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RMG 400 (49)

Negotiating with Vendors

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Ryerson University
Retail Management
RMG 400
Bharat Sud

Chapter 13 Types of Domestic Markets: • Central Markets • Regional Merchandise/Apparel Marts • Tradeshows and Expositions Preparing a Market Visit Purposes of Buying Trips: • To obtain merchandise • To learn about new trends/merchandise • To evaluate new resources • To seek special values • To attend previews of new Vendor Lines Frequency of Market Trips: • Season of Year • Type of Merchandise • Size of store or department • Stores merchandise policy • Proximity of the market • Business conditions Planning the Trip: • Prepare a merchandise buying plan • Obtain all internal approvals • Notify buying office of upcoming visit • Schedule number of days in market • Make travel reservations • Establish schedule while in market Visiting the Market: • Work with a buying office • Visit vendors/factories • Talk with other buyers • Visit retail stores in the market • Visit online showrooms Preparing to Negotiate: • Analyze your position • Determine the vendor’s position • Develop negotiation skills • Determine objectives of negotiations Setting the stage for negotiating: • Build rapport • Ask questions • Listen and Watch for non-verbal clues Negotiation Tactics: • Take it or leave it • Limited authority • But you can do a little better • But I can’t make up my mind • Facts and Data • What if? • Lets split the difference • Time pressure Negotiation checklist: • Price • Discounts • Transportation terms • Allowances • Return privileges • Off-price • Specification buying • Private brands • Vendor-supported pr
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