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DRIVE SPRING 2016
PROGRAM Master of
Business Administration - MBA
SEMESTER III
SUBJECT CODE &
NAME
ML0011
Buying & Merchandising
1 Why is
merchandise assortment planning important for a retailer? What can happen without it?
Planning merchandise assortment
is a significant part of a retailer’s functional duties. The customer will not
buy if the assortments are not correct as per his/her requirement. Example
Style, color, price, size etc.
Answer: Planning merchandise
assortment is a significant part of a retailer’s functional duties. To begin with,
a retailer first decides the firm’s financial objectives. Once the financial
objectives are ascertained, the retailer begins the task of deciding what to
buy. This task is the biggest challenge that a retailer faces every day. Any
wrong decision in the purchase of merchandise will lead to heavy financial loss
for
2
Enumerate the category management strategies that are used by retailers to
ensure a smooth category management process.
The following are the seven
widely applied category management strategies: traffic building.
Answer: The following are
the seven widely applied category management strategies:
(i)
Traffic
building: The
traffic pulling strategy is used to draw the customers’ attention towards
store, aisle, and/or category. This is usually achieved by advertising
relatively low priced goods. This strategy
3
Discuss the concept of open-to-buy system. How do you calculate open-to-buy for
the past and current period?
Open-to-buy system is a system of
monitoring merchandise flow in order to determine how much money was spent on
merchandise and how much balance there is to spend.
Answer: Open-to-buy system
is a system of monitoring merchandise flow in order to determine how much money
was spent on merchandise and how much balance there is to spend for a given
period. It helps the
4
Discuss the role of organizational breadth to track a retail store’s central
buying functions.
Retail store organizational
breadth is a measurement that tracks the store’s central business functions as
affected by a system in practice. Therefore, selection must be made between a
general buying organization and a specialized one.
Answer: Organizational
breadth is a measurement that tracks the buying department’s functions as
affected by a system in practice. The buying function may be carried out either
by a general buying organization or a specialized one. As the name implies, in
a general buying organization, the merchandise buying exercise is carried out
by one or more persons individually or collectively. For instance
5 List
some of the ethical issues involved in merchandise buying.
The following are some of the
ethical issues involved in merchandise buying: To honour the binding contract
by making commitments.
Answer: The following are
some of the ethical issues involved in merchandise buying:
• To honour the
binding contract by making commitments
• To extend fair and
human treatment to each other
• Not to adopt any
unfair trade practices such as offering bribes, costly gifts, misuse of market
positions by
6
Explain the various phases of vendor selection.
The following are the four phases
involved in a typical vendor selection process: The Survey Phase…
Answer: The following are
the four phases involved in a typical vendor selection process:
1. The Survey Phase: The survey phase is
the first phase which encompasses the following:
(i) Identification of
potential suppliers
(ii) Lead
Get fully solved assignment. Buy online from website
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