MODULE 2
BUYING AND MERCHANDISING
* All questions in Module 1:-
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1. Write down your own observations regarding the process of Merchandising of the Retail Store.2. Write a brief description of the tool(s) that are used for merchandising by the Store/ Organization.
3. Write down the process of buying the merchandise in the Store.
4. List out the process of Stock management.
5. How is Merchandising Plan Prepared in the Store?
6. Does the Store use any kind of merchandise performance parameters? If yes, enlist them.
7. How are reports prepared in the Store/ Organisation? List out various reports prepared by the Store regarding its performance.
8. Analyse in brief the overall performance of the Store regarding merchandise management and your suggestions to improve the process of merchandising in the Store.
1. Write down your own observations regarding the process of Merchandising of the Retail Store.
ANSWER:-
The process of merchandising involves understanding consumer needs, identifying and sourcing of right merchandise, dividing the right assortment, planning distribution of merchandise to different locations in the right quantities, deciding on the pricing, communicating merchandise offering to the target customers.
ANSWER:-
The tool that are used for merchandising by the store/ organization are:-
1. Floor Map.
2. Planogram
3. Mannequins
4. Signs
3. Write down the process of buying the merchandise in the Store.
ANSWER:-
Merchandise also makes the sales more productive by suggesting add-on sales and impense purehase. It helps organize the store, suggest project ideas, remind customers of items they may have forgotten and promote special buys. Merchandising also complements advertising by helping customers and sale items.
4. List out the process of Stock management.
ANSWER:-
1. Planning- Planning is essence of management.
2. Organising- Organising is the management function asociated with the arrangement and effective utilization of resources.
3. Coordination- Organisation is divided into varius functionary unit such as, production, material managements.
4. Motivation- Motivation as a management function is more associated with the nhuman resource management.
5. Control- Control is the prime function of management to regulate and optimize the overall performance of an organisation.
5. How is Merchandising Plan Prepared in the Store?
ANSWER:-
Meerchandise planning is a method of selecting managing, purchasing, displaying, and pricing the products in a manner that brings in maximum returns on investment, value addition to the brand name by satisfying the consumer needs while avoiding the creation of excess inventory.
6. Does the Store use any kind of merchandise performance parameters? If yes, enlist them.
ANSWER:-
Yes, the store use any kind of merchandise performance parameters. Retailers must decide a procedure to analyze the merchandise performance with regard to addition or deletion of SKU's, vendors and departments as on onging process. These decisions become necessary because in case of fashion merchandise consumers perferences, tastes, liking and disliking change rapidly.
ANSWER:-
The various reports prepared by Store regarding its performance are-
1. Low stock
2. Inventory on hand
3. Product performance report
4. Sales summary
5. Sales report per product and product type
6. Sales report per customers or customer group
7. Self through report
ANSWER:-
To improve the process of merchandising in the store are the some steps or rule to follow-
1. Group different products on display.
2. Do not display the product for which a customer came to your shop, display the products that the customers desires.
3. Display new products near the entrance.
4. Change the location of products in your shop.
5. Communication is important.
6. Keep an eye on weekly products sales and invention.
7. Provide your sales persons with display related trainings.
