• Free on Board (FOB) Destination • The seller pays the transportation and the buyer takes title upon delivery. See our Privacy Policy and User Agreement for details. preparing for a buying trip, SOUL Programs Donor Merchandise - . Features of these PowerPoint presentation slides: This is a merchandise buying 6 month plan average stock ppt PowerPoint presentation gallery example file. The display of the merchandise plays an important role in attracting the customers into the store and prompting them to purchase as well. Chapter 9 Merchandise Buying & Handling. A retail buyer is a person who shops at retail stores. Can be performed by a retail worker, salesperson, etc. PowerPoint Presentation and Discussion 2.02 Retail Buyer Project Activity Friday: 2.02 Sources of Information for Merchandising Planning 2.02 Financial Planning Activity 2.02 Study Packet Week of September 30, 2019 Monday: 2.03 Understand Fashion Merchandising Buying PowerPoint Presentation & Discussion Video clips - Fashion Week - New York, Tokyo Chapter 10 Buying and Disposing - . sequence of various activities performed by the retailer such as planning Then she wants to be able to touch the products, to see every side and angle, and try them on. accounting for sales and cash receipts. Introduction- • Merchandise Management- Activities involved in acquiring particular goods and services and making them available at the places, times, prices and quantities that enable a retailer to reach its goals. merchandising business. Retail Merchandise Planning By- Shahbaaz Ahmed PGFB1345 2. branding strategiesglobal. Catalog customers and store shoppers have different interests and buying patterns. • How retailers use dollar-merchandise control and describe how open-to-buy is used in the retail buying process. Clipping is a handy way to collect important slides you want to go back to later. © 2020 SlideServe | Powered By DigitalOfficePro, - - - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - - -. What is merchandising? • Some common buying errors include: • Buying merchandise that is priced either too high or too low for the store’s target market. Chapter 14 - . Can be performed by a retail worker, salesperson, etc. Four Constraining Factorsof the Merchandise Mix. Exercises from the Text (Merchandise Buying)28 29. ensuring successful outcomes judy lew, purchasing manager. • This is the method used in our merchandise budget and is quite easy; however, it requires the retailer to have a BOM stock-to-sales ratio, which can be gained from: • POS data • Trade Associations • Turnover goals, Dollar Merchandise Control • Open-to-Buy (OTB) – represents the dollar amount a buyer can currently spend on merchandise without exceeding the planned dollar stock. describe the major steps in the merchandise buying and. • Explain the differences between the four methods of dollar merchandise planning used to determine the proper inventory stock levels needed to begin a merchandise selling period. For a better understanding of supply chain management, check out Essentials of Supply Chain Management by Michael H. Hugos: *** See Also: Merchandising Types and Examples Conflicts in Unit Stock Planning • Successful retailers will: • Maintain a strong in-stock position on genuinely new items, while trying to avoid the 90% of new products that fail. Merchandise Management • The analysis, planning, acquisition, handling, and control of the merchandise investments of a retail operation. If you continue browsing the site, you agree to the use of cookies on this website. The analysis, planning, acquisition, handling, and control of the merchandise investments of a retail operation. describe the importance of a merchandise budget and, One of the most challenging tasks for retailers is providing the right merchandise at the right price at the right time, Preparing a Worksheet for a Merchandise Company - . Merchandise planning buying right kind of product, fixing a right kind of price providing adequate range of products through an appropriate assortment, and ensure adequate space to showcase and sell the product. This can include ordering from wholesalers and managing merchandise inventory, which incorporates elements of accounting and business management. handout and quiz). Chapter 9 Merchandise Buying & Handling. overview. our aim. In-Store Merchandise Handling • The retailer must consider the employees’ and customers’ rights to privacy versus the retailer’s right to security. Merchandise Buying and Handling. Merchandise Management. A retail customer needs the entire shopping experience, browsing from one department to another, one store to another, interacting with other people. berman evans. These businesses have been in place for years and have shrewd negotiators who can get costs down below reason in many cases, making it hard for you to match their … Merchandise categories focus on considering how customers approach buying, how they shop in-store, and their needs. Merchandise management is concerned with: (1) Merchandise planning what to buy. buying a home. • Works best with an annual turnover of six or more • BOM Stock = Avg. Chapter 23: Buying and Caring for a Vehicle - . to help boost important aspects of your presentation. Often, buying, planning and selling may be separate tasks and responsibilities for a variety of reasons, from security to specialization. The concept of merchandising is based on presenting products at the right time, at the right place, in the right quantity and at the right price to maximize sales. lesson 23.1 buying a vehicle. Considerations WhenSelecting a Merchandise Source • Generally, one must consider such things as… • Selling history • Product quality • Consumers’ perceptions of the manufacturer • Reliability of delivery • Trade terms • Projected markup • After-sale service • Transportation time • Distribution center processing time • Inventory carrying costs • Country of origin, Selecting a Vendor • Retailers should always enter the market with two pieces of information concerning vendors: • Vendor Profitability Analysis Statement • Provides a record of all the purchases you have made over the last year, the discounts received, transportation costs, the original markup, markdowns, and season ending GMs • Confidential Vendor Analysis • Same as the vendor profit analysis statement, but also includes a 3 year financial statement, as well as annotations on the vendor’s sales staff’s negotiating points. Explain the differences between the four methods of dollar merchandise planning used to determine the proper inventory stock levels needed to begin a merchandise selling period. • Retailers must not only plan to have the appropriate amount of merchandise on hand for customers but also ensure that the merchandise purchased for the store shelves actually arrives. Ch. Four Methods of Planning Dollars Invested in Stock • Basic Stock Method (BSM) • Percentage Variation Method (PVM) • Weeks’ Supply Method (WSM) • Stock-to-Sales Method (SSM). It’s the grouping together of merchandise in a vertical column or display in such a way as to get your customers to buy more products. (2) Acquisition – from whom to buy – source of supply (3) Handling – Placing merchandise in store. buying. Retail Merchandising refers to the various activities which contribute to the sale of products to the consumers for their end use. merchandise= current asset merchandise is what, Chapter 8 Managing a Retailer’s Finances - . You can change your ad preferences anytime. • Methods of handling the merchandise once it is received in the store so as to control shrinkage, including vendor collusion, and theft. For example, if you sell a pair of shoes at retail for $100 and they cost you $30 to produce, your Gross Profit is equal to ($100 – $30)/$100 or 70%. The general merchandise retailing strategyallows you to appeal to more people due to having a wide and deep assortment of products, but it also puts you in a very competitive category, which requires a lot of resources to survive. 1. chapter objectives. • Most entry-level marketing positions involve some form of contact with merchandise management. module 11: merchandise management. Looks like you’ve clipped this slide to already. Slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Explain how retailers use dollar-merchandise • Average Stock for the Season = Total Planned Sales for the Season/Estimated Inventory Turnover Rate for the Season • Average Monthly Sales = Total Planned Sales for the Season/Number of Months in the Season • Basic Stock = Average Stock for the Season – Average Monthly Sales for the Season • BOM Stock = Planned Monthly Sales + Basic Stock, Percentage Variation Method • Assumes that the percentage fluctuations in monthly stock from average stock should be half as great as the percentage fluctuations in monthly sales from average sales. The stages in this process are business, management, strategy, analysis, marketing. Inventory at Cost) • (Gross Margin/Average Inventory at Cost) • Note that (Sales/Dollars Invested) is not the same as inventory turnover, because inventory turnover is (Sales/Dollars Invested at retail) • We use cost because it measures investment activities in carrying inventory. Whether digital or in-store, retailers use merchandising to influence customer intent and reach their sales goals.Note: For a more in-depth definition, see What is Merchandising?Establishing the right merchandising strategy can depend on a variety of factors, such as sector, product qualities, available space, and whether the r… chapter #8 8.1 & 8.4. introduction. 2. • The essence of negotiation is to trade what is cheap to you but valuable to the other party for what is valuable to you but cheap to the other party (i.e., collaboration – ref. chapter 12. learning objective 1. figuring adjustments for, CHAPTER ELEVEN - . Evaluating Merchandise: After deciding upon the source of merchandise, next step is to evaluate the … • Maintain high merchandise turnover goals, while maintaining high margin goals. • Free on Board (FOB) Shipping Point • The vendor pays the transportation to a local shipping point, but the buyer assumes title there and pays all further transportation costs. Chapter 9 Merchandise Buying and Handling. • Can be performed by a retail worker, salesperson, etc. introduction* Branding is one of the important strategic merchandising decisions of retailers * The types of brands a retailer chooses to carry are essential cues that customers use to evaluate a store * Brands influence customer loyalty to a store and its image. In the retail sector, merchandise is a classification professionals use to categorize the industry by the types of goods and services offered (e.g., automotive parts, shoes, jewelry, etc. to keep the merchandise, Chapter 5 - . The analysis, planning, acquisition, handling, and control of the merchandise investments of a retail operation. Merchandise planning seeks to satisfy consumer demand by making the right merchandise available at the … “the first job we have is to turn out quality, Buying Systems - . ciera burch, brody el- achi , and anna allred. Weeks’ Supply Method • The inventory level should be set equal to a predetermined number of weeks’ supply, which is directly related to the desired rate of stock turnover. when you finish this, Merchandise Purchasing SMS Varanasi - Merchandise purchasing . Competitors include department stores, like Macy’s and Lord & Taylor, and big‐box retailers, like Target and Walmart. Stock-to-Sales Method • The amount of inventory planned for the beginning of the month is a ratio (obtained from trade associations or the retailer’s historical records) of stock-to-sales. Your customers will all be retail buyers, and they will pay the full retail price for your merchandise. Basic Stock Method • It fails to perform when the turnover is greater than once every two months (or 6 times per yr), because in this situation the basic stock level for each month would be negative. Learning Objectives • Describe the major steps in the merchandise buying and handling process • Explain the differences between the four methods of dollar merchandise planning used to determine the proper inventory stock levels needed to begin a merchandise selling period • Explain how retailers use dollar-merchandise control and describe how open-to-buy is used in the retail buying process • Free on Board (FOB) Factory • The buyer assumes title at the factory and pays all transportation costs from the factory. merchandise functions operational functions marketing and promotional functions, Four Methods of Planning Dollars Invested in Stock, Considerations WhenSelecting a Merchandise Source, What You Should Have Learned…Chapter’s Learning. The list is then compared to the actual invoice after the blind check is made. Analysis Planning Acquisition Handling Control of the merchandise investments in a retail operation 2nd buyer uses an open-to-buy figure to plan the merchandise assortment for the upcoming season 3rd buyer must then determine the source of the different product inventories 5TH Solutions to end of chapter questions Chapter Nine:Merchandise Buying and Handling 7- 29 30. • Formula: • (Gross Margin/Net Sales) x (Net Sales/Avg. developing merchandise plans. It is a process from beginning (strategy) to end (performance evaluation) that is cyclical in nature and involves individuals at every level of the retail organization. modern importance of quality. • Calculated as follows: • EOM planned retail stock • Plus planned sales for the month • Plus planned reductions for the month • Minus stock on hand at retail • Equals planned purchases at retail • Minus commitments at retail for current delivery. to understand the structure of the licensor – licensee, Chapter 1 - . • What is involved in the vendor–buyer negotiation process and what vendor contract terms can be negotiated. Merchandise categories determine what stores will and will not carry. You need to purchase your merchandise at a wholesale price, which is anywhere from 30 to 50 percent less than you will eventually sell it. • Trade (or functional) discount • Promotional discount • Seasonal discount • Quantity discount • Cash discount. buyer behavior. Your customers tend to focus on those products that are at eye-level. Get powerful tools for managing your contents. Retail Management - . • Having too much or too little basic stock on hand. We discussed some of those key roles and opportunities in retail in the Module 1: Introduction to Retailing, and you most likely thought about where you would and wouldn’t be an ideal fit. • Differences between the four methods of dollar merchandise planning. consumer behavior, 8e michael solomon. Stock for the Season x ½[1+(Planned Sales for the Month/Average Monthly Sales)]. Methods of Checking Merchandise Blind Check Method Each industry has standards for Gross Profits that must be met in order to have enough cash flow to meet payroll, other operating expenses, marketing, and still … Stock Handling Stock Handling 24.1 blind check method A method of checking whereby the receiver writes the description of the merchandise, counts the quantities received, and lists them on a blank form or dummy invoice. c1: identify the items making up, CHAPTER 3 - . MKTG 1058:DISTRIBUTION CHANNELS 7-1.
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