Retail Buying

by Diamond, Jay; Pintel, Gerald

• ISBN13: 9780131181281
• ISBN10: 0131181289
• Edition: 7th
• Format: Paperback
• Copyright: 2005-01-01
• Publisher: Prentice Hall

Summary

This completely updated edition offers three new chapters that make this text an excellent resource for those entering the field of retail buying and merchandising. The new chapters include: bull; bull;Buying for Discount Operations. A complete presentation on how professional purchasers for such companies as Target and Wal-Mart plan their purchasing strategies and execute their buying plans. bull;Consumer Analysis. The importance of the consumer in the buyer's decision-making process is discussed as well as the ways in which retail operations analyze customer demand. bull;Wholesale Purchasing on the Internet. In addition to visiting the wholesale markets in the pursuit of new merchandise, many retail buyers are using the Internet as an additional means of product procurement. The concept of professional online purchasing is completely explored in this new chapter. Included with this text is a DVD containing a two part production providing an onsite view of purchasing, planning, and buying. The video progresses from the stages of a buyer planning a purchase, through the buyer visiting the wholesale market, featuring many of the stops he/she makes in finalizing his/her purchase. The footage for the DVD was created in various buyers' premises including a New York City garment center, a residential buying office, in showrooms, and other real-life settings.

Table of Contents

Preface

Introduction To Retail Buying

The Buyer's Role in Contemporary Buying

Central Buying for Chain Organizations

Buying for Full-Line and Specialized Department Store Operations

Buying For Catalogs and Home Buying Networks

Resident Buying Offices and Other Outside Information Sources

Fundamentals of Effective Buying

What to Buy

How Much to Buy

From Whom and When to Buy

Purchasing "Off-Price."

A Trip to the Market

Evaluating and Buying From Foreign Markets

Developing Import Programs

Negotiating the Purchase and Writing the Order

Additional Buyer Responsibilities

Merchandise Pricing

The Development of Private Label Programs

The Buyer's Role in Planning Advertising, Visual Merchandising and Other Promotional Activities

Glossary

Index

Table of Contents provided by Publisher. All Rights Reserved.

Excerpts

Since the last edition ofRetail Buyingwas published, a great deal of change has taken place in the retail arena. Not only has the competition among brick and mortar merchants escalated, but also the ever-increasing sales generated by off-site retailers such as e-tailers, catalogs, and home shopping networks have made the competitive nature of the business even more challenging. More and more traditional retailers who once relied primarily on store shoppers to make their purchases are now busily engaged in expanding their Internet and catalog operations to meet the needs of those who have become accustomed to shopping via alternate means. The buying of merchandise continues to play a major role in the operation of any retail establishment. Given the various ways in which merchandise is sold to the consumer, buyers have had to expand their scope of activities to address customer needs, especially in companies that require that all merchandise purchases be accomplished by one individual for all the company's selling outlets. Some organizations whose majority of business is realized from off-site ventures now employ separate merchandising teams to buy just for these off-site divisions. The structure of the buying division, once a standard in most operations, continues to necessitate change as a company's involvement with e-tailing expands. At this point in time the verdict is still out regarding the best method for companies to use to make their purchases. Three new chapters have been added to this edition ofRetail Buyingto give a more complete look at the buyer's role in bringing the right merchandise to the consumer. Chapter 3, Buying for Discount Operations, explores the nature of these businesses and explains how the buyer addresses the problems associated with such purchasing. Chapter 7, Consumer Analysis, explores the various methods by which consumers are studied so that their buying needs may be successfully addressed. Chapter 13, Wholesale Purchasing on the Internet, examines the reasons why many buyers are adding the Internet to their methods of purchasing. New artwork, case problems, and review questions have also been added to the seventh edition. An eight-page color insert depicting the various stages of merchandise acquisition planning and the actual procurement of goods is new to this edition. The fundamental principles regarding professional buying have been retained from the sixth edition but have been expanded to reflect changes that have taken place in the industry. As in previous editions, many pedagogical approaches remain, updated to reflect new information and practices. End-of-chapter sections devoted toLanguage of the Trade, Summaries of Key Points, Review Questions,andCase Problemsremain. The glossary at the end of the book has been updated to include new terms with which buyers must be familiar. The buyer's role is the subject of a series of videos written and produced by the authors that are available from the publisher. Titles includePlanning the Purchase, The Buyer Visits the Market, Merchandise Sourcing in the Global Marketplace,and the series calledRetail Merchandising Mathematical Concepts.Others that center upon retailing includeRetailing in the New Millennium, Multi-Channel Retailing, Retail Advertising Series, Promotion,andRetailing: A Career for the Twentieth Century. Included with this text is a DVD containing a two-part production that provides an onsite view of purchasing, planning, and buying. The video progresses from the stages of a buyer's planning a purchase through the buyer visiting the wholesale market, featuring many of the stops he or she makes in finalizing the purchase. The footage for the DVD was created in various buyers' premises including a New York City garment center, a residential buying office, showrooms, and other real-life settings. Accompanying this book is an updated i