ML0011-Buying and Merchandising

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ASSIGNMENT

DRIVE	WINTER 2014
PROGRAM	MBADS (SEM 3/SEM 5) MBAFLEX/ MBA (SEM 3) PGDROMN (SEM 1)
SUBJECT CODE & NAME	ML0011-Buying and Merchandising
BK ID	B1762
CREDIT & MARKS	4 Credits, 60 marks

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

Q. 1. Explain different areas which are influenced by the merchandise strategy.

Answer: While all marketers do not agree on a common definition of marketing strategy, the term generally refers to a company plan that allocates resources in ways to generate profits by positioning products or services and targeting specific consumer groups. Marketing strategy focuses on long-term company objectives and involves planning marketing programs so that they help a company realize its goals. Companies rely on marketing strategies for established product lines or services as well as for new products and services.

Q. 2. “Success in Retailing can only be measured by making the most profitable use of the available space at hand”. Explain this statement in context to presentation of the merchandise.

Explanation of the statement

Answer:Making a profit in multiple retailing is the result of effectively managing constraints such as space, and controlling variable elements such as Cost of Goods Sold. Measurements of success in Merchandising range from simple measures such as like for like sales increase to more useful and meaningful measures like margin %, markdown value and stock turn. If we want to get a truly accurate measurement of profitability we need to look at

Q. 3. What are the essentials of successful Visual Merchandising?

Answer:With competition increasing in each and every field, art forms like visual merchandising are becoming more and more relevant. Visual merchandising is a way of making the arrangement of goods aesthetically appealing to the eyes. Simply put, it is the way a store arranges its goods so that it attracts the attention of the customers. A retailer can use all his creativity and innovative ideas for displaying the goods in an interesting fashion. A retailer needs to improvise continuously and should also have an inclination for keeping up with the

Q. 4. Define supplier and its types in the area of retailing.

Answer:In a supply chain, a vendor, or a seller, is an enterprise that contributes goods or services. Generally, a supply chain vendor manufactures inventory/stock items and sells them to the next link in the chain. Today, the terms refers to a supplier of any good or service.A vendor, or a supplier, is a supply chain management term that means anyone who provides goods or services to a company or individuals. A vendor often manufactures inventoriable items, and sells those items to a customer.  Typically vendors are tracked in either a finance system or a warehouse management system.

Vendors are often managed with a vendor

Q. 5. “A retailer must decide on a procedure to analyze the merchandise performance”. Comment

Answer:Evaluation is a methodological area that is closely related to, but distinguishable from more traditional social research. Evaluation utilizes many of the same methodologies used in traditional social research, but because evaluation takes place within a political and organizational context, it requires group skills, management ability, political dexterity, sensitivity to multiple stakeholders and other skills that social research in general does not rely on as much. Here we introduce the idea of evaluation and some of the major terms and issues in the field.

Q. 6. What are the different functions performed by the buying department of a retail store?

Answer:Most major companies and even some government organizations have a purchasing or procurement department as part of everyday operations. These departments provide a service that is the backbone of many manufacturing, retail, military and other industrial organizations. Many individuals, even some who work for these companies, are unaware of what the purchasing department does, why it exists or what purposes it serves. To understand better what the role of the purchasing department is, consider some functions it

Dear students get fully solved assignments

Send your semester & Specialization name to our mail id :

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or

Call us at : 08263069601

(Prefer mailing. Call in emergency )