Negotiating with Vendors

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Published on 17 May 2011
School
Ryerson University
Department
Retail Management
Course
RMG 400
Professor
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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Document Summary

Types of domestic markets: central markets, regional merchandise/apparel marts, tradeshows and expositions. 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 www. notesolution. com. Setting the stage for negotiating: build rapport, ask questions. Negotiation tactics: take it or leave it.