Assessment 2 Individual Report

1 Assessment 2: Individual Report Range Review and Build Name Instructor Course Name Course Code Institutional Affiliation Submission Date

2 Fashion Management Professional Introduction Developing a design that is both marketable and of high quality is essential for professionalism in the area of fashion management. In order to guarantee that the cycle is finished, the procedure will include a number of stakeholders working together in a complementary fashion. When it comes to the buyer and merchant cycle, the two primary stakeholders each have their own set of obligations, as well as the activities that it is up to them to carry out in order to guarantee that there is a smooth flow of both the goods and the production process. There are finished goods that may be bought and sold between the purchasers and the merchandisers. The production or manufacturing process also makes use of a variety of additional components, which are referred to here as "other items." The purchasing and merchandising cycle is essentially the process by which merchants get the exact inventory that they sell, as well as the tendency to market and even begin selling directly to the end consumers. The primary components of the stakeholders, which include the planning process and the selection, as well as a number of other important actions. Buying & Merchandising Cycle The success of a retailer in the business is dependent on how the individual is able to acquire and sell their merchandise to the customers making the maximum profits. The cycle is known to have 8 main stages that the product needs to go through and the individual fashion professional, Iberahim et al, 2020 ). The main stages of the cycle are range reviews, research and planning, range development, source negotiation, range finalization & Order confirmation, manufacturing, allocation and distribution and the final stage is the retail trading. Cycle Stage Key Tasks Buyer Merchandiser Other Range Review The buyer should conduct market research to know the latest trends and analyze the product to include in the next line of product. The buyer should also develop the product range. At the review the role also involves developing product range. The buyer also needs to work with other departments. Analyze the various sales data of the various lines of product to help min improving the sales and profitability at large. The other responsibility is to collaborate with the own label buyer. The merchandiser will also take part in the planning and management of the product assortment. The other role will Also entail the development of merchandise strategies to be used. There are many stakeholders in this case and the management will require the stakeholders to play their various roles. Range review basically give the stakeholders a chance to take an in- depth look into the review of the processes. The others would also want to know more about the product and the other players in the market. Research $ Planning Own label purchasers are Researching requires extensive learning The other stakeholders in the

4 of product development, from conceptualization to manufacturing. They have the responsibility of making sure the items are produced in a timely manner and within the allotted budget. To ensure that the own-label line is properly marketed and positioned in the marketplace, the buyer must work closely with other divisions within the company, such as marketing and sales. In addition, they need to coordinate with the operations and logistics staff to speed up the delivery of goods to retail outlets. Overall, the own label buyer plays a crucial part in the planning and research phase of the merchandise cycle, making sure that the correct items are created and placed in the market to increase revenue. Range Development The first responsibility is conducting The merchandiser is another individual with specific roles Range development would vary based on the different

5 comprehensive research and to learn more about the new products. There is the responsibility to sourcing materials in the development process. In this stage, the buyer needs to be fully aware of the specific materials that the buyer would use in the development of the product. and responsibilities. The merchandiser would be having roles that are relatively similar to those of the buyer. The range development will also involve the negotiation with the suppliers. individuals and it focuses more on the development of the new product. There ae different approaches that are used in the Sourcing & Negotiation The role of the buyer is to avail the subject or the topic that would require the parties to negotiate. The fashion professional mainly deals with the individual buyer. The merchandiser will help find the specific materials that are needed for the final product The others do not have so much responsibilities as the negotiation is done between the buyer and the seller. The other stakeholder have so little to do with negotiation. Range finalization & Order Confirmation Confirming that everything is as planned. The merchandiser also establishes the specific order and confirm the same. Manufacturing The manufacturing proves the final product. Allocation and Distribution The buyer is tasked with the ensuring that the resources are The merchandiser will describe the elements and the components of the products for the allocation and distribution based on the need. The authorities will make the third party that will be responsible for ensuring that the environment favors the distribution. Retail trading The retail trading is the part that now involves the final buyer of the product. The merchandiser informs the other stakeholders about the product and the steps that have The other individuals will be part of the retail trade as third parties and might influence the trading activities. The external personnel might include the competitors.

7 When doing a range evaluation, it is essential to take market trends into account as well. To be competitive, retailers must follow the most recent market trends. This may entail bringing in new items, altering current ones, or getting rid of underperforming ones. Retailers may decide to launch a range of products that cater to certain fads, such as the trend toward vegan or gluten-free products. To sum up, a range review is a crucial procedure that merchants must carry out in order to stay competitive. It entails evaluating the effectiveness of products within a specific category and making educated conclusions regarding the retailer’s selection. Retailers must examine sales information, customer reviews, margins, and market trends during this process. Retailers may then spot product gaps and decide which products to stock and which to delete based on their analysis ( Mubarak, and Mufeeth, 2020 ). Ultimately, a successful range assessment can assist businesses in maximizing earnings, enhancing consumer shopping, and preserving their market advantage. Range Review-Primary Research You must schedule a morning or afternoon to visit the stores of two chosen retailers in the heart of London for this project. You will be expected to observe and evaluate each brand's product selection in the specified category during the tour. Recording the time and date of your visits to both stores on the same day is crucial. Write down the address of the chosen store and decide if it is a flagship location or not. For the assignment, you must provide photographic proof of the visit; you may take one or two pictures of the category goods. But before shooting the images, you must ask a salesperson and let them know you are working on a project for school. You can also take a picture of the category if it is displayed in the storefront window ( Widayati, et al, 2019 ). You must attentively examine and evaluate the category product offer during the visit in order to complete job 3’s four questions. Pay close attention to the product selection, cost, packaging, and any promotional offers. You can also make a note of where the products are displayed in the store, including the racks and shelves. Overall, the visit is a crucial component of the assignment because it offers a chance to learn directly about the product selection and customer-facing strategies of the businesses. Making the most of the visit, noting any pertinent details, and making sure to record the encounter with photographs are essential. Range Review-Category Critical Analysis- Answers to four important questions should be included in the critical evaluation of the category product selection for each brand while visiting the stores of two chosen retailers in the heart of London. First, determine whether the category offer accurately interprets pertinent Spring/Summer 2023 trends, taking into account their adoption and whether any significant trends have been overlooked. The second consideration is if the store offers a suitable balance of both core and fashion products, noting whether it does or not. Thirdly, determine whether the category range is balanced, taking into account whether all required components are present or if any are absent. Finally, consider if the price is reasonable given the value provided, consider the price range, and consider whether the price is reasonable given the value provided. To support the analysis, thorough notes and photographic documentation should be gathered. Forward Range Planning

8 The suggested activities for Retailer A and Retailer B are mostly focused on enhancing the balance of core and fashion goods, adding trend-led items, filling in the gaps in the range, and re-evaluating pricing points to make sure they are acceptable for the target audience. The steps will need to be done at various points in the purchasing and merchandising cycle, and various team members will be in charge of carrying them out. While buyers must undertake trend research and analysis and collaborate with designers to develop new product designs, merchandisers will be in charge of organizing and managing the product mix. In order to make the required modifications, quality control will be in charge of assessing the product's quality and cost and communicating with the other members of the team. Overall, the objective is to make sure that each retailer's category product selection is tailored to satisfy the demands of the target market and increase sales. It is crucial to pay attention to and contrast the product selections for each brand's chosen category when visiting the shops of two chosen merchants in the heart of London. With the approval of a sales assistant, photographs should be taken to document the visit and should include the date and time. Four important questions should be the focus of the visit: whether the category offer accurately interprets the customer's relevant Spring/Summer 2023 trends; whether the balance of core versus fashion product is appropriate; whether the category range is balanced; and whether the price for the value offered is appropriate for the target customer. A full critical evaluation of the category product selection for each brand may be offered by responding to these questions honestly and taking meticulous notes. References