Page 121 - DMGT554_RETAIL_BUYING

Retail Buying

Notes Negotiations: It’s a discussion aimed at reaching an agreement.
Range Planning: It typically involves buying and merchandising working hand in hand.
Sourcing: It means finding or seeking out products from different places, manufacturers or
suppliers.
Supplier: A party whose business is to supply a particular service or commodity.
Vendor: They are the party in the supply chain that makes goods and services available to
companies or consumers.
Visual Display Merchandising: It means merchandise sales using product design, selection,
packaging, pricing, and display that stimulate consumers to spend more.

8.9 Review Questions

1. What is range planning?
2. What is effective range performance measurement?
3. Explain the different types of merchandise offerings. Also give examples of the same.
4. Explain the process of merchandise planning.

5. What all may comprise the merchandise mix?
6. Explain the process of merchandise sourcing.
7. State the important differences between traditional retail outlets and online retail/delivery
companies.
8. Explain promotional merchandising with the help of an example.
9. Is merchandising planning important for a firm? Give reasons to substantiate your answer.

10. What is a key decision to be taken by the buying for merchandise procurement?
Answers: Self Assessment

1. True 2. True
3. False 4. True
5. Supplier 6. Mass communication
7. True 8. False

9. True 10. Total sales
11. Frequency, quantity 12. Delivery company
13. Bivariate 14. Visual display merchandising
15. Merchandising

8.10 Further Readings

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Books Berman, B. and Evans, J., Retail Management, 11 edition, Pearson Education.
Diamond, J. Pintel, G., Retail Buying, Eight edition, Pearson education.

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