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Lecture

RMG 400 Lecture Notes - Markdown, Computer Literacy, Gross Margin


Department
Retail Management
Course Code
RMG 400
Professor
Bharat Sud

Page:
of 2
Buyers job
Factors affecting the Scope of the Buyers Job:
Merchandise carried
Organizational structure
Size of the Retail Organization
Managing the Buying Function
Role of the Merchandise Buyer:
Planning
Directing
Coordinating (across different buyers)
Controlling
Quantitative Measures to Evaluate:
Net Sales
Maintained markup percentages
Markdown percentages
Gross margin percentages
Stock turn
Planning for a Buying Career
Qualifications Needed:
Personality traits (goal setting ability, creativity, vision, drive)
Merchandising knowledge and skills
Education
Analytical Ability
Computer literacy
Experience
Chapter 3 Buying for Different Types of Stores
Buying different types of Products:
Soft lines
Store dept or product line consisting mainly of merchandise such as clothing,
footwear, jewelry…
Buying at Different Retail Formats What are the Differences:
Department Stores
Discount Department Stores
Outlet Stores (specific brands with major discounts)
Specialty Store (selling at high, turnover low)
Supermarkets (Grocery, turnover to be quicker)
Buying for Chain Stores:
www.notesolution.com
Types of Centralized Buying All buying is done through Head office:
Central Merchandising Plan
Warehouse Requisition Plan Each store sends in requisitions (requests) to the
warehouse
Price agreement plan Company agrees with supplies for a discounted price
Buying and Organizational Structure
Types of Departmentalization:
Functional
Product Line
Geographic
Buying for your Own Store:
Benefits: Can focus on local trends
www.notesolution.com