About This Chapter
Merchandise Management in Retail - Chapter Summary
A major aspect of a retail business's success is its ability to acquire and manage merchandise without losing valuable inventory. This chapter explores ways companies can improve the retail buying process and implement inventory control and loss prevention systems that ensure business runs smoothly. Our lessons cover topics that include the following:
- Elements of supply chain management
- Planning, control and negotiation in retail buying
- Vendor analysis
- Merchandise inventory items
- Inventory control and loss prevention
Feel free to include in your corporate training sessions any lessons that can strengthen your managers' capabilities in the workplace. If some managers can't attend the training sessions or want to access the lessons at a later time, they can do so using any computer, smartphone or tablet. Accompanying the lessons are short quizzes you can use to check your managers' comprehension of specific merchandise management in retail concepts.
How It Helps
- Defines important concepts: Lessons in this chapter ensure your managers understand the meaning and purpose of important concepts like supply chain management and vendor analysis.
- Improves organization: Managers learn in this chapter the steps they can take to better organize the acquisition and management of merchandise through retail buying techniques, vendor analysis and inventory control systems.
- Strengthens business operations: Utilizing the lessons in this chapter to improve the processes of buying and managing merchandise can strengthen operations in your business and increase success.
After sharing the lessons in this chapter with your managers, they will be ready to:
- List elements of the supply chain and identify key goals businesses seek when managing supply chains
- Explain the factors that impact retail buying and share techniques for negotiating a buy
- Discuss the roles of retail buying groups and describe planning and controls in retail buying
- Define vendor analysis and explain the importance and process of choosing the right vendors
- Offer an in-depth description of items that make up merchandise inventory
- Compare and contrast different types of inventory control systems and discuss how they are used
- Explain loss in retail environments and the strategies businesses can use to prevent loss
1. Supply Chain Management: Elements & Goals
Supply chains and their efficient management may mean the difference between success and failure for a business. In this lesson, you'll learn about the elements of the supply chain and the key goals businesses seek in managing their supply chains.
2. Vendor Analysis: Definition & Process
Vendors play a major role in a firm's performance. Firms use vendor analysis to select the right vendors for their organization. In this lesson, learn what vendor analysis is and how it is used.
3. Practical Application: Vendor Analysis Template
This template will help you when conducting a vendor analysis. Print it out and use it as you walk through the steps to ensure that you're fulfilling all of the requirements during this procedure.
4. Items that Make Up Merchandise Inventory
In order to operate, merchandising companies must carry inventory. What exactly makes up merchandise inventory? In this lesson, you will not only learn the answer to that question, but also several other important factors that relate to merchandise inventory.
5. Inventory Control Systems: Types & Purpose
Managing inventory is essential for the success of many businesses. In this lesson, you'll learn about different types of inventory control systems. We'll take a look at continuous and periodic systems as well as the ABC classification system.
Earning College Credit
Did you know… We have over 200 college courses that prepare you to earn credit by exam that is accepted by over 1,500 colleges and universities. You can test out of the first two years of college and save thousands off your degree. Anyone can earn credit-by-exam regardless of age or education level.
To learn more, visit our Earning Credit Page
Transferring credit to the school of your choice
Not sure what college you want to attend yet? Study.com has thousands of articles about every imaginable degree, area of study and career path that can help you find the school that's right for you.