...Merchandising operation and merchandise inventory Businesses Inventory that sell a product to customers Merchandise held for sale Asset account 3 Describe and illustrate merchandising operations and the two types of inventory systems 4 Balance Sheet Income Statement Sales Inventory Asset revenue Cost of goods sold Expense 5 Cash Purchase inventory Collect cash from customers Accounts receivable Sell inventory Inventory 6 PERIODIC Goods PERPETUAL Record counted periodically to determine quantity Used by small businesses Less popular now because of computerized inventory systems of quantity of goods is constantly updated Better control of inventory Popular now due to bar codes and computer scanning 7 Learning Objective 2 Distinguish between merchandising and manufacturing Difference between Merchandising and Manufacturing Manufacturing converts raw materials to finished goods for sale Merchandising merchandising companies purchases finished goods for sale. In the Income Statement, Cost of goods sold = Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory In the Balance Sheet, three inventory accounts : finished goods, work in process, and raw materials. In the Income Statement, Cost of goods sold = Beginning merchandise inventory plus cost of goods purchased minus ending merchandise inventory. In...
Words: 1677 - Pages: 7
...Job Evaluation Exercise 1. Evaluate the jobs and prepare a job structure based on its evaluation. Assign titles to each job, and show your structure and title and job letter. (This organization places a major emphasis on the important role of teams.) 2. Describe the process you went through to arrive at the job structure. You should also be prepared to discuss the job evaluation techniques and compensable factors used and the reasons for selecting them. 3. Evaluate the job descriptions. What parts of them were most useful? How could they be improved? 4. Questions: does the job evaluation method used appear to affect the results? Do the compensable factors chosen affect the results? Does the process affect the results? How? Job A Kind of Work Provide excellent customer service. Follow and comply with all applicable health and sanitation procedures. Prepare food items: sandwiches, slice deli meats and cheeses. Prepare items on station assignment list and as predetermined. Stock and rotate products, stock supplies and paper goods in a timely basis; keep all utensils stocked. Check dates on all products in stock to ensure freshness and rotate when necessary. Use waste sheets properly, as directed. Operate and sanitize all equipment in a safe and proper manner. Comply with and follow organizational safety procedures. Follow established Weights and Measures procedures. Answer the phone and pages to department quickly and with appropriate phone etiquette...
Words: 2011 - Pages: 9
...The skills you have, show what kind of a person you will be when working. The skills are split up into three categories which are employability skills, personal skills and communication skills. At Tesco’s merchandisers are really important people. They are responsible for ensuring that products appear in the right storm or on a website, at the appropriate time and in the correct amounts. This includes working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance. While the buyer selects the lines, the merchandiser decides how much money should be spent, how many lines should be bought, and in what quantities. In smaller companies, the same person may be responsible for both buying and merchandising. Merchandisers at Tesco play an important role, as profitability can be affected by how successfully...
Words: 688 - Pages: 3
...promotion and advertising techniques. Merchandisers make sure that the product you like price is within your budget, colour of your choice and the store has a stock of the particular product. At Tesco’s merchandisers are really important people. They are responsible for ensuring that products appear in the right store, or on a website, at the appropriate time and in the correct amounts. This includes working closely with the buying teams to accurately forecast trends, plan stock levels and monitor performance. While the buyer selects the lines, the merchandiser decides how much money should be spent, how many lines should be bought, and in what quantities. In smaller companies, the same person may be responsible for both buying and merchandising. Merchandisers at Tesco play an important role, as profitability can be...
Words: 686 - Pages: 3
...strategy of everyday low prices and highly efficient operations, logistics, and information system that keep inventory to a minimum and ensure against both overstocking and understocking. Walmart began its international expansion in the early 1990s to grow their company’s commission. They first teamed in a joint venture with Cifra, Mexico’s largest retailer, to open a series of supercenters that sell both groceries and general merchandise in Mexico. Although they faced some challenges, such as understanding their culture and buying preferences, they quickly managed to change their marketing and merchandising strategies to meet the local conditions. As they built up their distribution systems in Mexico, the Mexicans started to change their shopping habits, and now Walmart is Mexico’s largest retailer and Mexico is considered to be the company’s most successful foreign venture. Walmart continued its international expansion by establishing operations in Europe and South Korea, however the company had less success. Consumers in Europe and South Korea, seemed to have a preference for higher-quality merchandise and were not as attracted to Walmart discount strategy as consumers were in United States and Mexico. Regardless of how, Walmart had greater success in China where they have learned to adapt the Chinese culture and changed their merchandise and operations strategies. 1. Do you think Walmart could translate its merchandising strategy wholesale to another country and succeed? If...
Words: 362 - Pages: 2
...1. What problems did the Rank Group find with the Hard Rock’s three main internal information systems (restaurant operations, merchandising, and financial)? Why was this a problem? [Table] 2. What’s the solution? [List] - Putting a data warehouse system o To store restaurant point-of-sales customer data, merchandise sales, customer demographic, preference o To link data via the Web - Installing chain-wide merchandise system - Putting Radius inventory management system - Adopting Lawson software financial module, lotus notes o To update on a daily basis o To create a common ledger for all stores allowing the system to automatically reconcile numbers for every cafes o To reduce workload for finance staff The new systems and data warehouse are accessible through companywide intranet, allowing employee to look up customer detail and other information with just one click. 3. What’s the role of CRM? [List] How does the data in a CRM differ from that of a POS? (Table) - To build and strengthen relationship between company and its customer ex. Hard Rock building an online community. - To capture information about customers and give them customized details in order to drive customer revisit. - To gain personal information about customer and use it to offer personalized service. o Hard Rock gift certificate which can be redeemed on the website by using identification number in return of personal information and survey. - To track customers both on the Web and...
Words: 296 - Pages: 2
...Big Lots Organizational Structure Management 521 July 15, 2014 Dr. w The Chief Merchandising Officer and Executive Vice President of Big Lots is Richard Chene (Home Textiles Today, 2013). He oversees all merchandising and global sourcing strategies and executions. He reports to CEO and President David Campisi. Big Lots decided to improve their organizational structure by implementing a new strategy to add three new General Merchandise Managers to improve customer focus. Lucy Cindric was assigned the role of Senior Vice President, General Merchandise Manager in the area of Seasonal, Toys and Electronics division (Eaton, 2014). Trey Johnson was assigned the role of Senior Vice President, General Merchandise Manager for Food and Consumables. And Martha Withers-Hall as Senior Vice President, General Merchandise Manager for Furniture and Home Décor (Easton, 2014). Lucy, Trey and Martha are holding positons at the same level of management. Their roles are primarily implementing different strategies to accomplish the same goal under the Merchandising category. They will all report to Richard Chene. ------------------------------------------------- The objective behind this strategic planning was to deliver a detailed plan that evaluated all aspects of Big Lots current operations including their leadership hierarchy make it organized by assigning a specific leadership role for each category. Big Lots has already implemented their plan for the next three years “and shared stories...
Words: 698 - Pages: 3
...Target Corporation Description of the company: Target Corporation operates general merchandise stores in the United States. As of January 28, 2012, the company had 1,763 stores in 49 states and the District of Columbia. The company’s segments include U.S. Retail, U.S. Credit Card, and Canadian. The U.S. Retail segment includes the company’s merchandising operations, including its integrated online business. The company offers both everyday essentials and fashionable, differentiated merchandise at discounted prices. Its online shopping site offers similar merchandise categories to those found in its stores, excluding food items and household essentials. The U.S. Credit Card segment offers credit to qualified guests through the company’s branded proprietary credit cards, the Target Visa, and the Target Card. Additionally, the company offers a branded proprietary Target Debit Card. The Canadian segment consists of leasehold interests in Canada that are purchased from Zellers, Inc. It owns leasehold interests in 189 Zellers sites. The company operates Target general merchandise stores, the majority of which offer an assortment of general merchandise and various limited food assortment than traditional supermarkets. The food assortment includes various perishables and various additional dry, dairy, and frozen items. In addition, it operates SuperTarget stores with general merchandise items and a line of food items comparable to that of traditional supermarkets. Target.com offers...
Words: 1088 - Pages: 5
...2010 MISM 2301 Hard Rock Café Case Study 1. What problems did the Rank Group find with the Hard Rock’s three main internal information systems (restaurant operations, merchandising, and financial)? Why was this a problem? Internal Information System | Problem(s)/Why | Restaurant Operations | -lack of a standard: differences in descriptions throughout what were planned to be restaurants with matching menus-no efficient way of tracking all transactions on a grand scale (i.e. all restaurants) | Merchandising | -no chain wide merchandising system: in certain instances, this led to shortages in merchandise. These aren’t affordable because of their importance to the total revenue | Financial | -there was too much recording taking place: 50 ledgers and 90 finance staff members were costly, inefficient time wise, and there was more room for error | 2. What’s the solution? * Operations * utilize a database with standardized descriptions of all food options available; arrange for some form of data movement (i.e. EDI, ETL, RSS); ensure there is efficient access of this database for each and every restaurant via an Internet connection * install machines or new software to record all point of sale transaction activity and send it to a database for processing * Merchandising * Install a merchandise system throughout all restaurants; coordinate with all computers to record changes in inventory after each transaction * Send necessary...
Words: 453 - Pages: 2
...Chapter 2: Fashion Merchandising Organizations Chapter contents: 2.1 Introduction 2.2 Types of fashion merchandising organization 2.2.1(a) The buying agents 2.2.1(b) Store-owned buying offices 2.2.1(c) Cooperative buying offices 2.2.2 Independent trading companies 2.2.3 Offices of manufacturer-importer 2.3 The major service offered by a fashion merchandising organization 2.3.1 Private label programme 2.3.2 Group purchasing 2.3.3 Centralized buying 2.3.4 Other merchandising services 2.4 The major organizational structures for fashion merchandising activities 2.4.1 Functional division type 2.4.2 Product/market division type 2.4.3 Matrix organization type 1 Objectives After studying this chapter, you should understand the following: the various types of fashion merchandising organizations major merchandising services offered by these organizations the major ways to establish merchandising organizational structure Case Study The merchandising agent, Fashiontex, received a set of lab-dip (colour dyeing samples) from the supplier, for final confirmation as the pre-production standard in dyeing process. The team checked the samples with the original standard provided from its European buyer and found the sample very satisfactory. The colour shades submitted from the supplier were nearly 100 percent the same as the original ones. The team was very confident that the buyer would accept it and grant approval for bulk production. In normal procedure, the team would...
Words: 8874 - Pages: 36
...Blocking Presented by Nitya Mishra Ruhi Rukmini Sampada Pathak Definition and Function Visual Merchandising is defined as the presentation of any and all merchandise at its best. Visual merchandising is the activity and profession of developing the floor plans and three-dimensional displays in order to maximise sales.[ The world of visual merchandising is all about fascinating tools of display which help transform shoppers into stoppers; walk bys into walk ins; and passers by into passers who buy! A visual merchandiser sets the store and its merchandise in such way as to reflect the image a store wants to reflect. VM is the way in which to display goods for sale in the most attractive manner with the end purpose of making a sale. If it does not sell it is not visual merchandising. It is important to understand that visual merchandiser is not there to impose ideas but to help clients articulate their own personal style. So visual merchandiser is an idea person. VM is the art of implementing effective design ideas to increase store traffic and volume of sales. Creating an attractive product display can draw customer in, promote a slow moving item, announce a sale, or welcome a season. VM uses season based displays to introduce new arrivals to customers and thus increase conversions through a planned and systematic approach by displaying stocks available Visual Merchandising is • A tool to achieve sales and targets. • A tool to enhance merchandise on floor. • A mechanism...
Words: 776 - Pages: 4
...Executive Summary: Our report focuses on the “Application of Accounting in a Merchandising Business - Prime International Limited”. Accounting is important in business because it offers great support to management for planning, controlling as well as decision making process. It is with the aid of accounting information that the performance of a unit can be evaluated, at the same time as, its logical records make possible to get rid of the frauds and the thefts. The main interested parties for the company are stockholders who always want to know about the performance of his or her company. To prepare a financial statement, an organization must start its work from identifying recording, summarizing, and adjusting the transactions and at last preparation of financial statements. Accounting is important for businesses for several reasons. Effective record keeping helps a business survive efficiently all the while keeping track of the operations of the company. Background of the Study: The garments industry of Bangladesh has been the key export division and a main source of foreign exchange for the last 35 years. At present, the country generates about $6 billion worth of products each year by exporting garment. The industry provides employment to about 3 million workers of whom 90% are women. Two non-market elements have performed a vital function in confirming the garment industry's continual success; these elements are (a) quotas under Multi-Fibred Arrangement1...
Words: 3303 - Pages: 14
...;6 6L ILNHU ^P[O H U\TILY VM JYP[PJHS JOHSSLUNLZ Z[PSS [V MHJL ;OL KPZWHYP[` IL[^LLU V\Y OPNOLZ[ HUK SV^LZ[ WLYMVYTPUN Z[VYLZ OHK ILJVTL L]LU TVYL WYVUV\UJLK WYVTV[PVUZ PU [OL THSSZ ^LYL YLHJOPUN \UWYLJLKLU[LK SL]LSZ HUK H ULHY KV\ISPUN PU JV[[VU WYPJLZ JV\WSLK ^P[O H U\TILY VM VYNHUPaH[PVUHS JOHUNLZ [OH[ OHK `L[ [V [HRL YVV[ HSS TLHU[ [OH[ ^L RUL^ ^L OHK [V JVU[PU\L [V ^VYR ^P[O H OPNO KLNYLL VM \YNLUJ` PU THRPUN JOHUNLZ [V V\Y I\ZPULZZ 6\Y [LHT TL[ LHJO VM [OLZL JOHSSLUNLZ OLHK VU HUK ^L LU[LY PU H Z[YVUNLY WVZP[PVU [OHU ^OLYL ^L ^LYL H `LHY HNV (Z [OL `LHY WYVNYLZZLK Ä_PUN V\Y YLHS LZ[H[L WVY[MVSPV ILJHTL HIZVS\[LS` LZZLU[PHS [V Z[HIPSPaPUN V\Y I\ZPULZZ HUK [OL WYVZWLJ[ VM NL[[PUN IHJR [V WVZP[P]L JHZO ÅV^ >L ^LYL HWWYVWYPH[LS` JOHSSLUNLK I` LHJO VM V\Y RL` SHUKSVYKZ [V HUZ^LY [OL X\LZ[PVU ^O` ZOV\SK [OL` JHYL HIV\[ Z\WWVY[PUN 7HJ:\U HUK THRL JVTWYVTPZLZ VU SVUN [LYT SLHZLZ ^OPJO [OL` ZLSKVTS` KV (Z ^L ZOHYLK ^P[O [OLT V\Y WSHUZ MVY [OL M\[\YL HUK V\Y JVTTP[TLU[ [V ILPUN H ILZ[ PU JSHZZ ZWLJPHS[` YL[HPSLY JVUULJ[LK [V *HSPMVYUPH SPMLZ[`SL ^P[O H \UPX\L JVSSLJ[PVU VM IV[O V\[ZPKL HUK WYVWYPL[HY` IYHUKZ ^L WLYZ\HKLK [OLT [OH[ ^P[O [OLPY OLSW ^L JV\SK VUJL HNHPU IL H JV]L[LK HUK WYVK\J[P]L YL[HPSLY PU [OL ILZ[ THSSZ HYV\UK [OL JV\U[Y` *VPUJPKPUN ^P[O V\Y YLHS LZ[H[L YLZ[Y\J[\YPUN ^L ZLJ\YLK TPSSPVU VM TLaaHUPUL ÄUHUJPUN ^P[O .VSKLU .H[L *HWP[HS HUK H TPSSPVU ^VYRPUN JHWP[HS MHJPSP[` ^P[O >LSSZ -HYNV )HUR .VSKLU .H[L *HWP[HS PZ VUL VM [OL WYLLTPULU[...
Words: 18315 - Pages: 74
...Business and Administrative Communication Business communication plays a very important role in my day to day work activities, especially at the department store. Verbal communication is essential when it is time to receive a merchandising truck. On average, the truck contains over 500 boxes with various items in them. The truck has merchandise for every department within the store. The receiving department needs to communication to each department how many boxes they received so they can plan to store it, process it or move it to the floor. Without this small but important communication, a department can get backed up for the next truck in just a couple of days. When a department get behind in their processing it can affect our department for the next truck since we have a limited space for the merchandise. Communication between the departments is key to help keep thing moving smoothly. If not, it can hurt customer service. The technology used at the department store is top of the line. We have a device that can be used for nearly activity we perform from inventory, on hand count, pricing and customer pick up. It is the most important tool we used on a day to day basis. We are currently learning about the new devices which are iPod related. This will be interesting when we receive the devices, because we are hearing bad things about them through our new social media site. The department store has a new social media for the associates. It has different sites for each department...
Words: 367 - Pages: 2
...Merchandising By: @AndyGarcia_C & @IlianaRoal “You need to be visible” “Conjunto de técnicas y estrategias comerciales que permiten acercar al cliente el producto o servicio bajo condiciones físicas, materiales y psicológicas que en conjunto buscan tener mejores resultados en el punto de venta” “Merchandising: Poner la mercancía en movimiento; mercancía en acción” Oferta de Competidores y productos + Cambio hábitos de consumo = Merchandising = Incrementar Rentabilidad Funciones La función principal del merchandising es aumentar sea y motivar las ventas, clientes. El merchandising siempre y cuando rentable y satisfaga las necesidades de los contribuye a : Fortalecer el posicionamiento de la empresa. Interesar y llamar la atención y provocar la compra. Comunicar e interesar. Administrar los espacios y puntos de venta. Características Enfocado al posicionamiento del producto. Se lleva a cabo en el punto de venta (Exterior e Interior). No es solo el empaque, es la experiencia de compra. Necesita ser planeado. Es la lógica comercial del punto de venta. Tipos de Merchandising: Merchandising Visual: La presentación de los artículos en el punto de venta de modo que el acto de compra sea lo más fácil para el cliente y que sea rentable para el comerciante. “Merchandising de Presentación” Merchandising de Gestión: Gestionar el espacio para obtener el máximo rendimiento en el espacio destinado a la exposición de productos...
Words: 826 - Pages: 4
