Market Preparation for retail buyers
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1. What are the purposes of buying trip?
2. Identify a buyer's activities during a market trip (What do they do, How do they interface with cross-functional partners like the vendors, advertising team, marketing..etc)
3. Identify the necessary planning steps required before making a buying trip (list the steps needed to tkae place in chronological order)
4. What are the objectives for negotiations (list and describe frequently used during vendor negotation tactics, identify terms on which vendor negotiations will focus)
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1. What are the purposes of buying trip?
The purpose of buying trip is to make purchases of merchandise. These might be finished product for retail business, it may be raw materials for a manufacturing business or it may be machinery for a plant. In each case the purpose of the buying trip gives the opportunity to the buyer to physically inspect the goods to be purchased, examine its quality, evaluate the standard of the merchandise/raw material/machinery and make a purchase decision.
There are broader purposes of buying trips. These include evaluating the facilities, finances, and capabilities of the supplier. It can be negotiating the prices, discussing and communicating the requirements to the seller, and entering into a long term contract with the supplier. Other reasons can be identifying and interacting with other buyers and discussing the problems faced by other retailers as well.
2. Identify a buyer's activities during a market trip (What do they do, How do they interface with cross-functional partners like the vendors, advertising team, marketing.etc)
The buyers have set objectives for their purchases. Their activities include, establishing contact with the seller, fixing an appointment, ...
Education
- BSc , University of Calcutta
- MBA, Eastern Institute for Integrated Learning in Management
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