RMG 400 Study Guide - Final Guide: Markdown, Gross Margin
8 Dec 2012
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Document Summary
It is difficult to generalize about what a buying career will involve because of the diversity of the types of retailers that exist. Factors affecting the scope of the buyer"s job. Products that a business wants to always have in stock. Tend to have stable consumer demand, so inventory and sales vary little from year to year. Relies on forecasting consumer demand and market trends, since a fashion that sold well last year may not sell at all this year. Fashion buyers must spend time in the market to locate unique items or fashion looks that the competition does not carry. Organizational structure: many large chain firms have centralized the firm"s buyers at corporate headquarters, at some retail stores, buyers also supervise the sales floor, evaluating sales associates. In small independent stores, the owner usually performs all the buying duties. In small retail stores, the buyer may be responsible for buying all the merchandise for several departments.
