RFB353 - Fashion Buying

Outline information
Schools offering this subject
Last revision date Sep 30, 2019 12:22:33 AM
Last review date Dec 2, 2019 12:15:13 AM

Subject Title
Fashion Buying

Subject Description
This subject offers the students practice in the mechanics of buying with the completion of a six-month merchandise budget, an economic and competitive analysis and an investment summary budget. Study also includes creating model stock plans, strategically selecting suppliers and negotiation tactics. Students will use Excel to create and analyze buying budgets.

Credit Status
1 Credit

Learning Outcomes
Upon successful completion of this subject the student will be able to:

  1. Prepare a six-month merchandise budget;
  2. Demonstrate the accurate use of formulae applied to sales, stock, markdowns, markups, purchases and turnover planning using a computer spreadsheet;
  3. Create an investment summary plan by classification that is balanced to purchase plans for each of the six months;
  4. Calculate the final gross profit for the six-month plan;
  5. Determine open-to-buy using planned purchases and merchandise figures;
  6. Discuss the difference between basic, seasonal and fashion merchandise;
  7. Demonstrate how to choose a vendor by evaluating vendor performance;
  8. List several techniques that can be used in negotiations between a buyer and a supplier;
  9. Create model stock plans based on established purchase budgets;
  10. Complete a competitive and economic overview that supports merchandise plan figures;
  11. Discuss the advantages and disadvantages between import and domestic buying;
  12. Explain the role a buyer plays in selling and promotion;
  13. Analyze basic computer reports that can be used to impact profit;
  14. Create, format and apply formulas in excel spreadsheets to create buying budgets;
  15. Use Excel spreadsheets in decision making for fashion buying.

Essential Employability Skills
Communicate clearly, concisely and correctly in the written, spoken and visual form that fulfils the purpose and meets the needs of the audience.

Respond to written, spoken, or visual messages in a manner that ensures effective communication.

Apply a systematic approach to solve problems.

Locate, select, organize, and document information using appropriate technology and information systems.

Show respect for diverse opinions, values, belief systems, and contributions of others.

Manage the use of time and other resources to complete projects.

Take responsibility for one's own actions, decisions, and consequences.

Academic Integrity
Seneca upholds a learning community that values academic integrity, honesty, fairness, trust, respect, responsibility and courage. These values enhance Seneca's commitment to deliver high-quality education and teaching excellence, while supporting a positive learning environment. Ensure that you are aware of Seneca's Academic Integrity Policy which can be found at: http://www.senecacollege.ca/about/policies/academic-integrity-policy.html Review section 2 of the policy for details regarding approaches to supporting integrity. Section 2.3 and Appendix B of the policy describe various sanctions that can be applied, if there is suspected academic misconduct (e.g., contract cheating, cheating, falsification, impersonation or plagiarism).

Please visit the Academic Integrity website http://open2.senecac.on.ca/sites/academic-integrity/for-students to understand and learn more about how to prepare and submit work so that it supports academic integrity, and to avoid academic misconduct.

All students and employees have the right to study and work in an environment that is free from discrimination and/or harassment. Language or activities that defeat this objective violate the College Policy on Discrimination/Harassment and shall not be tolerated. Information and assistance are available from the Student Conduct Office at student.conduct@senecacollege.ca.

Accommodation for Students with Disabilities
The College will provide reasonable accommodation to students with disabilities in order to promote academic success. If you require accommodation, contact the Counselling and Accessibility Services Office at ext. 22900 to initiate the process for documenting, assessing and implementing your individual accommodation needs.