Tthe Role of the Fashion Buyer Essay Example | Topics and Well Written Essays - 1500 words

Tthe Role of the Fashion Buyer - Essay Example The essay "Tthe Role of the Fashion Buyer" concerns the fashion buyer. In this perspective, the roles of a merchandiser and a buyer are complementary but deviate to distinct paths. In a traditional aspect, buyers focus on the visual aspects of garments while merchandising focuses on the analytical and numerical aspects of garments. A buyer’s principal objective pertains to identifying market appropriate garments that can as well satisfy the company’s profit requirements. This overall responsibility split into several roles. To begin with, it is crucial to consider types of buying roles in terms of high street and high end perspective. This splits in terms of retailers, wholesalers and manufacturers. In high street fashion, a buyer may be involved with stocking a shop that deals with designer brands. However, high street fashion deals with other garments apart from designer brands. In a multiple retail store, a buyer would concern with a whole process of product developm ent and arranging delivery of finished products. In independent clothes’ retailing, a buyer purchases garments from wholesalers and sell at one’s suitable price. In terms of a multiple retail store, a buyer possesses several specific tasks. To begin with, a buyer should select a range of garments that satisfy an optimum profit plan. Target margin refers to the profit that occurs after deductions of discounts and unsold stock. In this sense, a buyer’s task pertains to maximizing sales, of purchased stock, and minimizing unsold stock. Besides, a buyer should consider specific profit margin for single products. This necessitates that a buyer works with a merchandiser for a proper mix of stock. In addition, they observe trends of other businesses for interpretation to target customers. In addition, a buyer has a task of identifying a reliable supply base. Buyers must be knowledgeable of ineffective suppliers’ effect on sales and eventual profits (Jackson & Sh aw 2000, p. 67). More importantly, it is vital for a supplier to consider quality in terms of the cost that the supplier imposes. Furthermore, a buyer should consider the reputation of a manufacturer and supplier in terms of unethical practices. The media are so sensitive that it can pull down a major fashion store because of such an affiliation. After choosing a dependable supplier, a buyer considers the input from entities such as design garment technology and merchandising. This necessitates a process whereby the buyer negotiates of cost prices to supplies. This requires a buyer to possess skills of negotiation in terms of levers. Besides, buyers should evaluate and research on relevant and research market (Entwistle 2009, p. 57). This information is so diverse that it should include future fashion trends, past and current sales. In addition, the buyer should evaluate a consumer’s closest need. Buyers should also check competitor stores for evaluation of garments and price s. Besides, buyers should establish communication channels with the management, suppliers and product teams. For instance, supplier communication is vital for realistic, accurate and realistic about the specific terms of a placed order. Product range entails significant presentation in which creative details are clearly evaluated. In addition, buyers have the mandate of considering supplies within the constraints of a store’s budget. Other parameters include consideration such as historical orientation on sales and color trends. In addition, a

Math problem Speech or Presentation Example | Topics and Well Written Essays - 750 words

Math problem - Speech or Presentation Example Middle is the value that represents the center of a variable. In this case, both the median (3.7) and the mode (3.7) are in middle. This list is negatively (left) skewed as the value 1.0 is very low compared to all other values 4.0, 3.7, 3.7 and 3.7, and thus has an effect on average value. We take average value as middle for normally distributed data, however, in this case, data are left skewed, and therefore, appropriate choice for middle is median. The mode value is rarely taken as a middle value. If, I look at the routine that I do every day at work, the average time it takes to complete it matters most. The reason for this that there is not much variation in time for doing the routine work (it is a habit), therefore, average time represents the middle. However, in some cases when there is a problem, the time take more than usual, in such circumstances, the median is more appropriate because time taken will be right skewed. For finding the middle of process, I look first whether distribution is normal or not. For normal distribution, the average represents the middle of the process. If distribution is skewed, than the median represents the middle of the process. The normal distribution is symmetric and bell shaped. The scores in a normal distribution are more concentrated in the middle than in the tails. It is an example of continuous probability distribution. It has two parameters, the mean mu and the standard deviation sigma that is used to specify a distribution completely.   If we look at a process and can use a tool to normalize the data, or convert it to a normal distribution, than we will be able to know the range of the values for the process. By using a normal distribution, we can set an upper and lower limit for the process mean so that anytime the process mean is outside this range (above upper limit or below lower limit), we will know that there is some problem and the process