Taft Open House Retail & Management Intensive 3 Day Course Presentation

©Copyright & Property of RMS-Retail Management Solutions

Introduction to The Art of Retail BuyingMarie-Louise Jacobsen

Managing Director of Retail Management SolutionsSingapore

Retail Buying Course

24 hours – 3 full days

Course Date – September through November 2009

Maximum class size – 20 participants

Course Fees – S$899.00

Why Attend the Course?

• The course is designed to enhance people’sskills in buying merchandise for retail

• It is based on years of retail merchandisingprocesses and buying that have been proven

processes and buying that have been proven

• The buyers and Next Gen. Buyers will be gettingindustry standard training based on actual &factual information and techniques

• With key focus on Consumer Centric Buying andRelevancy to Market Merchandising Concepts

Who should attend this course?

Senior Merchandise Managers, Buyers, Assistant Buyers,Product Development Managers, Merchandise CategoryManagers, Store Owners and anyone interested infashion buying

Buyers & next Gen buyers who want to be successful mustunderstand the climate within which they work. This

understand the climate within which they work. Thisenvironment consists of numerous components such ascustomers, types of retailers, the strategic planningprocess and the organization within which the buyeroperates.

The basic principles of buying can be mastered, particularlythe general knowledge needed by all buyers in their day-to-day activities.

Many of you will recognize that the application of theseprinciples is not that easy due to the sheer number ofdecisions buyers must take.

This 3-day program will be delivered in a highly pragmaticand practical manner based on years of international

and practical manner based on years of internationalretailing experience especially in the area of buying andmerchandising management.

It is deigned to guide people to understand that “buyers arenot selling agents for vendors but rather purchasingagents for the customers they are serving within theirorganization.

Course Curriculum

The curriculum will befollowing the structureand processes from theBook:

The Art of Retail Buying –

The Art of Retail Buying –An Insiders Guide to TheBest Practices form theIndustry written byMarie-Louise Jacobsen

IRetail Format

Buyer’s Roles by Retailcategory & how they

differ

IICareer Requirements

Retail Industry’sDemands &Expectations

IIIBuyer’s Role

Career Scope andwhat can be expected

in a buyer’s job.

IVManagementExpectations

Explanation on KeyPerformance Indicators

VRetail Math

Number crunching andRetail Pricecalculations

VIBudgeting

Buyer’s Sales Plans,Forecasts and Buying

Budgets also known asOTB

VIIAssortment Planning

The Matrix of

XVNegotiations

The rules of good

XVIShrink

The Bare TruthKnow how to improveprofits by reducing

shrink

XVIIBuyer’s other DutiesProduct Knowledge

and team building – thewinning formula to

success

XVIIIWriting Reports

A good influencer is agood communicator.

Why reports areimportant

XIVGlossary

What you should knowabout the industry's

jargon, terminologiesand Abbreviations

Course flow of Retail Buying

The Matrix ofRange Building. Howto allocate your OTB

(Open-to-Buy)

VIIIAnticipating

Consumer DemandsThe skill of buying for

your targetedcustomers

IXForecasting

Consumer DemandsKnowing what

consumers will wantahead of demand

XCentral Buying

Multi Store Buyingusing systems

XIThe True Essence of

BuyingEverything you need toconsider before placing

orders

XIIIBrand Strategy

Private Brands andwhat it takes to make

them successful

XIVSupplier ManagementSelection Criteria and

how to retain topperformers

XIIBuying Merchandise

How to choose theright merchandise foryour customers and

store profile

The rules of goodnegotiation & how to

successfully strike thebest deals

The Course flow is in sequence with the chapters in the book which aresequentially linked to a buyer’s role and in the order that a buyer wouldget on-the-job training. It starts with describing the industry, what the

job entails and what is expected. The next sections are the tools of thetrade, the insight of how to become an excellent buyer.

I wish all who participates great success!

Course Outline OverviewDay 1

1. Retail Format Buyer’s Roles by Retail category &how they differ

2. Career Requirements Retail Industry’s Demands &Expectations

3. Buyer’s Role Career Scope and what can beexpected in a buyer’s job

expected in a buyer’s job

4. Management Expectations Explanation on Key PerformanceIndicators

5. Retail Math Number crunching and Retail Pricecalculations Mark-up versus Margins

6. Budgeting Buyer’s Sales Plans, Forecasts andBuying Budgets also known as OTB

7. Assortment Planning The Matrix of Range Building. Howto allocate your OTB (Open-to-Buy)

8. Anticipating ConsumerDemands

The skill of buying for your targetedcustomers

9. Forecasting ConsumerDemands

Knowing what consumers willwant ahead of demand

Demands want ahead of demand

10. Central Buying Multi Store Buying usingsystems

11. The True Essence ofBuying

Everything you need toconsider before placing orders

12. Buying Merchandise How to choose the rightmerchandise for yourcustomers and store profile

13. Brand Strategy Private Brands and what ittakes to make them successful

14. Supplier Management Selection Criteria and how toretain top performers

15. Negotiations The rules of good negotiation

15. Negotiations The rules of good negotiation& how to successfully strikethe best deals

16. Shrink The Bare Truth Know how to improve profitsby reducing shrink

17. Buyer’s other Duties Product Knowledge and teambuilding – the winning formulato success

Course Highlights

• How to create merchandise offers that aredeemed great value

• How to manage Product Life Cycles in view ofmarket downturn

• How to make better buying decisions that will

• How to make better buying decisions that willgive quick return on investment

• How to create customer demands

Understanding the “Big Picture”

• The essence of buying is to keep customershappy, satisfied and returning

• This in turn makes profits if the merchandisebought is relevant to them and the market your

bought is relevant to them and the market yourretail operation is serving

• The Retail Industry in most economies today arefacing many challenges

• Having the right mind set in merchandising iswhere it all begins.

Value & Convenience

ReachReachRelevanceRelevance

RewardsRewards

Introduction WarmIntroduction Warm--UpUp

• Understand what your customers are buyingfrom you and what they have stopped buyingfrom you.

• Understand where the shift is coming from. Youmay need a “rescue” tactic to reignite interest in

may need a “rescue” tactic to reignite interest inthe abandoned category.

• Matching tactics with individual customerbehaviors will assure relevance & shoppersvalue relevance; and their value of relevancegets your message through the clutter.

Relevancy’s ValueRelevancy’s Value

• Real relevancy is achieved through thoughtfulapplication of accurate customer purchasingdata/information that is then translated intoaccurate buying decisions by your buyers.

• Understand that people place higher value onthe products they enjoy. So buyers need tofigure out which products each customer enjoys,which ones they don’t, which ones they are juststarting to try out and which new or forgottenones you need to bring to their attention

RELEVANCERELEVANCE

• Shoppers value relevance; and their value ofrelevance gets your message through the

clutter.

If your Products or Categories are RelevantIf your Products or Categories are RelevantYou will Sell!You will Sell!

Let your customers keep you in mind!Let your customers keep you in mind!

Relevancy to VouchersRelevancy to Vouchers

• Notably the level of discount has a part to play.

• The other point to take note on is the frequencyof your discounts.

of your discounts.

• Too often may dilute the effects.

• The offer should be an offer-worth-waiting-for!

Customers view these as freeCustomers view these as freemoney!money!

You Can’t Register What You Don’t HaveYou Can’t Register What You Don’t Have

• Tracking down and monitoring fast movingSKU’s is very crucial especially now.

• Next, what is missing in your store?

• What are the items your customers are askingfor - which you currently don’t carry?

Rule of Thumbs:Rule of Thumbs:

If a department or division is behind

If a department or division is behindbudgeted stock-turn you know you are

heading for trouble.

Consumer MotivationConsumer Motivation

•Motivation is a much-used term in explaining why peopleact as they do.

•Motivation can be termed as those inner strivingconditions described as:

WishesWishes –– DesiresDesires –– NeedsNeeds -- DrivesDrives andand LikesLikes

About the Course Director

Taft Open House Retail & Management Intensive 3 Day Course Presentation

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