ML0011-Buying and Merchandising

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ASSIGNMENT

DRIVE	SPRING 2014
PROGRAM	MBADS (SEM 3/SEM 5) MBAFLEX/ MBAN2 (SEM 3) PGDROMN (SEM 1)
SUBJECT CODE & NAME	ML0011-Buying and Merchandising
BOOK ID	B1762
CREDIT	4
MARKS	60

1. What is the concept of Merchandising and its principles?

Answer: Merchandising is an activity of promoting the sale of products at retail outlets by displaying the same, distributing free samples where required, offering trials, demonstration, and making several offers and schemes. Thus, broadly speaking, merchandising includes practices such as physical presentation, displays, on the- spot demonstration, free trials, pricing, special offers, shelf stocking, and all other point-of-sale methods to entice customers to buy the products.

2. What is Category Management and briefly explain its process?

Answer: As the name implies, category management is the process of managing a retail business on the basis of merchandise category outputs rather than on the contribution of individual brands or models. Under category management, a retailer’s efforts (promotional, pricing and display) are grouped into categories with the objectives of measuring their financial and marketing performance separately. Consequently, it helps in arranging the grouping of products into strategic business units (SBU) in order to better serve the needs and demands of the

3.Describe the steps in a Typical Buying Process of a merchandise in detail?

Answer: The steps in a Typical Buying Process of a merchandise in detail

4. Explain the different ethical and legal issues associated in Buying Merchandise?

Answer:Ethical and Legal Issues in Buying Merchandise

The organized retail sector in India is progressing by leaps and bounds though it has not been given the ‘industry’ status. Given the thousands of transactions that take place between the retailers and their vendors, disputes with regard to unethical and illegal situations may naturally arise.

Business Ethics

The application of general principles of ethics that are customary in a society to areas where business is conducted is known as business ethics. These are concerned with the obligations of honesty, justice and that an entrepreneur assumes when he/she enters into a business. The significance of ethical code in the retail world is of even greater importance today

5. What are the different steps involved in Vendor Selection Process?

Answer: The given steps are followed in a typical vendor selection process:

1. Analysis of the business requirements: The very first task to be performed in a vendor selection process is to analyse business requirements. A retailer should understand what goods and services he/ she requires for business and determine the frequency of these requirements so that he/she can search for prospective vendors accordingly. Next, the technical and business requirements are defined by the retailer in relation to vendor requirements. Then, vendor requirement document is published mentioning the areas pertinent to the vendor selection process and asking for the suggestions and views of the evaluation team. The team members are allowed to critically analyse the

6.Explain the factors affecting market supply of a commodity?

Answer: The market supply of a commodity is the amount of commodity that amanufacturer decides to fix up in a market at a particular time.

The factorsaffecting market supply are:

• The demand of the commodity: Higher the demand of a commodity,higher the supply and lower the demand of the commodity, lower will bethe supply.

• The price of the alternative goods: It refers to changes in the price ofa related product due to changes in the supply of a related product (whichcould be a

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