Fashion Merchandising and Trading, and assignment will need excel sheets.

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BA (HONS) FASHION BUYING AND MERCHANDISING Merchandise Planning and Trading Unit Code FU001848 Credit Rating 20 Notional Learning Hours 200 hours Stage 2 Level 5 Unit Leader Lois Baile ([email protected]) Teaching Team Lois Baile, Katie de Ley, Jonathan Baker, Holly Wadsworth Timetable Accessible via UAL Timetables Academic Year 2018/19 INTRODUCTION You will be able to practice and apply your learning in this unit by creating a stock assortment edit. The edit should be fully coordinated and integrated in order to ensure that the stock is delivered to the right stores, in the right quantity, at the right time. This unit is practical in its approach and allows you to have a hands-on insight into the role of a fashion planner and trader. You will allocate the assortment and utilise space management techniques such as product placement and adjacencies to ensure the planned range entices the shopper whilst promoting brand values and link sales. You will make this happen in this proactive and problem-solving unit by investigating how merchandise planners analyse and respond to trading performance on an on-going basis. You will create and build on existing knowledge by equipping you with the necessary skills that you give you confidence to actively take part in industry meetings on your placement and /or units in block 4. You will be agile and resilient in your approach to trading in order to optimise profit through creating opportunities and employing risk management strategies. You will communicate your ideas in a trading meeting with the trading controller who will give feedback on your proposed actions. ASSESSMENT AND PROJECT BRIEF You are a junior merchandiser working for an established high street fashion brand and you have been asked to explore further product opportunities in order to maximize your product offer and maximize profitability. Your outcome will be to plan and trade a category of product within dictated space constraints to provide real choice to the consumer and optimize financial return. In order to do this you will use a series of set KPI targets for Autumn Winter 2018 to provide a framework for your range of product and create a vision for instore merchandising In order to do this you will:

• Manage product information and create and maintain merchandising tools, line plans and visual assortments for two stores having different space constraints and sales potential

• Obtain consumer and marketplace insights through trend research and retail visits to develop assortments that reflect the brand identity

• Use business analytics of obtained data to support informed merchandising decisions.

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• Build product assortments to hand over to the sales department. • Learn the importance and practice of VM in the delivery of the brand identity and achievement of

sales targets. Research Approach

The creation of the Product plan and the VM Concept /Floor plans, must be derived from the following research approach and presented within the report or appendices.

Merchandising Requirements

• A review of relevant trend analysis for Autumn Winter 2018 • A range analysis to include

o Product category split o Fashionability mixes o Price points by product type o Average units on display by product type o Sizes available by product type

• WSSI • Category Structure • By unit buy mix and selling value mix • Suggestions for size ratios and initial allocation quantities

Visual Merchandising Requirements

• Visual merchandising concept mood board • Visual research of current trends in Visual Merchandising • Brand identity research • Comp shop / visual audit • Visual Identification of product handling dynamics • Two floor plans to include selling area, space management, stock adjacencies and use of props,

fixtures and mannequins, zone planning and identification of focal points and sightlines. NB The allocation plans for the selected range should be cohesive with the proposed floor and fixture plans for two different sized stores.

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SCHEME OF WORK

Week W/C

Session Topic and Learning Activity Self-Directed Study Activities

W ee

k 1

24 th S

ep te

m be

r 2 01

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Lecture: Introduction to the unit. What is the difference between Planning and Trading? Recap of the Retail Landscape Retail Dissection Defining Sales Opportunity and Risks Category management. Seminar: Unpack the brief. Time management planning. Group discussion. Category exercises

Activity: Review current retail propositions to determine strong brand concepts Comp Shop the high street to assess product mixes by category and key marketing messages in store Directed Reading: Clark, J. (2015) Fashion Merchandising Principles & Practice. Chapter 2- 4, 11. Varley, R. (2014) Retail Product Management. Chapter 3

W ee

k 2

1s t O

ct ob

er 2

01 8

Lecture: Top down planning process KPI (Key Performance Indicators) recap Range Construction Balanced Planning to provide Consumer Choice. Risk profiling WSSI (Weekly, Sales, Stock, Intake) Stock management Seminar: Group exercises to demonstrate relationship between range plan and WSSI

Identify product opportunities and appropriate pricing architecture Consider sales phasing to suggest timely introduction of product Directed Reading: Clark, J. (2015) Fashion Merchandising Principles & Practice. Chapter 5- 7 Varley, R. (2014) Retail Product Management. Chapter 4

W ee

k 3

8t h O

ct ob

er 2

01 8

Lecture: Sales and Space Planning Planning to Space Store Grading Branch Merchandising Allocation and Replenishment methods Seminar: Group Exercise reviewing sales density impact and discussion of store profiling Tutorials: Drop in/bookable in small groups

Comp Shop the high street to assess space management across several Brands. Review space treatment in a Department Store environment Directed Reading: Varley, R. (2014) Retail Product Management. Chapter 8

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W ee

k 4

15 th O

ct ob

er 2

01 8

Lecture: VM Surveying the Space Lecture: Surveying the Space Seminar:

Please read Bailey, S. & Baker, J. (2014) Visual Merchandising for Fashion, London: Bloomsbury Press (Page 10),

W ee

k 5

22 nd

O ct

ob er

2 01

8

Lecture: VM What is Visual Merchandising? Key strategies and principles of visual merchandising and brand communication. Visual audits and brand identity Seminar: Numeracy/Excel WSSI sales planning

Students to bring pencils and paper to draw on. Please read Bailey, S. & Baker, J. (2014) Visual Merchandising for Fashion, London: Bloomsbury Press (Pages 122- 125)

29 th O

ct ob

er 2

01 8

Activities Week

W ee

k 6

5t h N

ov em

be r 2

01 8

Lecture: VM Drawing the plan of space Seminar: Numeracy/Excel WSSI stock and markdown

Students should bring 30cm rulers, pencils and a compass to this session to complete the plan of their space for next session. Please read Bailey, S. & Baker, J. (2014) Visual Merchandising for Fashion, London: Bloomsbury Press (Pages 122- 125)

W ee

k 7

12 th N

ov em

be r 2

01 8

Lecture: VM Fixtures, Props & Lighting Creating mood boards Adding fixtures, props & lighting to floorplans Seminar: Numeracy/Excel WSSI OTB

Please read Bailey, S. & Baker, J. (2014) Visual Merchandising for Fashion, London: Bloomsbury Press (Pages 98 – 103)

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W ee

k 8

19 th N

ov em

be r 2

01 8

Lecture: Trading for Success Reforecasting Decisions and Implications Impact to WSSI Creation of Open to Buy (OTB) Business Risk Assessment Seminar: Group Exercise to discuss trading scenarios in preparation for formative assessment Numeracy/Excel Using the WSSI/reforecasting

Review current high street activity in relation to Autumn Winter specific product groups Scan recent published reports for trading insight. Drapers Retail Week Broadsheet Press Directed Reading: Clark, J. (2015) Fashion Merchandising Principles & Practice. Chapter 5- 9

W ee

k 9

26 th

N ov

em be

r 2 01

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Lecture: Changes to the Retail Landscape How the High Street has evolved over the last 5 years. Brand Success and Failure. The rise of Online Trading Seminar: Formative Trading Assessment – Review of trading performance and suggest tactical solutions. Numeracy/Excel BTA WSSI/reforecasting

FORMATIVE ASSESSMENT

W ee

k 10

3r

d D ec

em be

r 2 01

8

Numeracy/Excel Mop up

6

W ee

k 11

7t

h Ja

nu ar

y 20

19

Numeracy/Excel Mop up

ISA Students requesting Accommodated Assessment should contact their unit leader at least 2 weeks in advance of the general deadline.

W ee

k 12

14

th J

an ua

ry 2

01 9

Tutorials Drop in/bookable in small groups Make the grade – guidance and Q&A for submissions Numeracy/Excel Mop up

Finalise the report Directed Reading: Clark, J. (2015) Fashion Merchandising Principles & Practice. Chapter 13-14

W ee

k 13

21

st J

an ua

ry 2

01 9

Seminars: Drop in/bookable in small groups Make the grade – guidance and Q&A for submissions ASSIGNMENT SUBMISSION

The scheme of work is intended only as an outline of topics to be covered and is not a definitive list of what will be included in individual sessions. From time to time alterations may be made to the scheme of work to take account of students’ progress and unforeseen events or opportunities. If so, you will be informed in advance where possible, but check Moodle daily.

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ASSESSMENT METHOD This unit is assessed holistically (100% of the unit).

• Individual report with appropriate data spread sheets and supporting visual material (2500 words) Assessment will be against the specified marking criteria. LEARNING OUTCOMES (& MARKING CRITERIA FOR ASSESSMENT) Upon successful completion of this unit you will be able to demonstrate:

1. Analysis of the financial aspects of merchandise planning such as forecasting, initial sales plans, intake plans, allocation and stock control using your Excel skills (analysis, subject knowledge, experimentation, technical competence, collaborative and/or independent professional working);

2. Apply knowledge of retail space management and brand communication to communicate your ideas using your visual creative skills (experimentation, technical competence, research, subject knowledge, communication and presentation);

3. An understanding of the factors that may affect the profitability and the success of the in- store assortments. (experimentation, research, analysis, subject knowledge, communication and presentation);

4. Analysis of weekly sales performance reports and the implications of trading decisions to optimise profit by the application of innovative, agile, creative and consumer-centric approaches to contemporary trading. (experimentation, research, analysis, subject knowledge, technical competence).

The assessment website provides an overview of all the key course regulations for your course.

Indicative Content • Merchandising calculations and stock control • Stock delivery, allocation and store bandings • Space management; Stock density, product placement and adjacencies to evaluate

space and zoning (planograms) • The role of the merchandising planner, retail brand communication and product strategy • Dynamic visual communication (multi-channel) and display techniques • The use of mannequins, retail display units and props to support the brand • Stocks, markdown, margin control, profitability and elasticity of demand • Analysing and responding to trading data using KPIs to monitor performance. • Variance to plan, re-forecasting and replenishment • Effective supplier relations and negotiation • Innovative consumer-centric strategies for business development

Teaching and Learning Methods This unit will be delivered via lectures, media presentations, workshop practice, group discussion, field trips, and supported self-directed study and role-play. Independent study and research will be necessary and encouraged.

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Assessment Methods This unit is assessed with 2 elements. FORMATIVE ASSESSMENT – Week 9

• A group trading meeting with ideas and proposals for your product category subject to trading conditions given to you by the teaching team.

• You will work as a small group to discuss initiatives and demonstrate your understanding of the current market and trading climate.

SUMMATIVE ASSESSMENT

• An individual report with appropriate appendices and supporting visual material (2,500 words) (100%)

• 2500 word report, plus accompanying data and visual images. You have been tasked to present a report of your planning proposal and trading initiatives to the senior B&M team. You will be allocated a Brand/Product Category/Customer Profile for your report in week 1. In your report you will need to show evidence of your ability to research, analyse and evaluate the performance of your allocated product category, looking in detail at sales opportunity within your trading space and demonstrating your financial acumen. From this analysis you will need to make recommendations to maximise the performance of the department through the use of in-season OTB through reforecasting of WSSI, promotions (promotional calendar), and range selection. You will be expected to show great commercial awareness, optimise trading opportunities, and analyse category, colour, price,,best and worst sellers and core lines aligned to your brand of choice and the relevant trends/products and competitive offer for the core customer. Your individual report should contain the following elements to satisfy the Buying and Merchandising requirements • A summary of your market opportunity to include the rationale behind your range selection including trend influences and competitor activity for your chosen high street brand (500 words) • Identification of a minimum of four key KPIs (Key Performance Indicators) used by a product merchandiser to effectively plan an ‘in store’ product range. Explain the business relevance of these KPIs using worked examples (250 - 500 words) • Identification of the four key KPIs (Key Performance Indicators) used by a product merchandiser to monitor performance on a weekly basis. Explain how these KPIs are calculated using worked examples and demonstrate the potential impact to the product category and departmental sales revenue. (250-500 words) • Analyse trade within given scenarios to identify the opportunities and risk within the current trading performance. Use data mining sources (EDITED) as well as your commercial awareness to make effective tactical decisions on price, cut, colour, size and fashionability. (750-1000 words) • Re-forecast the WSSI as guided in class to identify the in season OTB.

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• Please note the WSSI should also be submitted as a separate Excel document, to Part 2 of the Turnitin submission.

• Use your OTB to fill the gaps in the range to create a positive trading performance for the remainder of the season. (500 words) Your individual report should contain the following elements to satisfy the Visual Merchandising Requirements • Space and Zone plans of selected spaces • Visual Audit of existing brand concept • Identification and application of fixtures • Mood Board of concept All of your decision making must be thoroughly underpinned by research to make sure that your planning is viable. See Moodle for further guidance notes on the submission requirements.

Assessment will be against the specified marking criteria. SCHEDULE OF KEY DATES Briefing 25th September 2018 Formative assessment 27th November 2018 Summative assessment 24th January 2019 Accommodated assessment 7th February 2019 Publication of assessment feedback 21st February 2019 Publication of Exam Board results 7th March 2019 You must check your course Moodle site for the Exam Board results. FAIR ASSESSMENT The University has robust processes in place to make sure that assessment is fair for all students and you can find out more on the Fair Assessment webpage: Fair Assessment As part of its approach to fair assessment the University has an Anonymous Marking Policy which means that for some assignments, where this is appropriate, the marker will not know the name of the student whose work they are marking. This assessment will not be anonymously marked. However internal moderation and all other elements of the assessment process will remain in place for this assignment to make sure the assessment is fair, accurate and consistent for all students.

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SUMMATIVE ASSESSMENT SUBMISSION DETAILS Date 24th January 2019 Time By 3pm (UK Time) Location Submission online via Turnitin, located in the Merchandise Planning and Trading

unit Moodle area.

Accommodated Assessment deadline if your ISA includes additional time / ISA includes additional time for written and practical assignments: Date 7th February 2019 Time By 3pm (UK Time) Location Submission online via Turnitin, located in the Merchandise Planning and Trading

unit Moodle area. This assessment will be submitted via an online submission tool called Turnitin within Moodle. As part of the submission process, the University will utilise Turnitin to check the authenticity and originality of your work. The TLE e-learning blog includes step-by-step guides to uploading assignments to both Moodle and Turnitin: http://elearningsupport.myblog.arts.ac.uk/student-help/student-help/assessment-how-to./ If you have difficulties uploading your assignment, please contact [email protected]. Additionally you can contact the e-Learning support team for help at [email protected]. N.B. These services are only available during office hours. Please note the following:

• Ensure your work clearly states a) your name and student ID number; b) your degree and year of study; c) the title of the unit and the name of the tutor;

• Do not hand your work in anywhere else. You should not hand in work prior to the hand in time unless your Course Leader has previously agreed this;

• You should submit your work personally, in order to be secure that it has been delivered on time and to the right location. Once you have submitted your work, you will not be able to access it again until after the assessment of your work has been completed;

• You must keep an electronic copy of all written and digital work; • Ensure you obtain a receipt upon submission (email or hard copy) and that you keep this receipt.

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READING AND RESOURCE LIST Essential Reading Bailey, S & Baker, J. (2014) Visual Merchandising for Fashion, London: Bloomsbury Press, Clark, J. (2015) Fashion Merchandising Principles & Practice. London: Palgrave Varley, R. (2014) Retail Product Management: buying and merchandising. 3rd ed. London: Routledge. * Additional resources: Cox, C. and Britain, P. (2000) Retail Management. 4th ed. Dorset: Prentice Hall. Elliott, F. and Rider, J. (2007) Retail Buying Techniques. 2nd ed. Cirencester: Management Books. Grose, V. (2012) Concept to Consumer. Lausanne: AVA. *Hines, T. (2004) Supply Chain Strategies. Oxford: Elsevier Butterworth –Heinemann.* Jackson, T. and Shaw, D. (2006) The Fashion Handbook. Basingstoke: Palgrave. Maynard, J. (2006) Fashion Buying and Merchandising: the principles. Thorpe-le-soken: Jonjaqsaw. Neilson, A.C. (2006) Consumer-Centric Category Management: how to increase profits by managing categories based on customer needs New Jersey: John Wilson & Sons. Nesbitt, C. (2016) The complete journal of Fashion Retail Buying and Merchandising. CreateSpace Independent Publishing Varley, R. and Rafiq, M. (2014) Principles of Retailing. 2nd ed. Basingstoke: Palgrave. *Also available as an e-book Further Reading and Resources Drapers Edited Via library e resources. FAME Mintel Retail Week Retail Focus Verdict WARC WGSN

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