A Successful buyer requires a diverse range of competencies. Buyers must be able to identify their target market, plan a profitable range to meet the financial objectives of the organization and the demands of that target market, select the product that meets the demands of that plan, negotiate effectively with the suppliers, allocate the quantities across different delivery periods and often, different stores, analyze the products performance and determine what action needs to be taken as a result. They will often have to determine what marketing is required and decide on product to meet that marketing agenda. The Retail Buying course provides a foundation for those newly involved in this complex and demanding role. It also helps more experience buyers to strengthen their understanding of competes and best practices.
Objective: After completion participants will be able to:
- Formulate a retail buying strategy
- Procure with a customer focus
- Build an effective product range
- Establish and maintain effective supplier relationships
- Provide an effective product analysis
1. Introduction to Buying:
- The role of a buyer
- The merchandise management process
- Measuring buyer performance
2. Retail Strategies:
- Retail market overview
- Sustainable customer advantage
- The changing value equation
3. Merchandise Sourcing and Selection:
- The Supplier pool and supplier selection
- Category management
- Buying and ethics
4. Merchandise Planning:
- Merchandise mix
- Setting margins
- Building the range and constraints
- Classification of merchandise
- Stock profile determination
5. Merchandise Analysis and Implementation:
- Directional and post-seasonal analysis
- Quantitative and qualitative analysis
- Stock productivity
Who Should Attend?
This course is designed for all those who are involved in procuring products – buyers, planners, Managers who desire a greater understanding of the buying process, the fundamentals of planning analysis, supplier selection and assessment marketing and negotiation.
This 2-day course is conducted in an interactive workshop style using discussions, case studies and presentations.
The Course includes an assessment that is work –based. Participants are given 3 weeks to complete the assignment. The assessment is compulsory.
Duration – 2 Days