Lecture 1: The Role of Buyer and Merchandiser PDF

Summary The role of the buyer and merchandiser  Buyers role Purchasing merchandise Analyzing market data and past sales Aware of who the customer is the market, their products and their competition. All this takes careful study and analysis.  Buyers duties and re...

Summary The role of the buyer and merchandiser  Buyers role Purchasing merchandise Analyzing market data and past sales Aware of who the customer is the market, their products and their competition. All this takes careful study and analysis.  Buyers duties and responsibilities Develop merchandising strategy for a product line. Stay abreast current market trends and economic conditions Develop awareness of fashion trends Understand and identify needs and wants of consumers Make regular market trips Plan and select merchandise Negotiate with vendors Plan and develop private brand Price merchandise to generate desired profit  Identify fast and slow selling products Maintain well balanced stock and assortments Control planned purchases,stock levels and deliveries to stay within merchandise plans. Review basic stock programs Contact or visit stores Select merchandise for promotions Shop and analyze competitors Achieve budgets, performance goals such as mark up, markdown, gross margin and turnover  Qualities needed for a buyer Qualifications needed most organisations require a degree Personality traits include Enthusiasm about your products , job and your company Drive long hours may be required Goal setting ability Able to work under pressure often juggling multiple task at one time Creativity and ability to be innovative and select the right products Human relations skills to deal with your team Leadership and good communication skills  Merchandising knowledge and skills Buyers need to understand the needs of customers Analytical ability including pricing, budgets presenting buying plans Computer skills the ability to read and interpret computer output  SUMMARY The key function of the buyer is purchasing merchandise, but that requires analysis and interpretation of data and trends. Buyers must thoroughly understand their customers, the market, their products and the competition before decisions can be made.