Ch 2: Merchandise Management in Retail

About This Chapter

This short chapter is filled with engaging lessons that offer an in-depth analysis of merchandise management in retail. Incorporating these lessons into your corporate training sessions can help your managers improve retail buying, inventory management and loss prevention in your business.

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.

Skills Covered

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

5 Lessons in Chapter 2: Merchandise Management in Retail
Test your knowledge with a 30-question chapter practice test
Supply Chain Management: Elements & Goals

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.

Vendor Analysis: Definition & Process

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.

Practical Application: Vendor Analysis Template

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.

Items that Make Up Merchandise Inventory

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.

Inventory Control Systems: Types & Purpose

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.

Chapter Practice Exam
Test your knowledge of this chapter with a 30 question practice chapter exam.
Not Taken
Practice Final Exam
Test your knowledge of the entire course with a 50 question practice final exam.
Not Taken

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Other Chapters

Other chapters within the How to Be a Successful Retail Manager course