Quiz 14: Developing Merchandise Plans
Merchandising philosophy: Merchandising philosophy is an idea used by the company to attract customers to buy their products. It includes various merchandise decisions such as target market, product trend, competitors, and costs. Merchandising philosophy of CC Retailer Company: • Guaranteed product satisfaction • Offers low prices, broad assortment, and private brands to the members • Consumer's interests and desires are considered the most • Well planned distribution and supplying capabilities • Update with the recent trends in the market
Merchandising function: Merchandising function is the activity of buying and selling goods and services which includes product assortment, pricing, and customer transactions. Buying function: Buying function is a part of merchandising function. It is the process of purchasing goods and services among the product alternatives. Buying decision should be taken based on the market trend and customer philosophy about the product.
Micro-merchandising: Micro-merchandising plays a vital role in the process of retail business. It is the process of a store's specific range to local demand that helps to determine the product range. Statement: "Micro-merchandising is a good approach." Justification: • It determines the exact range of products to a store • It maintains a dynamic store based on the business attributes • It builds optimal product based on the performance and attributes of the product