RMG 400 Lecture : Negotiating with Vendors
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.