What are the basic functions of merchandise planning?

What are the basic functions of merchandise planning?

Merchandise planning is a data-driven approach to selecting, buying, presenting and selling merchandise to maximise your return on investment and satisfy consumer demand. Merchandise planning seeks to satisfy consumer demand by making the right merchandise available at the right places, times, prices and quantities.

What is buying and merchandising?

What is Buying & Merchandising? Buying is one of the most important roles in the retail and consumer sector. It is the buyers who decide what products the company is going to sell, and from where it is going to be sourced. Merchandisers will decide how the products will be displayed and packaged.

What is the merchandising cycle?

Cycles of merchandising are specific to cultures and climates. These cycles may accommodate school schedules and incorporate regional and seasonal holidays, as well as the predicted impact of weather.

What are merchandising activities?

Merchandising means selling products to retail customers. Merchandisers, also called retailers, buy products from wholesalers and manufacturers, add a markup or gross profit amount, and sell the products to consumers at a higher price than what they paid.

What is range planning in merchandising?

It is also known as assortment planning or range planning. It uses financial information based on history and targets in terms of product mix, target costs, profitability, balance of range e.g. proportion of core and fashion, fabrications, options and space allocation.

What are the key principles of merchandising?

4. Principles of Merchandising:

  • Principles of Merchandising: Merchandising is delivery of right product at right place and right time to the targeted customer.
  • Offer What Customer Wants:
  • Prepare Merchandise Plan:
  • Selection of Sources of Supply:
  • Consistency and Change:
  • Present Right Assortment:
  • CRM:
  • Customer Delight:

What are the 4 elements of visual merchandising?

There are 4 key elements of visual merchandising….They are:

  • Store exterior.
  • Store layout.
  • Store interior.
  • Interior display.

What are the two types of merchandisers?

There are two types of merchandising companies – retail and wholesale.

What is retail planning?

By one definition the term, retail space planning refers to product placement or departmental adjacencies. Another definition describes retail space planning as the study of the distribution of space allotted to particular categories in relationship to their productivity and their inventory balances.

How do you write a merchandising plan?

The basic components of retail merchandise planning include:

  1. Product. First and foremost, the basic component of any merchandise mix is the product.
  2. Range. This refers to the variety of merchandise that you sell.
  3. Price.
  4. Assortment.
  5. Space.
  6. Perform a post-season analysis.
  7. Forecast sales.
  8. Plan and implement the assortment.

What skills do you need for retail?

Top 10 Skills Needed to Work in Retail

  • Communication Skills.
  • Customer Service Skills.
  • Attention to Detail.
  • Computer/Tech Skills.
  • Mathematical Skills.
  • Selling Skills.
  • Commercial Awareness.
  • Fast-Learning Skills.

What is the process of merchandising?

The process of merchandising involves understanding consumer needs, identifying & sourcing of right merchandise, deciding the right assortment, planning distribution of merchandise to different locations in the right quantities, deciding on the pricing, communicating merchandise offerings to the target customers, and …

What are merchandising planning tools?

4 Category Management Tools You Need to Merchandise Like a Pro

  • Assortment Optimisation Software. The products that are available at stores are a critical shopping experience element.
  • Planogram Software.
  • Retail Mobile Workforce Software.
  • Promotion Planning Software.
  • Retail Analytics Software.

What is the first stage of merchandise planning?