Inventory Strategy
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If I were a buyer for a large chain of music stores that sell collector albums of bands such as the Beatles. The Beatles have always been popular and their CD sales have always been consistent. In fact the younger generation has rediscovered the Beatles with a zeal not seen since the 1960s. I see the prices of CDs increase with every order and it is almost impossible to keep some of the collector editions in stock. However some of the less popular titles are not receiving many buyers although these sold better in the 60s than they do now. My boss is unhappy about the shelf space the unsold items are using and the potential sales he/she is losing. An important concern is that the holiday season is approaching and he/she does not want to lose any sales.
How would I go about identifying the inventory issues that relate to these problems? Evaluate how improving some steps in the merchandising plan could help minimize these problems? What will I tell my boss that will ease the problem and remove the blame from my shoulders? What plan of action to address these issues and better manage the inventory?
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Solution Summary
Addresses inventory issues, evaluates how to improve merchandising plans and plans of action to address future issues. Over 508 words, 1 reference.
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How would I go about identifying the inventory issues that relate to these problems?
-The inventory issues stem from ordering too much of a product that isn't selling. Though other 60's music might be making a revival, perhaps not all genres are doing the same. Asking the retailer to have their employees take a numerical inventory of the remaining number of the titles that are not moving off the shelves will give you an idea of how much stagnant inventory you have within the stores. From there, you could do suggest a focus group with the age group that is being targeted and find out from them why the CDs are not selling. This may allow you and the retailer to target your marketing strategies differently moving forward.
Evaluate how improving some steps in the merchandising plan could help minimize these problems?
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