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Lecture

Negotiating with Vendors


Department
Retail Management
Course Code
RMG 400
Professor
Bharat Sud

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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 vendors position
Develop negotiation skills
Determine objectives of negotiations
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