The process of merchandise planning takes the buyer through to the stage of determining the products that he needs to have in the store and the quantities that he needs of the same. A key decision to be taken by a buyer is to determine where he has to buy the merchandise from. Determining the source who would supply the products as required by the retailer, in the quantities needed by the retailer, as per the requirements of the retailer, is an integral part of the buyer’s function. Over the years, the importance of sourcing as a key element of merchandise management has increased. This has been largely due to the shrinking of world borders and the world becoming a global village. Global travel and the spread of mediums of mass communication have also made the consumer more conscious of global trends and products
At Monash we take merchandise sourcing very seriously as this process is a core of the product which is being developed by us.
The process of merchandise buying takes place as five step process, which involves the following:
- Identifying the sources of supply
- Contacting and evaluating the sources of supply
- Negotiating with the sources of supply
- Establishing vendor relations
- Analyzing vendor performance
- Quality Assurance
an integral part of our work.