Buying and Merchandising Certification
About Buying and Merchandising
Buying and merchandising are the functions within a retail organization that are responsible for acquiring and managing the products that are sold to customers.
Buying refers to the process of selecting, sourcing, and purchasing the products that a retail business will sell. This includes identifying trends in consumer demand, researching potential suppliers, negotiating prices, and placing orders for products. Buyers may work with product designers to create exclusive designs and styles that are unique to their company.
Merchandising, on the other hand, refers to the process of displaying and promoting products in a way that will attract customers and increase sales. This includes activities such as visual merchandising, in-store layout, and product presentation. Merchandisers also play a key role in determining how products are priced and promoted, as well as how they are marketed and advertised to customers.
Both buying and merchandising are essential functions within a retail organization, and they work closely together to ensure that the right products are available to customers at the right time and at the right price. They must also be in tune with the latest trends and market conditions to stay competitive.
In summary, Buying and Merchandising are the functions within a retail organization that are responsible for acquiring and managing the products that are sold to customers. Buying refers to the process of selecting, sourcing, and purchasing the products that a retail business will sell, and merchandising refers to the process of displaying and promoting products in a way that will attract customers and increase sales. Both buying and merchandising are essential functions within a retail organization, and they work closely together to ensure that the right products are available to customers at the right time and at the right price. They must also be in tune with the latest trends and market conditions to stay competitive.
Who should take the Buying and Merchandising Certification exam?
Buying and Merchandising is useful for:
Retail buyers
Merchandisers
Retail managers
Anyone interested in the purchasing and management of products for retail businesses.
Buying and Merchandising Certification Course Outline
Buying and sourcing: This may include understanding the supply chain and the different types of sourcing (domestic, import, direct, indirect), developing a sourcing strategy, and managing relationships with suppliers.
Product development and assortment planning: This may include understanding consumer trends and preferences, conducting market research, and developing product assortments that meet the needs of target customers.
Inventory management: This may include understanding inventory turnover, stock levels, and stock turn, forecasting demand, and managing inventory to optimize profits and minimize stockouts.
Markdown and clearance management: This may include understanding how to price products, setting markdown and clearance prices, and managing end-of-season sales.
Visual merchandising: This may include understanding how to create visually appealing and effective store displays, using lighting, color, and layout to influence customer behavior, and creating window displays.
Retail mathematics: This may include understanding key retail metrics such as gross margin, markup, and retail price, and using these metrics to make informed business decisions.
Retail technology: This may include understanding the use of point-of-sale systems, inventory management software, and other technology tools used in the retail industry.
Legal and ethical considerations: This may include understanding laws and regulations related to product safety, labeling, and advertising, as well as ethical considerations related to sourcing and labor practices.