TAILIEUCHUNG - Lecture Management of retail buying – Chapter 7: Choosing vendors
In this chapter, you will learn about: Factors to consider in vendor selection, ethics & social responsibility in retail, how & why to reevaluate current vendors, types of vendors to choose from, how management policies impact vendor selection. | Ch. 7: Choosing Vendors Factors to consider in vendor selection Ethics & social responsibility in retail How & why to reevaluate current vendors Types of vendors to choose from How management policies impact vendor selection Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved This is the topic overview found at the beginning of Chapter 7. Good Vendors, Bad Vendors: “Selection Factors” for Choosing Suppliers Suitability of merchandise Product differentiation (how trendy?) Timing & delivery policies Distribution (wide, selective, exclusive?) Pricing & payment policies Ethical considerations Sales assistance (help with advertising, training aids) Recommendations of peers, buying offices Convenience Compatible technology Ability to store merchandise (so you won’t have to) Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Successful retail buying is not just a matter of choosing products. Equally important is your choice of suppliers of those products. Chapter 7 elaborates on these bullets, and they are also valid in selecting international suppliers, discussed in Chapter 8. Types of Vendors - Manufacturers ‘Buying direct’ from manufacturers is typical of: clothing retailers those who can purchase in bulk sales of some types of perishable items private-label agreements Some agreements are restrictive, with large minimum orders, price guarantees & promotional requirements to protect the manufacturer A manufacturer may prefer to service numerous accounts in one geographic area Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved The vendors and vendor-related service companies on this slide and the next 3 are described in greater detail on pages 143-146. Types of Vendors - Brokers Brokers are agents of and/or contract sales representatives for manufacturers Brokers may represent several non-competing product lines They offer wholesale prices & earn commissions based on net sales Their success is judged by how well they represent the manufacturers’ products Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Types of Vendors – Wholesale Distributors Local or regional business that can service immediate needs Greater flexibility than manufacturers (small orders, better credit terms) Good year-round selection of unique & seasonal items due to multiple sources Serve as consultants on product selection, merchandising, layouts, store fixtures Tend to invest heavily in technology to speed up order & delivery processes Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved Retail & Vendor Support Services Rack Drop- Jobbers Shippers Stocks, prices, tidies particular areas of store or product lines (magazines, greeting cards, etc.) Purchases goods in bulk from manufacturers or wholesalers Manufacturers who ship directly to consumers who buy from retailer (after seeing floor samples) OR Companies that perform single-order shipping functions for small (often online) retailers and/or manufacturers Copyright © 2006 by John Wiley & Sons, Inc. All rights reserved
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