Skills Used: Buying, Retail Math, Research, 6-Month Plan
the ask
Demonstrate the complete buying process by compiling research, planning, and decision-making elements into a comprehensive and creative slide deck presentation. Include an executive summary encapsulating the project, a detailed 6-month plan with justification, a curated assortment plan, and an appendix summarizing the project's research and findings.
The process
Research
First, Megan and I conducted research on our chosen retailer, Nordstrom. We assessed Nordstrom’s competitors, target consumer, and market and fashion trends.
6-month plan
In the next phase, Megan and I were responsible for developing a six-month sales plan. This required us to forecast the total sales for the season as well as monthly sales figures. Additionally, we needed to calculate stock-to-stock ratios, inventory levels, markdowns, purchases, turnover rate, gross margin, and provide a rationale for these elements.
assortment
Lastly, Megan and I developed a comprehensive assortment plan that involved a series of structured planning activities. We began by identifying various product classifications integral to our assortment strategy. Following this, we projected sales figures for each classification, breaking these down into monthly sales estimates. Our planning also extended to purchases, categorizing them by classification to align with our sales projections and inventory requirements. A crucial aspect of this phase was selecting specific vendors for one of the product classifications. For this selection, we provided detailed justifications, emphasizing the relevance of each vendor to our assortment plan. This involved explaining the unique value each vendor added and detailing their importance not only to our department's goals but also to our customers. Our rationale highlighted factors such as product quality, brand reputation, customer preferences, and the ability of these vendors to meet specific market needs and trends. Through this meticulous approach, we aimed to strike a balance between achieving our business objectives and catering to customer expectations, ensuring that every element of the assortment plan was well thought out and justified.
