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report of seasonal goods aim objective and introduction conclusion
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report of seasonal goods aim objective and introduction conclusion

Aims and objectives of innovation and good practice
The primary aim of the action plan is to engage learners and teachers with practice that is innovative, high quality, relevant, flexible, achievable, efficient, engaging, timely, instructive and appropriate.
Further aims are to increase and deepen the impact of learning; overcome the limitations of traditional approaches; facilitate and support staff to manage their workloads; and above all, be learner-led. The principle objectives of the innovation and good practice strategy are to:
enable staff to develop and use innovative and good practice;
provide advice and mentoring to enable staff to realise their professional goals;
encourage dissemination and sharing of good practice across Departments;
provide exemplars of innovative and good practice;
promote awareness of the diversity of student needs and appropriate practice and innovative approaches to provide for those needs; and
promote links between teaching and research.

the leaves start to change colors in autumn, they signal to fashion-minded shoppers to begin their search for the perfect new fall coat. But for some buyers, price trumps being the first to wear this year s trends; and it is these consumers who ultimately wait, before parting with their cash, for retailers to slash prices. Retailers, of course, for their part want as many shoppers as possible to make their purchases before prices are decreased.

When it comes to buying and selling goods with a limited life cycle such as fashion apparel, concert tickets, and holiday merchandise shoppers and retailers face different dilemmas. Shoppers must decide whether to buy early in the season at a higher price or later in the season after a markdown. Buying later poses a trade-off because while the product will be cheaper, shoppers will have less time to use it. Meanwhile, sellers must decide how much to order, how to get the shoppers to buy at higher prices, and when and by how much to mark products down.

Lakshman Krishnamurthi, a professor of marketing at the Kellogg School of Management, sought to better understand these dual dilemmas by studying actual sales data from a national specialty apparel retailer. Krishnamurthi, along with his student Gonca Soysal, now a professor at the University of Texas at Dallas, gained some key insights by analyzing two years worth of data on the sales and inventory levels of hundreds of products, such as coats. They designed a structural model that accounts for a shopper s expectations and buying behavior based on patterns that emerged from the data. Their model assumes that consumers know the current prices of products, and have a sense of the stocking levels, letting them form expectations about future prices and availability.

About the Model
Krishnamurthi and Soysal treated each type of coat as a separate market for example, someone looking to buy a leisure coat is not likely to buy a coat suitable for office work instead. The retailer whose data they mined, whose coats are initially priced between $100 and $350, has an established history of offering at least two to three markdowns as each season progresses, with seasons varying from 11 to 30 weeks long. The first markdown is the largest (38 percent of retail price on average) and has the biggest effect in terms of creating a spike in demand. The second and third markdowns are not as large and always have smaller effects on sales.

When coats sold at the full retail price, the retailer moved 43 percent of their inventory, which amounted to 57 percent of total revenue. Another 45 percent of the inventory, or 36 percent of revenue, sold after the prices were marked down to between 40 and 80 percent of the full retail price. (The retailer typically applied deeper markdowns on coats with higher initial prices.)

The model revealed some key characteristics about the typical consumers patronizing the retailer in the study. We discovered that there were two kinds of buyers. First, there were fashion-sensitive buyers, and these make up about 80 percent of the sales, Krishnamurthi says. They are very important to the retailer s profits. Then there were price-sensitive buyers, and while these make up only 20 percent of the sales, they are pivotal to soaking up excess inventory. They also learned that the composition of the market changed as the season progressed, from the fashion-sensitive buyers early in the season to the more price-sensitive buyers later in the season.Consumers were assumed to exit the market after making their purchase.

What Is a Retailer to Do?
These findings lead to a key question for the retailer: How do you manage prices to maximize overall revenue? Offering a markdown too early in the season or slashing prices by too much can harm sales. Conversely, waiting until the product s utility has diminished too severely may discourage price-sensitive shoppers from snapping up the remaining inventory.

By running a series of counterfactual experiments, Krishnamurthi and Soysal discovered a counterintuitive result. They showed that retailers could increase their profits by inducing scarcity to convert some late-season price-sensitive buyers to early season buyers. By slightly reducing their inventory thereby creating a sense of urgency for shoppers to buy earlier in the season the retailer would be able to increase the number of sales taking place at higher prices. This occurs because shoppers who are knowledgeable about how much stock remains will fear that the product may not be available if they wait too long to make their purchase.

When we reduced stock by just 5 percent, it increased profits by 4.5 percent, Krishnamurthi says. But reducing stock by 10 percent yielded only a 3-percent gain in profits. Ultimately, each retailer will have to experiment with stocking levels to see what level of reduction maximizes their own profits.

Additional experimental scenarios revealed that the retailer was better off offering smaller markdowns earlier in the season rather than large markdowns late in the season. The experiments showed that when small markdowns were offered earlier, strategic buyers caused, on average, a 9 percent dip in sales revenue if there was a risk of stock running out. But this dip was as high as 35 percent of the sales revenue if large markdowns were offered a little later in the season and there was no risk of stock running out. Again, Krishnamurthi points out that individual retailers will have to experiment with their own numbers to see what percentage markdown works best for them.

Krishnamurthi says this research may be unique within the revenue management literature that deals with demand and pricing strategies for seasonal goods because it develops a realistic demand model that accounts for variability among consumers and their behaviors. It is also unique, he says, in that it is, to his knowledge, the first empirically based model that takes into account the impact of limited product availability on consumer decision making.

The findings can be applied beyond the fashion industry, Krishnamurthi says, to any product that is sold over a short life cycle. With the roles of buyers and sellers now decoded, it just may be a seller s market in the fall.

Related reading on Kellogg Insight

The Outlet Mall: Dumping ground, cannibal channel, or smart strategy?

Rational Retail Pricing: Demand-based pricing versus past-price dependence

Seeing Profit Despite Misunderstood Pricing Strategy: Implications in real-world market situations

These are standard approximate dates for outdoor production. Products may be available earlier, later, or not at all. For a more current list of what is available, subscribe to the weekly DCFM eNewsletter (no charge).

Summer Market
April and May
June
July
August
September, October, November

Winter Market
Available Winter products
There are plenty of ingredients available at the winter DCFM. At the Late Winter Market (January to Mid-April) at the Madison Senior Center, the Taste of the Market breakfast showcases seasonal products from the DCFM in a delightful breakfast each Saturday morning.

Food Preservation
All preserved food that is sold at the Dane County Farmers Market has been prepared in a certified kitchen. While some markets allow products to be sold that were produced under Wisconsin s Pickle Bill it is the policy of the DCFM to maintain the highest standards we can to maintain food safety at the market.

One of the best ways to extend the season when it comes to your DCFM purchases is to freeze, dry, can, or pickle them. It s relatively easy, doesn t cost much to get in to, and reaps ample rewards after the harvest season has passed. While preserving is easy, it must be done properly to avoid contamination or poor quality results. We recommend carefully studying the material provided by the Food Safety & Health department of the University of Wisconsin Extension.

If you have food preservation questions, contact the UW Extension office at: Phone: 608-263-7383 e-mail: [email protected].

Summer Market

April and May
Asparagus, Bakery goods, Bedding plants, Bunch onions, Cheese, Cut flowers, Dry beans, Greenhouse cucumbers and tomatoes, Hanging baskets, Lettuce, Maple syrup, Meats, Morel mushrooms, Perennial plants, Rhubarb, Spinach, Other specialty items.

June
Asparagus, Baby carrots, Beets, Broccoli, Cauliflower, Cucumbers, Greenhouse cucumbers and tomatoes, Kohlrabi, Lettuce, Maple syrup, Peas, Rhubarb, Salad greens, Strawberries, Zucchini

July
Apples, Baby Carrots, Beets, Broad Beans, Broccoli, Cabbage, Cauliflower, Cherries, Cucumbers, Currants, Dill, Eggplant, Gooseberries, Green and yellow beans, Greenhouse cucumbers and tomatoes, Honey, Kohlrabi, Lettuce, Maple syrup, Okra, Peas (Sugar, Snap and Snow), Pesto, Potatoes, Raspberries, Rhubarb, Salad greens, Strawberries, Summer squash, Swiss chard, Tomatoes (Cherry, Beefsteak), Zucchini

August
Apples, Artichokes, Baby carrots, Beets, Broad beans, Broccoli, Brussels sprouts, Cabbage, Carrots, Cauliflower, Celeriac, Celery, Cherries, Cucumbers, Dill, Dried flowers, Edible gourds, Eggplant, Flowers, French shallots, Garlic, Green and yellow beans, Greenhouse cucumbers and tomatoes, Herbs, Honey, Kale, Kohlrabi, Leeks, Lettuce, Maple syrup, Melons, Okra, Onions, Parsley, Parsnips, Pears, Plums, Potatoes, Peas (Sugar, Snap, Snow), Peppers, Pesto, Rhubarb, Rutabagas, Salad mix, Strawberries, Summer squash, Sweet corn, Swiss chard, Tomatoes (Cherry, Beefsteak), Wild mushrooms, Winter squash, Zucchini

September, October, November
Apples, Artichokes, Beets, Broad beans, Broccoli, Brussel sprouts, Cabbage, Carrots, Cauliflower, Celeriac, Celery, Cucumbers, Dill, Dried flowers, Edible gourds, Eggplant, Flowers, French shallots, Garlic, Gourds, Grapes, Green and yellow beans, Herbs, Honey, Indian corn, Kale, Kohlrabi, Leeks, Lettuce, Maple syrup, Melons, Okra, Onions, Parsley, Parsnips, Pears, Peppers, Pesto, Plums, Potatoes, Rutabagas, Salad mix, Strawberries, Summer squash, Sweet corn, Swiss chard, Tomatoes (Cherry, Beefsteak), Wild mushrooms, Winter squash, Zucchini

The Winter Market
Wondering what you can find at the DCFM Winter Market? Here s a listing to help guide you.

Fruit
Apples; Cider; Jams, jellies, and preserves; Pears; Pear and apple butters; Raspberry products

Stored Vegetables
Carrots, Garlic, Potatoes, Shallots, Turnips

Fresh Vegetables
Chard, Greens, Kale, Lettuce, Micro-greens, Radish, Spinach, Tomatoes

Meats
Beef, Bison, Brats and sausage, Chicken, Conventional and special cuts, Emu, Ground beef, Highland beef, Jerky, Ostrich, Pork, Roasts, Turkey, Steaks

Decorations
Bison products, Emu products, House plants, Orchids, Ostrich products, Potted flowers

Cheeses
Flavored cheeses, Goat cheese, World-class aged cheeses, Fresh cheese curds

Baked Goods
Flat breads, Biscotti, Cheesecake, Pastries, Cinnamon rolls, Sweet breads, Torts, Cookies, Muffins, Panettone, Sourdough bread

Specialty Items
Mushrooms, Maple syrup, Wool products, Candles, Honey, Pesto, Vinaigrettes, Eggs, Hot sauces, Flavored sea salt, Goat milk soap, Salsa, Yarn, Sheepskins, Hides and leather, Soups, Pasta sauce, Fresh-ground whole wheat flour, Herbal vinegar
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i need a project report on seasonal goods including aim objective and conclusion .
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