virtual business purchasing. determining the supply of goods & services for your store

Virtual Business Purchasing

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Virtual Business

Purchasing

Determining the supply of goods & services for your store.

Importance of the Purchasing(Product) Decision

Businesses must decide what products consumers want & be

certain there is an adequate amount of stock to satisfy demand.

Page 4: Virtual Business Purchasing. Determining the supply of goods & services for your store

Buyer

Person responsible for purchasing merchandise for resale. Small stores – the manager/owner is the buyer. Large stores – May have someone

who is designated

Page 5: Virtual Business Purchasing. Determining the supply of goods & services for your store

Responsibilities of Buyer

• Must determine which products will have the highest demand in their store.

• Must have a purchasing plan in place that orders merchandise before it is needed based on the selling season.

• Must analyze sales reports to help determine how much of each product to buy.

Page 6: Virtual Business Purchasing. Determining the supply of goods & services for your store

Purchasing Conflict

• Shortage: If businesses purchase too little demand will not be satisfied & customers will become disgruntled and sales will be lost.

• Surplus: If businesses purchase too much they can incur losses for expired goods & excess inventory expenses.

• Equilibrium: At what point will consumers buy a certain amount of products at a given price.

Page 7: Virtual Business Purchasing. Determining the supply of goods & services for your store

Secret to Successful Purchasing

A business must track their product sales to help determine what products to buy & adjust purchasing levels to

meet consumer demand.

Page 8: Virtual Business Purchasing. Determining the supply of goods & services for your store

Purchasing Terms• Inventory – The total amount of goods a business has in

stock on the sales floor or in the stockroom.• Purchasing Policy – Policy specifying when & the amount to

purchase of a product.• Just-In-Time Inventory – A computerized system that links

stores to suppliers so that new inventory can be purchased automatically as sales are made and stock falls below a specified level.

• Reorder Point – The point at which merchandise is purchased to replenish stock levels.

• Shrinkage – The money a business loses due to broken, damaged, expired, or stolen inventory.

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