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Franchise: is a contractual arrangement between a franchisor (the entity selling its name) and a franchise (the owner). A franchise combines independent ownership with franchisor-management assistance, which includes a well-known name and image. The franchisee pays royalties for the privilege of using the company name. High fashion is apparel that is produced and priced for that small percentage of the population who want something new and different from mass fashion, with added panache of exclusively. High fashion products are generally high –priced because of these factors
International market: is a market that could be located anywhere in the world and that draws buyers from around the world. Paris, London, Milan, and Tokyo are just a few of the larger international markets.
Independent store: is a single retailing unit owned by an individual or a group of individuals, but is not connected to any chain of stores.
Interior product displays: help customer locate merchandise and can illustrate how the merchandise is used or worn. They include counter top or point-at-purchase displays, showcase displays, wall or ledge displays, aisle displays, open selling displays, and closed island displays.
Inventory planning: involves the determination of the stock levels necessary to meet the sales plan. Note: the terms inventory and stock are used interchangeably.
International source/sourcing: is the process of buying of goods offshore, from other countries.
Jobber: is a resource that sells closeouts and job lots.
Just-in-time: is a concept used in manufacturing to lesson costly inventories. On-line communications and partnerships with suppliers enable fabric and other supplies to be delivered to the manufacturing site "just-in-time" for production.
Limited liability: It means stakeholders are not financially liable for debts of a firm beyond the amount that they have individually invested.
Leaders: are people who have qualities and/or abilities that emerge to influence and direct others. Common characteristics of a leader include having a realistic, clear vision of a goal, the means to accomplish it, and the ability and means to communicate the vision to inspire others.
Mazur plan: divides retail activities into four divisional areas. Descriptions of the responsibilities of the four major retail divisions are:
- Merchandising: Buying and selling of goods and services for a profit. This includes the planning, pricing, and control of sales and inventory
- Publicity: Concerned with promotion and advertising, display, special events, and public relations
- Store ( operations) management: Involves the operations of the retail store, selling, customer service, and all such physical concerns for the store as maintenance and security
- Accounting and control (finance): Concerned with all the financial aspects of the business, including credit, collection, budgets, control, and bookkeeping.
- Retailers vary the configuration of their organizational charts from this four-function chart to accommodate the size and type of their company and how their company is structured. Some retailers may also have a fifth divisional area to account for and handle their branch stores. Others may be organized according to regions and/or divisions. All retailers, however, must have at least two functional areas merchandising and store operations management-to run the business.
Merchandise planning is a broad term that describes those retailing activities that are based in planning. It directly involves the five "rights" of merchandising that Mazur brought to our attention. These are: purchasing the right merchandise, at the right time, at the right place, in the right quantity, and at the right price.
Niche is a term used to describe a narrowly defined customer segment. Because niches have very specific needs, niche retailers offer deep assortments of one particular type of merchandise. A company could also serve a niche by defining its market in narrow geographic terms; that is a retailer might serve only one small neighborhood, meeting many of its needs.
Negotiation can result in a settlement and mutual agreement between two or more parties on any matter. This settlement is based on communication and the satisfaction of a goal of one or more of the parties. From a retailer's or manufacturer's perspective, negotiations are often undertaken to solve problems, resolve conflicts, reduce costs, and/or improve profit.
Multi fiber Arrangement (MFA) is the general framework from international textile trade operates under the authority of General agreement on Tariffs and Trade and allows for the establishment of bilateral agreements between trading partners. The MFA will be passed out by the year 2005 and will bring the textile and apparel industry under the jurisdiction of the newly formed World Trade Organization.
Proprietorship: It is a business owned by one person
PDM : Product data management
Partnership: It is a contractual agreement between two or more people who agree to share, not necessary equally, in the profits and losses of the organization
Quotas: Limitations established by government on quantities of certain categories of goods that can enter a country during an established time span.
Quick Response: A strategy used by manufacturers to shorten the ordering cycle to compete with foreign imports.
Stock holders Share is a firm’s expenses and profits based on the amount of their ownership, although they enjoy limited liability.
Tariff /duties: are customs charges imposed on imports in an attempt to protect domestic industry.
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