taft open house retail & management intensive 3 day course presentation
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Intensive Retail Buying & Management Seminar at the Textile & Fashion Federation Training Centre-SingaporeTRANSCRIPT
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Introduction to The Art of Retail BuyingMarie-Louise Jacobsen
Managing Director of Retail Management SolutionsSingapore
Retail Buying Course
24 hours – 3 full days
Course Date – September through November 2009
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Course Date – September through November 2009
Maximum class size – 20 participants
Course Fees – S$899.00
Why Attend the Course?
• The course is designed to enhance people’sskills in buying merchandise for retail
• It is based on years of retail merchandisingprocesses and buying that have been proven
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processes and buying that have been proven
• The buyers and Next Gen. Buyers will be gettingindustry standard training based on actual &factual information and techniques
• With key focus on Consumer Centric Buying andRelevancy to Market Merchandising Concepts
Who should attend this course?
Senior Merchandise Managers, Buyers, Assistant Buyers,Product Development Managers, Merchandise CategoryManagers, Store Owners and anyone interested infashion buying
Buyers & next Gen buyers who want to be successful mustunderstand the climate within which they work. This
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understand the climate within which they work. Thisenvironment consists of numerous components such ascustomers, types of retailers, the strategic planningprocess and the organization within which the buyeroperates.
The basic principles of buying can be mastered, particularlythe general knowledge needed by all buyers in their day-to-day activities.
Many of you will recognize that the application of theseprinciples is not that easy due to the sheer number ofdecisions buyers must take.
This 3-day program will be delivered in a highly pragmaticand practical manner based on years of international
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and practical manner based on years of internationalretailing experience especially in the area of buying andmerchandising management.
It is deigned to guide people to understand that “buyers arenot selling agents for vendors but rather purchasingagents for the customers they are serving within theirorganization.
Course Curriculum
The curriculum will befollowing the structureand processes from theBook:
The Art of Retail Buying –
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The Art of Retail Buying –An Insiders Guide to TheBest Practices form theIndustry written byMarie-Louise Jacobsen
IRetail Format
Buyer’s Roles by Retailcategory & how they
differ
IICareer Requirements
Retail Industry’sDemands &Expectations
IIIBuyer’s Role
Career Scope andwhat can be expected
in a buyer’s job.
IVManagementExpectations
Explanation on KeyPerformance Indicators
VRetail Math
Number crunching andRetail Pricecalculations
VIBudgeting
Buyer’s Sales Plans,Forecasts and Buying
Budgets also known asOTB
VIIAssortment Planning
The Matrix of
XVNegotiations
The rules of good
XVIShrink
The Bare TruthKnow how to improveprofits by reducing
shrink
XVIIBuyer’s other DutiesProduct Knowledge
and team building – thewinning formula to
success
XVIIIWriting Reports
A good influencer is agood communicator.
Why reports areimportant
XIVGlossary
What you should knowabout the industry's
jargon, terminologiesand Abbreviations
Course flow of Retail Buying
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The Matrix ofRange Building. Howto allocate your OTB
(Open-to-Buy)
VIIIAnticipating
Consumer DemandsThe skill of buying for
your targetedcustomers
IXForecasting
Consumer DemandsKnowing what
consumers will wantahead of demand
XCentral Buying
Multi Store Buyingusing systems
XIThe True Essence of
BuyingEverything you need toconsider before placing
orders
XIIIBrand Strategy
Private Brands andwhat it takes to make
them successful
XIVSupplier ManagementSelection Criteria and
how to retain topperformers
XIIBuying Merchandise
How to choose theright merchandise foryour customers and
store profile
The rules of goodnegotiation & how to
successfully strike thebest deals
The Course flow is in sequence with the chapters in the book which aresequentially linked to a buyer’s role and in the order that a buyer wouldget on-the-job training. It starts with describing the industry, what the
job entails and what is expected. The next sections are the tools of thetrade, the insight of how to become an excellent buyer.
I wish all who participates great success!
Course Outline OverviewDay 1
1. Retail Format Buyer’s Roles by Retail category &how they differ
2. Career Requirements Retail Industry’s Demands &Expectations
3. Buyer’s Role Career Scope and what can beexpected in a buyer’s job
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expected in a buyer’s job
4. Management Expectations Explanation on Key PerformanceIndicators
5. Retail Math Number crunching and Retail Pricecalculations Mark-up versus Margins
6. Budgeting Buyer’s Sales Plans, Forecasts andBuying Budgets also known as OTB
7. Assortment Planning The Matrix of Range Building. Howto allocate your OTB (Open-to-Buy)
8. Anticipating ConsumerDemands
The skill of buying for your targetedcustomers
9. Forecasting ConsumerDemands
Knowing what consumers willwant ahead of demand
Course Outline OverviewDay 2
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Demands want ahead of demand
10. Central Buying Multi Store Buying usingsystems
11. The True Essence ofBuying
Everything you need toconsider before placing orders
12. Buying Merchandise How to choose the rightmerchandise for yourcustomers and store profile
13. Brand Strategy Private Brands and what ittakes to make them successful
14. Supplier Management Selection Criteria and how toretain top performers
15. Negotiations The rules of good negotiation
Course Outline OverviewDay 3
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15. Negotiations The rules of good negotiation& how to successfully strikethe best deals
16. Shrink The Bare Truth Know how to improve profitsby reducing shrink
17. Buyer’s other Duties Product Knowledge and teambuilding – the winning formulato success
Course Highlights
• How to create merchandise offers that aredeemed great value
• How to manage Product Life Cycles in view ofmarket downturn
• How to make better buying decisions that will
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• How to make better buying decisions that willgive quick return on investment
• How to create customer demands
Understanding the “Big Picture”
• The essence of buying is to keep customershappy, satisfied and returning
• This in turn makes profits if the merchandisebought is relevant to them and the market your
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bought is relevant to them and the market yourretail operation is serving
• The Retail Industry in most economies today arefacing many challenges
• Having the right mind set in merchandising iswhere it all begins.
Value & Convenience
ReachReachRelevanceRelevance
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RewardsRewards
Introduction WarmIntroduction Warm--UpUp
• Understand what your customers are buyingfrom you and what they have stopped buyingfrom you.
• Understand where the shift is coming from. Youmay need a “rescue” tactic to reignite interest in
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may need a “rescue” tactic to reignite interest inthe abandoned category.
• Matching tactics with individual customerbehaviors will assure relevance & shoppersvalue relevance; and their value of relevancegets your message through the clutter.
Relevancy’s ValueRelevancy’s Value
• Real relevancy is achieved through thoughtfulapplication of accurate customer purchasingdata/information that is then translated intoaccurate buying decisions by your buyers.
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• Understand that people place higher value onthe products they enjoy. So buyers need tofigure out which products each customer enjoys,which ones they don’t, which ones they are juststarting to try out and which new or forgottenones you need to bring to their attention
RELEVANCERELEVANCE
• Shoppers value relevance; and their value ofrelevance gets your message through the
clutter.
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clutter.
If your Products or Categories are RelevantIf your Products or Categories are RelevantYou will Sell!You will Sell!
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Let your customers keep you in mind!Let your customers keep you in mind!
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Relevancy to VouchersRelevancy to Vouchers
• Notably the level of discount has a part to play.
• The other point to take note on is the frequencyof your discounts.
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of your discounts.
• Too often may dilute the effects.
• The offer should be an offer-worth-waiting-for!
Customers view these as freeCustomers view these as freemoney!money!
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You Can’t Register What You Don’t HaveYou Can’t Register What You Don’t Have
• Tracking down and monitoring fast movingSKU’s is very crucial especially now.
• Next, what is missing in your store?
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• Next, what is missing in your store?
• What are the items your customers are askingfor - which you currently don’t carry?
Rule of Thumbs:Rule of Thumbs:
If a department or division is behind
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If a department or division is behindbudgeted stock-turn you know you are
heading for trouble.
Consumer MotivationConsumer Motivation
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Consumer MotivationConsumer Motivation
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•Motivation is a much-used term in explaining why peopleact as they do.
•Motivation can be termed as those inner strivingconditions described as:
WishesWishes –– DesiresDesires –– NeedsNeeds -- DrivesDrives andand LikesLikes
About the Course Director
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