MKTG 1250 Fashion and Textiles Merchandising Management
This examination requires you to combine a number of facets representing many of the aspects you have learned during this Semester in MKTG 1250 Fashion and Textiles Merchandising Management.
The primary requirement is for you to write an article that will be placed into the next issue of popular industry magazine “The Glad Rag Gazette” (a quarterly industry magazine not unlike the The Ragtrader”). Recently the Business editor of the magazine, Ms Yana Spring, received the following letter from a reader:
“Dear Business Ed: ORDER YOUR PAPER NOW
I am just going through the early stages of establishing a brand new fashion retail business with a large sum of money (circa $450,000) that I have borrowed from my rich Uncle. This has been my dream for many years and it is now up to me to make it happen. I am about to secure a retail premises that I plan to be renting which is located in a fairly high traffic location within the newly extended Chadstone Shopping Centre. The store will be branded as: “youkoso”, with my primary target market being women around my own age (between 30–40 yrs) with a possibility of expanding this to include garments that may appeal to younger women in the near future (depending on initial sales performance). I intend my product range to be on-trend, chic, yet classy, but most of all, high in fabric and construction quality with price points in the mid to upper range for this type of apparel.
I am at the stage where I need some help, that’s why I’m writing this letter to you. As you may have guessed by now, I have very limited knowledge of how a retail business operates. It is my aim to build a reasonable return on the money I start with, as my Uncle is adamant that this money is not a gift, it will definitely have to be re-paid with interest. So, I cannot afford to get this wrong. I also realise that this will be difficult as many small start-up businesses are likely to fail in their first or second year.
Could you please run a comprehensive article in your next issue that will assist my learning of merchandise management principles in particular?
Please note that your advice must contain information that will help me start the business in the nominated phase of the Business Cycle.
PS I have attached a range of questions that I wrote down the other night whilst I was thinking about this exciting new business ‘journey’ I am embarking upon.” Fashion and Textiles Merchandising Management
Attached Questions: ORDER YOUR PAPER NOW
What is fashion merchandise management?
What elements is it comprised of?
How are the elements related?
How does it relate to the other functions of a retail fashion business?
Are there any elements or principles within it that can be applied to other aspects of business?