methods of procuring merchandising
TRANSCRIPT
Retail management
Merchandise sourcing
Finding /seeking productsPlaces
Manufacturers supplier
Methods of procuring merchandising Identification Contacting Negotiation Establish Analyzing
and evaluation
Vendor relations vendor performance
Identification DomesticvVisiting central markets vTrade-shows /expositions
InternationalvUnique vLow cost vGood quality
sourcing decisionSales persons feedback Trade magazines / yellow pages. Trade exhibitions
Cost involved in Global sourcing Country
of origin Foreign currency fluctuations Tariffs Foreign trade zones Inventory carrying cost Transportation costs
Contact and evaluationVendor initiated Retailer initiated
Vendor selection
v Target market v Merchandise procured /organization image v Merchandise Offering and price v Terms and services v Vendors reputation and reliability.
Vendor evaluation Merchandise Adaptability Delivery
quality and price
fulfillment Quantity discounts Recycling/ repacking of products Promotions and advertising
Negotiating with vendors
Price Delivery
schedules Discounts Shipping terms Possibility of returns
Negotiation
Types of discounts
Trade Chain Quantity Seasonal Cash
Establishing Vendor relation Information
sharing- competitive advantage. Accurate Sales forecast Mutual trust Open communication Common goals Credible commitments
Analyzing vendor performance Total
orders placed Returns to vendor Merchandise Quality Markups/markdowns Promotional participation Transportation expense Merchandise performance Cash discounts offered
Private label When
the retailer decides to sell products or a line of merchandise which is owned, controlled, merchandised and sold by the retailer in his own store/ chain of stores he is said to be selling Own label/ brand or Private label merchandise
Types of private label
Store brand Umbrella brand
Individual brand
Steps of creating private label Defining
objective gap of manufacturing or sourcing and sales strategy measures.
Defining
Decision
Marketing
Performance