tailieunhanh - Lecture Management of retail buying – Chapter 1: An overview of retail buying
In this chapter, you will learn about: The responsibilities of buyers & merchandise managers, skills & personality traits for success in this field, how different types of stores are organized to meet their buying needs, the pros and cons of centralized merchandising, opportunities for women in this field. | Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Ch. 1: An Overview of Retail Buying The responsibilities of buyers & merchandise managers Skills & personality traits for success in this field How different types of stores are organized to meet their buying needs The pros and cons of centralized merchandising Opportunities for women in this field Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved This is the topic overview found at the beginning of Chapter 1. Steps to Anticipate Customer Demand Study consumers & their purchasing decisions Use research to target customer groups Determine quantity & timing of retail buys Find & study the vendors who can provide what you need Handle the logistics: packaging, shipping, storing, pricing, entry into store database, etc. Work cooperatively on advertising & display Maintain & interpret database Watch the competitors Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Each of these steps figures . | Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Ch. 1: An Overview of Retail Buying The responsibilities of buyers & merchandise managers Skills & personality traits for success in this field How different types of stores are organized to meet their buying needs The pros and cons of centralized merchandising Opportunities for women in this field Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved This is the topic overview found at the beginning of Chapter 1. Steps to Anticipate Customer Demand Study consumers & their purchasing decisions Use research to target customer groups Determine quantity & timing of retail buys Find & study the vendors who can provide what you need Handle the logistics: packaging, shipping, storing, pricing, entry into store database, etc. Work cooperatively on advertising & display Maintain & interpret database Watch the competitors Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Each of these steps figures prominently in the job responsibilities of retail buyers. “Are you cut out to be a retail buyer?” Traits and Skills for Success Decision-making skills Drive Creativity Critical, analytical, conceptual skills Financial savvy Organizational skills Communication skills Managerial or “specialist” capabilities Trading acumen Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Retail buying is a unique combination of creativity, people skills, attention to detail, and business savvy. It also requires a great deal of responsibility. Planning & Control: Functions of a Merchandise (or Merchandising) Manager Makes long-range plans for stock levels, margins, ad budget Checks sales results against the plans Controls OTB budget Checks & counter-signs large orders Checks and approves any returns to vendors Approves any price changes, checks prices with long-range plans Approves ideas for sales events and promotions Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Merchandise .
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