RFB353 - Fashion Buying
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|Last revision date||Jul 31, 2013 5:00:34 PM|
|Last review date||Jul 31, 2013 5:00:34 PM|
This subject offers the students practice in the mechanics of buying with the completion of a six-month merchandise budget, an economic and competitive analysis and an investment summary budget. Study also includes creating model stock plans, selecting vendors through analysis and negotiation skills. Students will use Excel to create and analyze buying budgets.
Upon successful completion of this subject the student will be able to:
1. Prepare a six-month merchandise budget.
2. Demonstrate the accurate use of formulae applied to sales, stock, markdowns, markups, purchases and turnover planning using a computer spreadsheet.
3. Create an investment summary plan by classification that is balanced to purchase plans for each of the six months.
4. Calculate the final gross profit for the six-month plan.
5. Determine open-to-buy using planned purchases and merchandise figures.
6. Discuss the difference between basic, seasonal and fashion merchandise.
7. Demonstrate how to choose a vendor by evaluating vendor performance.
8. List several techniques that can be used in negotiations between a buyer and a supplier.
9. Create model stock plans based on established purchase budgets.
10. Complete a competitive and economic overview that supports merchandise plan figures.
11. Discuss the advantages and disadvantages between import and domestic buying.
12. Explain the role a buyer plays in selling and promotion.
13. Analyze basic computer reports that can be used to impact profit.
14. Create, format and apply formulas in excel spreadsheets to create buying budgets.
15. Use Excel spreadsheets in decision making for fashion buying.
Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.
Respond to written, spoken, or visual messages in a manner that ensures effective communication.
Apply a systematic approach to solve problems.
Locate, select, organize, and document information using appropriate technology and information systems.
Show respect for diverse opinions, values, belief systems, and contributions of others.
Manage the use of time and other resources to complete projects.
Take responsibility for one's own actions, decisions, and consequences.
Cheating and Plagiarism
Each student should be aware of the College's policy regarding Cheating and Plagiarism. Seneca's Academic Policy will be strictly enforced.
To support academic honesty at Seneca College, all work submitted by students may be reviewed for authenticity and originality, utilizing software tools and third party services. Please visit the Academic Honesty site on http://library.senecacollege.ca for further information regarding cheating and plagiarism policies and procedures.
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Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Disabilities Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.