Merchandising consists of the activities involved in a retailer’s buying goods & services and making them available for sale.
Process for implementing merchandise plans:
- Information is gathered about target market needs and prospective suppliers.
- The retailer chooses firm-owned, outside, regularly used and/or new supply sources of merchandise.
- The merchandise under consideration is evaluated through inspection, sampling and/or description.
- Purchase terms are set. They may have to be negotiated in their entirety or through uniform contracts.
- The purchase conclusion is made-manually or automatically.
- Merchandise handling decisions are taken relating to receiving & storing, price & inventory marking, displays, pilferage control etc.
- Reordering decisions are made.
- Re-evaluation of merchandising plans takes place.
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