Podcast
Questions and Answers
Decentralized procurement means that purchasing happens in various business units and ______.
Decentralized procurement means that purchasing happens in various business units and ______.
locations
Centralized procurement means that purchasing is managed at the ______ level.
Centralized procurement means that purchasing is managed at the ______ level.
headquarters
Models of organisational buyer decision-making (OBDM) are relevant to the retail buying decision process, also known as ______.
Models of organisational buyer decision-making (OBDM) are relevant to the retail buying decision process, also known as ______.
organisational
Webster and Wind researched into various aspects of OBB and devised the organisational decision process, which comprises the following ______: 1 identification of need; 2 establishing objectives and specifications; 3 identifying buying alternatives; 4 evaluating alternative buying actions; 5 selecting the supplier.
Webster and Wind researched into various aspects of OBB and devised the organisational decision process, which comprises the following ______: 1 identification of need; 2 establishing objectives and specifications; 3 identifying buying alternatives; 4 evaluating alternative buying actions; 5 selecting the supplier.
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Retailers that sell products from branded or designer ranges are often ______ retailers or department stores.
Retailers that sell products from branded or designer ranges are often ______ retailers or department stores.
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The role of the own-label buyer has many similarities with that of the buyer for ______ products.
The role of the own-label buyer has many similarities with that of the buyer for ______ products.
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Buying own-label merchandise involves collaboration in the product development process, making decisions about the form and content of the products prior to manufacture, whereas for branded products, the brand makes these decisions. The buying cycle is the process retailers follow to select and deliver products to their stores, ensuring they meet customer demand and maximize profits. 1. Range Review The range review serves the purpose of learning lessons from a prior trading period to enable realistic sales and budget forecasts to be made for a future ________.
Buying own-label merchandise involves collaboration in the product development process, making decisions about the form and content of the products prior to manufacture, whereas for branded products, the brand makes these decisions. The buying cycle is the process retailers follow to select and deliver products to their stores, ensuring they meet customer demand and maximize profits. 1. Range Review The range review serves the purpose of learning lessons from a prior trading period to enable realistic sales and budget forecasts to be made for a future ________.
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Identification of Potential Products and Suppliers. Sourcing is the activity whereby retailers seek new suppliers and products by investigating appropriate companies that could potentially provide items to meet their customers' needs and wants. 3. Evaluation of Potential Products and Suppliers. It is the careful selection and organization of products by the buying team to create a collection that meets financial and design criteria and aligns with the target customer's ________.
Identification of Potential Products and Suppliers. Sourcing is the activity whereby retailers seek new suppliers and products by investigating appropriate companies that could potentially provide items to meet their customers' needs and wants. 3. Evaluation of Potential Products and Suppliers. It is the careful selection and organization of products by the buying team to create a collection that meets financial and design criteria and aligns with the target customer's ________.
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Pre-selection. Once range planning has been carried out, retail buyers and merchandisers evaluate the product prototypes they have selected to date, in the form of samples or photographs. 5. Final Selection of Products and Suppliers. The final range selection is the key meeting for the buying function, attended by senior management such as buying and merchandising managers, when decisions are made about which products are to be sold by the ________.
Pre-selection. Once range planning has been carried out, retail buyers and merchandisers evaluate the product prototypes they have selected to date, in the form of samples or photographs. 5. Final Selection of Products and Suppliers. The final range selection is the key meeting for the buying function, attended by senior management such as buying and merchandising managers, when decisions are made about which products are to be sold by the ________.
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Monitoring the Critical Path. Monitoring the critical path involves tracking key production and delivery dates to ensure timely arrival of merchandise in stores for the planned trading period; involves ongoing communication with suppliers to meet deadlines and may require detailed approval processes for own-label retailers to ensure product quality and specifications are ________.
Monitoring the Critical Path. Monitoring the critical path involves tracking key production and delivery dates to ensure timely arrival of merchandise in stores for the planned trading period; involves ongoing communication with suppliers to meet deadlines and may require detailed approval processes for own-label retailers to ensure product quality and specifications are ________.
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Trading, Repeat Orders, and Markdowns. Managing the distribution and delivery of stock during the selling period is often referred to within the retail sector as ________.
Trading, Repeat Orders, and Markdowns. Managing the distribution and delivery of stock during the selling period is often referred to within the retail sector as ________.
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Evaluation of Products and Suppliers' Performance. Retailers assess the total sales figures of products during a specified time ________.
Evaluation of Products and Suppliers' Performance. Retailers assess the total sales figures of products during a specified time ________.
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Study Notes
Buying and Merchandise Roles
- Retail buying and merchandising literature is fragmented and lacks contemporary research, making it difficult to understand the diverse responsibilities of these roles.
Centralised and Decentralised Buying
- Centralised procurement: purchasing is managed at the headquarters level.
- Decentralised procurement: purchasing happens in various business units and locations.
Organisational Buying Theories
- Models of organisational buyer decision-making (OBDM) are relevant to the retail buying decision process.
- The organisational decision process involves:
- Identification of need
- Establishing objectives and specifications
- Identifying buying alternatives
- Evaluating alternative buying actions
- Selecting the supplier
Buying Branded and 'Designer' Merchandise
- Retailers that sell branded or designer ranges are often independent retailers or department stores.
Buying Own-Label Merchandise
- The role of the own-label buyer involves collaboration in the product development process.
- Decisions are made about the form and content of products prior to manufacture.
Retail Buying Cycle
- The buying cycle involves selecting and delivering products to stores to meet customer demand and maximize profits.
Stages of the Retail Buying Cycle
- Range review: learning lessons from a prior trading period to make realistic sales and budget forecasts.
- Identification of potential products and suppliers: sourcing new suppliers and products.
- Evaluation of potential products and suppliers: selecting products that meet financial and design criteria.
- Pre-selection: evaluating product prototypes selected by the buying team.
- Final selection of products and suppliers: deciding which products to sell, attended by senior management.
- Monitoring the critical path: tracking key production and delivery dates to ensure timely arrival of merchandise.
- Trading, repeat orders, and markdowns: managing stock distribution and delivery during the selling period.
- Evaluation of products and suppliers' performance: assessing total sales figures of products during a specified time period.
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Description
Learn about the responsibilities and theories related to retail buying and merchandising roles, including centralised vs. decentralised buying approaches. Explore the fragmented literature and contemporary research challenges in this field.
