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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 rese Ch. 1: An Overview of Retail Buying • The responsibilities of buyers & merchandise managers • Skills & personality traits for success in this field • Howdifferenttypesofstoresareorganizedto meettheirbuyingneeds Theprosandconsofcentralized merchandising Opportunitiesforwomeninthisfield Copyright â 2006 by John Wiley & Sons, Inc All rights rese 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 • Workcooperativelyon advertising&display Maintain&interpret database Watchthecompetitors Copyright â 2006 by John Wiley & Sons, Inc All rights rese “Are you cut out to be a retail buyer?” Traits and Skills for Success • • • • Decisionmaking 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 rese Planning & Control: Functions of a Merchandise (or Merchandising) Manager • Checks and • Makes longrange approves any plans for stock returns to vendors levels, margins, ad • Approves any price budget changes, checks • Checks sales results prices with long against the plans range plans • Controls OTB • Approves ideas for budget sales events and promotions • Checks & counter signs large orders Copyright © 2006 by John Wiley & Sons, Inc All rights rese StoreLevel Buying Systems • Warehouse Requisition Plan Store carries sufficient stock, “requisitions” more as needed • Approved Resource List Stores choose from list of “approved” goods & vendors (also called Price Agreement Plan) • Opening Stock Distribution Plan Department manager controls “opening” stock & reorders; retail buyer augments with new items • Automatic OpentoBuy After initial buys, each department has a budget for reorders that (theoretically) cannot be exceeded Copyright © 2006 by John Wiley & Sons, Inc All rights rese Centralized Merchandising PROS CONS • Steady flow of merchandise to stores • More reliable forecasting • Better “big picture” of what’s selling (& not selling) • Centralized records • Quality control • Cost advantages • Better stock control • Leaves buying to the buyers, not store or dept. managers • • • • Hard to adjust “big picture” orders to local store needs Requires high degrees of cooperation and communication Difficult to maintain an informed, enthusiastic sales organization Requires clearcut job descriptions about roles & authority Copyright © 2006 by John Wiley & Sons, Inc All rights rese ...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 ... • Managerial or “specialist” capabilities • Trading acumen Copyright © 2006 by John Wiley & Sons, Inc All rights rese Planning & Control: Functions of a Merchandise (or Merchandising) Manager... Merchandise (or Merchandising) Manager • Checks and • Makes longrange approves any plans for stock returns to vendors levels, margins, ad • Approves any price budget changes, checks • Checks sales results