologies. The role of marketing research and the methods used by fashion buyers and buying teams.
3. Global sourcing fundamentals General sourcing issues and problems. Key historic shifts in international manufacturing – the reasons for change and modern significance. The “Iceberg Theory” of international product costs. Measuring supplier performance. Information flows between buyers and suppliers. Foreign buying offices explained. Currency fluctuation and its potential impact upon profitability. The impact of long-term currency shifts explained in a fashion context.
4. Pricing theory and practice The significance of margin and stock turn to overall business profitability. Price pointing and price architecture significance. The psychology of pricing. Pricing as a tactical marketing tool. Price alterations – mark ups and down explained. Relative pricing in key fashion sectors – their changes and dynamics. The increasing problem of international price comparisons and price transparency.
5. Building and developing fashion ranges Range options and fundamental garment ratios explained. Garment sizing explained in an international context. The dilemma of body shape and garment sizing. Option planning and colour co-ordination techniques. Colour matching and garment testing explained. Sampling requirements and techniques. Supplier liaison. Presenting ranges formally within and outside of the organization. Buyers role in range development, formal presentation and final sign off. Range width .v. depth – why such variations in fashion retailing?
6. The buying function in context How buyers and the buying process interacts and impacts upon all key business functions. Esp. Merchandising, design, marketing, garment technology, distribution and logistics, finance and retail operations. What are the key person specifications for the ideal fashion buyer – fact .v. fiction?
7. Managing the supplier base Supplier selection, discipline and control. The suppliers manual explained. Objective measurement of supplier performance. Supplier rationalization processes. Supplier communication techniques. Personal relationships between the buyer and supplier. The power relationship between supplier and buyer. Supplier violation policies explained.
8. Private/own label buying Increasingly private (sometimes known as own) label buying is taking a more dominant role in all global fashion sourcing. The drivers and impact upon the work of the international fashion buyer are examines and explained. The raison d’etre of brands and luxury brands are explained and the likely outlook for all branded fashion products is explored.
9. Ethical issues facing the international fashion buyer Increasingly ethical issues are now increasingly impacting upon the fashion buyer and their decision making processes. Labour, environmental, fair trade, body fascism, animal testing and sustainability issues are becoming key concerns. The scope, scale and impact of these issues are reviewed and examined.
10. Future trends in Buying and Merchandising The impact of increasingly intelligent B&M software. The impact of new manufacturing techniques. The fashion buyer of the future. The changing use of technology by both fashion businesses and consumers and its likely impact upon purchasing patterns. Spatio-visual planning – a new frontier. |
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Self directed learning includes assigned videos, fashion shows, store visits and relevant contemporary reading and podcasts.
| Module Content & Assessment | |
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| Assessment Breakdown | % |
| Other Assessment(s) | 100 |