scrambled merchandising This is a topic that many people are looking for. star-trek-voyager.net is a channel providing useful information about learning, life, digital marketing and online courses …. it will help you have an overview and solid multi-faceted knowledge . Today, star-trek-voyager.net would like to introduce to you Retail Management – Merchandising. Following along are instructions in the video below:
“Friends and welcome to another video on tutorials point with me to chum today under under the retail segment. We will talk about merchandising. Let s see what is there the agenda for us today well we will talk about what is merchandising. All about and the meaning of merchandising.
The merchandisers rules as well as his responsibilities merchandisers philosophy and management merchandising budget as well as factors to consider before planning a merchandise quantity or quality so that is a very important module in retailing because retail is all about products and services and to hire or acquire all these products and services. We need a merchandiser so let s understand what is merchandising well according to the definition merchandising consists of the activities involved in acquiring all the particular goods and services and making them available at the places times prices and quantities that enable a retailer to reach its goals well friends. If you have gone out for shopping in any retail brand and if you do not find the right kind of product at the right place you are not going to be able to do any much shopping. So a merchandisers role is collecting all those goods and services and placing it in the right order in order to make sale for that particular retail brand.
Now i m going to share with you certain facts about merchandising. Let s look at them our merchandising philosophy sets. The guiding principle for all the merchandising decisions. Which a retailer has to make so a retailer and a merchandiser need to sit very closely and understand what exactly are the things that need to be bought.
They must reflect the target market desires. The retailer s institution type whether it s a small or a big enterprise. The marketplace positioning whether you want to market a high value or a low value product. The defined value chain supplier capabilities.
The cost the competition the product etc. So you see friends a lot of things goes into what a merchandiser needs to do because he has to plan everything accordingly. It drives every product decision from what the product line to carry to the shelf space allotted to different products making sure that whatever products are being purchased. They have to really meet the end result.
Which is the retailer s decision to make a sale now merchandising philosophy is something that i m going to ask you to take a look at as a merchandiser you need to be assured of the breadth of assortment whether it is a narrow order wide assortment meaning. What is the kind of different categories in a product. The depth of assortment whether it is deep or shallow the quality of assortment whether you need high medium or low quality of products store brands or national brands. As well as pricing policies in terms of what is the competitor.
Putting a price for the same product that even you have on your shelves..
So these are certain philosophies. Which are the guiding principles for any merchandiser for any retail outlet now as a merchandiser you also have to have certain understanding of product merchandising. Now what is product merchandising product is a particular category that you are selling in the market or in the retail outlet. Now as a merchandising you need to really plan your product in our appropriate.
Manner. So let s take a look at them you need to source out your product. That s the most important thing you need to understand which vendors are giving you the same product for a reasonable cost understand where all you can so strong with cities or locations. You can source from then you need to have a small sample size of the same product you need to develop your product.
According to what is the retailer s understanding of that product you need to make sure your costing and pricing is appropriate to the market. You don t want to price too high or you don t want to price too low. So you have to understand the costing. You also need to have a tiene or training.
Need analysis meaning you re planning. How would you plan your entire product line. The categories. Etc.
You need to have good communication communication. With the vendor. Communicate with the retailer. There s communication with the even a customer you need to have good coordination between all the different departments.
So friends as a merchandiser you have to do all of these activities and it s not an easy task because merchandising is not just going into the market and buying all the product for the retailer you need to understand all of these things in detail now let s understand. What is the merchandising management as a merchandiser you need to have a good management of certain things that are required out of you so it includes planning acquisition analysis. Handling as well as control of the merchandise and investment of the retail operation when a retailer is giving you a lot at stake. There is a lot at stake for a merchandiser because you have to have the same principles as that of a retailer you need to analyze the needs and the wants of the target audience because you cannot have the wrong product for the right kind of audience.
So the right product for the right kind of target audience is what you need to analyze you need to plan for the sale of even the future merchandise and the analysis and planning has to start much before you need to acquire or acquisition..
Which is the procurement from the distributor s as well as different manufacturers. So you have to understand whom to get from whom to pick a procure from which kind of vendor is going to give you at a good price handling. Which is merchandise available at required store at the right time in the right condition and last. But not the least you need to have a control of the amount of money that you re spending on buying the merchandiser is taking a lot of money from the retailer to buy the particular product or category of products.
And hence. He needs to make sure that the amount of money is in complete control. So friends. This is what is what a merchandiser need to do in terms of managing the entire show let s look at the hierarchy of a merchandiser wither with the hierarchy of a store manager.
Now. If you are somebody who has interest in merchandising or if you has a lot of interest in getting into the store management. Say let s take a look at that as a merchandiser you will start your career by being an assistant bio after you have worked as an assistant buyer for a couple of years or months you can move into an associate buyer. Which is a level up after being an associate buyer.
The next promotion for you would be as a buyer and after a buyer you become the divisional merchandise manager this is something that is in line for promotion if you want to get into merchandising and if you are somebody who s looking at retail from a store managers point of view. You will start your career with being an assistant sales manager post. Which you will move up the step and become a sales manager. After a sales manager you have worked for a couple of years you become an assistant store manager and post.
Which you become the store manager meaning the handling of the entire store is in your hands. So friends depending on where you want to take your career either as a merchandiser or as a store manager you can go either which ways now let s look at what is the role of a merchandise manager so as a manager. There s a lot at stake and you are really doing a lot for your particular retail brand. So you need to do a lot of planning.
A lot of directing has to be done because you need to direct your people the vendors the supply or the distributors. The retailers. The manufacturers you need to really have good directing skills you need to coordinate a lot of things between all these different teams and departments and finally you are the controller the controller for the money controller for the kind of products that you are buying for your retailer let s look at one of the different types of merchandise that you might want to get into depending on where you are really working or. Which retail department are you really focused on you could be having merchandise related with staples staple is food products.
Something which we eat..
All the time. So groceries. As well as non grocery items assortment means different categories fashion. So if you are somebody who has a keen interest in fashion.
You can become a fashion merchandiser now seasonal is for a pair. Most of the time they follow an autumn winter or a summer autumn season or a spring season. And hence seasonal collection is what you need to do as a merchandiser you need to plan much before the different season. Accordingly you will do that and fat is what comes in quickly and goes out quickly as well like for example ripped jeans or torn jeans.
Became a fad at one point time. And now you can see them almost at a peak. One time will come where this fad will fade away and people will not really buy those products too much so as a merchandiser you have different types of merchandise that you can get into now as a merchandising you need to have a lot of planning. So planning needs to be done well in advance you cannot plan last minute.
You have a time to buy the merchandise have it delivered and sent to the respective stores. So that is the planning you need to do analysis of what is the consumer needs and wants and what to the customer really want to buy sale of high selling products interaction with the sales staff understanding. What is the consumers requirement understanding from the store stuff. What is selling fast.
And what is not selling fast will help you in your planning process for that particular merchandise now. There are certain steps and following or planning that a merchandiser needs to keep in mind we need to develop a sales forecast much before time you need to determine what is your merchandise requirement going to be you need to have a good merchandise control. Which is the open to buy the open to buy is a terminology given when the retailer gives money to the merchandiser to go and buy the products. So that is something that can be under the merchandisers control.
And you need to also do assortment planning what categories to put what assortments to have or not have so as a merchandiser. The duty and responsibility use all of this in terms of planning. Now friends. This is something that is very essential to understand because.
Which is the factors to consider before planning or buying a particular merchandise quality..
So the target market you need to understand what is the target market you are buying for and what is kind of consumers or desired consumers you want competition is either you are selling something similar to what the your competition is paying or rather spending or of a different quality than what your competitor is retailers image. What is the kind of retailers perception or image. You want in the market. Do you want the retailer to have a high image in the market or a low image store location.
Where exactly is your store located is it at a good place. Where there s a lot of people going to come into the market or it is located at a secluded place stock turnover. Which is basically high quality is high prices yield lower turnovers profitability well when it comes to sales and profits higher quality has higher profit. However lower quality has more turnover as well as more profit manufacturing versus private labels.
Now there are a lot of consumers or manufacturing brands. Which make a note better quality than store brands for the consumers. So you have to decide depending on which is what accordingly you need to plan your merchandise going ahead. You need to understand the customer service.
Which is offered by that particular brand. So know that the high quality goods require more of selling because if it is highly plat priced you need to really understand the target audience alterations delivery etc. So customer service is very important their personal meaning as a merchandiser you need to know that you are getting well trained employees for that you know buying that or rather selling that particular merchandise perceived goods and service benefits you need to analyze your consumers lesser quality or functional and higher quality means higher status. And more the kind of services last.
But not the least constrained decision. Making. Meaning your decision making has to be very limited or constrained in terms of franchisee owners chain order or orders or store managers. No control over products.
So as a retail outlet. You might have different franchisees and hence in order to have good decision making as well as the decision making remains with the main owner or the main retail owner of that but your brand well friends this brings us to the end of this particular module on merchandising and i hope you have enjoyed listening to this particular module on merchandising. I hope we have been able to value add to this subject of merchandising keep watching and thank. ” .
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