RETAIL BUYING
Overview
A successful buyer requires a diverse range of competencies. Buyers must be able to identify their target market, plan a profitable range to meet the financial objectives of the organization and the demands of that target market. They are to select the product that meets the demands of that plan, negotiate effectively with the suppliers, allocate the quantities across different delivery periods and different stores. The buyers will need to analyze the performance of the product and determine what action needs to be taken as a result. They will often have to determine what marketing is required and decide on product to meet that marketing agenda.
The Retail Buying course provides a foundation for those newly involved in this complex and demanding role. It also helps more experienced buyers to strengthen their understanding of concepts and best practices.
Objectives
- Formulate a retail buying strategy
- Procure with a customer focus
- Build an effective product range
- Establish and maintain effective supplier relationships
- Provide an effective product analysis
Content
Introduction to Buying
- The role of a buyer
- The merchandise management process
- Measuring buyer performance
Retail Strategies
- Retail market overview
- Sustainable customer advantage
- The changing value equation
Merchandise Sourcing and Selection
- The supplier pool and supplier selection
- Category management
- Buying and ethics
Merchandise Planning
- Merchandise mix
- Setting margins
- Building the range and constraints
- Classification of merchandise
- Stock profile determination
Merchandise Analysis and Implementation
- Directional and post-seasonal analysis
- Quantitative and qualitative analysis
- Stock productivity
Ideal for
This course is designed for all those who are involved in procuring products - buyers, planners, trainee buyers, and suppliers who desire a greater understanding of the buying process, the fundamentals of planning, analysis, supplier selection and assessment, marketing and negotiation.