Information on Retailers
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1.Why do retailers perform extensive inventories at the end of a fiscal year. Why do retailers mark down items for quick sale before the end of a budgeting period? Is this wise?
2. Implementing a merchandising plan is an eight-step process beginning with gathering information and ending with a re-evaluation process. What is the importance of each step and the potential drawback of problems occurring at each step of the process.
3. Why is strong inventory management crucial to the proper implementation of the merchandising plan.
4. How can a retailer gain better terms from suppliers by increasing their negotiation power.
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Solution Summary
Exploring retail practices regarding end of the fiscal year processes and implementing a merchandising plan including the eight step process to be followed. Over 570 words, 2 references.
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1.Why do retailers perform extensive inventories at the end of a fiscal year. Why do retailers mark down items for quick sale before the end of a budgeting period? Is this wise?
- Retailers perform extensive inventories at the end of the fiscal year to evaluate the merchandise that is still remaining and needs to be moved out to the consumers. The mark down process is to get the merchandise off the shelves and the profit to be made off of those products. When a retailer invests in product, they have to pay a cost upfront for it. When the product doesn't sell, the retailer loses money. By marking down the product, this encourages further sales and helps the profit margin of the retailer. Yes, it is wise to do this as the retailer relies on the extent of their revenue to remain in business.
2. Implementing a merchandising plan is an eight-step process beginning with gathering information and ending with a re-evaluation process. What is the importance of each step and the ...
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