What is a merchandising plan?
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What is a merchandising plan?
Merchandise planning is a systematic approach to planning, buying, and selling merchandise to maximize your return on investment (ROI) while simultaneously making merchandise available at the places, times, prices and quantities that the market demands.
What is merchandise assortment options?
What: Assortment Planning is the process of determining product in each merchandise category. Why: Retailers increase sales, productivity (turnover), and margin while also improving customer satisfaction.
What does assortment mean in retail?
An assortment strategy in retailing involves the number and type of products that stores display for purchase by consumers. Also called a “product assortment strategy,” it is a strategic tool that retailers use to manage and increase sales.
How do you conduct a merchandise assortment plan?
ACTIONS TO CONSIDER FOR ASSORTMENT PLANNING
- IDENTIFY CONSUMER DECISION TREES AND CUSTOMER SEGMENTS.
- DEVELOP A STORE CLUSTERING STRATEGY.
- ALIGN INTERNALLY AROUND CATEGORY ROLES.
- LOCATE CROSS-MERCHANDISING OPPORTUNITIES TO INCREASE SALES.
- LEARN THE THEORY OF TRANSFERABLE DEMAND.
- DEFINE AN ASSORTMENT PLANNING STRATEGY.
How do you write a merchandising plan?
The basic components of retail merchandise planning include:
- Product. First and foremost, the basic component of any merchandise mix is the product.
- Range. This refers to the variety of merchandise that you sell.
- Price.
- Assortment.
- Space.
- Perform a post-season analysis.
- Forecast sales.
- Plan and implement the assortment.
What is the first step in developing an assortment plan?
What is the first step in developing an assortment plan? Determine the amount of planned open-to-buy. Identify the selection factors that are most important to the customer. Calculate actual sales for last year.
What is an example of assortment?
Assortment is defined as a group of things that vary in type. An example of an assortment is a box of chocolates with varying flavors and kinds. This box has an assortment of chocolates, there’s a picture on the cover so you know which is which. …
What is product assortment example?
Product assortment is the different types of products that a business makes or a retailer offers for sale. For example, our automobile manufacturer may have four models of sedans, three models of SUVs, and two models of trucks in each respective product line.
How is an assortment plan developed?
Before building an assortment strategy or plan, you have to first analyze each branch and store’s historical sales performance, followed by identifying the latest trends. You are going to study the items required, such as the cost, average selling price, and the lifespan of a batch of products, to name a few.
Which of the following is part of merchandising planning?
Merchandise planning buying right kind of product, fixing a right kind of price providing adequate range of products through an appropriate assortment, and ensure adequate space to showcase and sell the product.
Why is assortment planning needed?
Planning an Assortment provides you with a clear direction as to how to break up the spend to give each and every store a meaningful range, which supports their sales, fits in their space and works to their strengths.