Retail Merchandise Buying
Course Code : RMB
Course Duration : 24 Hours  - 3 Full days
Time : 9.00 am – 6.00 pm
Course Fees : Actual Cost SDF Grant Amount to Pay
S$550.00 S$48.00 S$502.00 (TaFf Members)
S$600.00 S$48.00 S$552.00 (Non Members)

Course Description

Singapore has undergone a dramatic change in recent years and is bracing itself for the challenges that lie ahead particularly with the upcoming two integrated resorts targeted to open in 2009/2010.   Consumer sentiments are upbeat. Retailing and tourism are expected to be springboards of economic growth. Shoppers will be varied as they come from different nationalities.  This will present a more challenging role for buyers/sales personnel who must ensure that the merchandise mix in-store satisfies new and divergent consumer needs

Who Should Attend

Assistant Merchandisers, Buyers, Sales Supervisors, Store Managers

Objective

This module aims to provide the trainees with:

  • An understanding of various concepts, philosophies and theories of  retail buying and management of merchandise and inventory
  • A practical approach to purchasing for executives within a retail environment
  • Planning, execution, and evaluation of purchases to meet consumer needs in a highly dynamic retail setting
  • Practical application of mathematics in retail buying
  • An entrepreneurial view of purchasing to maximize corporate productivity

Subject Outline

Subject Topic

Sub Topics

I.  Overview of Retailing
  1. Retail Trends
  2. Understanding Consumer Needs
  3. The Buyer’s role and the Buying Process
  4. Types of Retailers
  5. Buying and Merchandising
  6. Available Resources, Buying Groups and their services

II.  Consumer Behaviour
  1. Anticipating consumer demand
  2. Consumer Analysis
  3. Trends analysis
  4. Market research and feedback

III. Merchandise Planning
  1. Flair for Merchandise and biases
  2. Brand names and Development of Private labels
  3. Planning Assortments (breadth/depth)
  4. Planning Sales budgets

IV. Planning Purchases and
      Controls
  1. The Merchandise Plan
  2. Model Stock and Buying Plans
  3. Buyer Instinct and Fashion Merchandise Replenishment

V.   Technology and Internet
      Commerce in Retailing
  1. Available forms of technology in retailing
  2. Labels
  3. Re-ordering
  4. E-tailing

VI. Sourcing for Vendors
  1. Selecting local vendors
  2. Finding overseas vendors

VII. Purchasing Process
  1. Preparation for buying trips
  2. Selecting new products
  3. Special Buys

VIII. Negotiating the Purchase
  1. Developing negotiation skills
  2. Discount practices

IX.  Processing the order
  1. Writing the order
  2. Need for follow-up
  3. Importance of vendor relationship

X.   Price Structure
  1. Guidelines to profit margins
  2. Setting the price

XI.  Additional Buyer
       Responsibilities
  1. Organizing special events, visual merchandising
  2. Planning advertising and promotional support
  3. Disseminating information to retail personnel
  4. Sales evaluation and financial responsibilities

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