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ML0011, ML0011 – Buying and Merchandising summer / spring 2012

ML0011, ML0011 – Buying and Merchandising summer / spring 2012

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ML0011, ML0011 – Buying and Merchandising summer / spring 2012
ML0011, ML0011 – Buying and Merchandising summer / spring 2012

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Published by: smu mba solved assignments on Jul 13, 2012
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Spring 2012Master of Business Administration
 –
MBA Semester 3ML0011
 –
Buying and Merchandising - 4 CreditBook ID: B1482 Assignment Set
 –
1 60 MarksNote: Each question carries 10 Marks. Answer all the questions.
Q1. What are the objectives of retail merchandising?
 A retail merchandiser determines what products will end up on the shelves of which store. She may workat a high-end fashion boutique, in a toy store or in any other retail outlet, picking which items to display inthe store and determining how much of an item the store should have on hand to meet demand.
Choosing the Right Products
In many cases, a retail merchandiser or merchandising manager will work with the buyer of a store to pickout the type of products ordered. The merchandiser decides how much of each product to order and atwhat cost. She also determines how much of each product to carry in each store if she works for a retailoutlet with more than one location. Merchandisers need to have an idea of the demand for products at thestore so that there is not too few of an item or too much.
Setting the Right Price
 A merchandiser sets the price for items sold in a retail setting. He will know at what price items, such aspants or jackets, sell best and will strive to assign that price to the items. In most cases, being able to setthe right price means that the buyer needs to negotiate the right cost from the manufacturer. The price for merchandise should not only encourage customers to purchase, but should also obtain the greatest profitfor the company.
Displaying Products
Perhaps the primary objective in merchandising is displaying products so that customers will be enticed tobuy them. A merchandiser chooses the basic layout of a store to encourage the most sales anddetermines what will be displayed where. For example, she may set up a display of the most popular toyin the window of a toy store during the holiday season. If a sale is coming up, the merchandiser needs todisplay the sale products clearly so that customers know what is and what is not on sale.
 
Effective Communication
 A retail merchandiser may serve as the contact person for a store, its buyers and its manufacturers. Heneeds to communicate with the staff at the retail store, such as the sales associates and managers, aboutthe store displays and demonstrate to them how to display products effectively and keep the store neatand orderly. He also needs to communicate with buyers about the cost of items as well as the quantity.
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Q2. Discuss the role of retail buyer.
 A retail buyer is responsible for planning and selecting a range of products to sell in retail outlets. Thebuyer must consider the following factors when making purchasing decisions:
customer demand (e.g. price, quality and availability);
 
market trends;
store policy;
financial budgets.Buyers source new merchandise and review existing ones to ensure products remain competitive. By fullyunderstanding customer needs, they are able to maximise profits and provide a commercially viablerange of merchandise at competitive prices. Keeping up to date with market trends and reacting tochanges in demand are key elements of the role.Retail buyers have a considerable amount of responsibility and autonomy in what is often a pressuredenvironment.
Typical work activities
Typical work activities can vary according to the season. This is particularly true for those working infashion. For example, out of season, the majority of time will be spent in the workplace (in the office andon the shop floor), and during the buying season, a significant amount of time will be spent away from theworkplace in order to assemble a new collection of merchandise.Throughout the year, tasks typically involve:
analysing consumer buying patterns and predicting future trends;
regularly reviewing performance indicators, e.g. sales and discount levels;
managing plans for stock levels;
reacting to changes in demand;
reacting to changes in logistics;
meeting suppliers and negotiating terms of contract;
maintaining relationships with existing suppliers and sourcing new suppliers for future products;
liaising with other departments within the organisation to ensure projects are completed;
attending trade fairs, in the UK and overseas, to select and assemble a new collection of products;
participating in promotional activities;
writing reports and forecasting sales levels;
presenting new ranges to senior retail managers;
liaising with shop personnel to ensure product/collection supply meets demand;
seeking merchandise feedback from customers;
training and mentoring junior staff.
 
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