Issues to Consider in Retail Buying

Retail Buying Assignment 8
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Retail Buying Assignment 8
This assignment involves a case of a buyer for an independent retailer attending a regional trade show. In this evaluation, the questions and aspects that the buyer will consider, first in deciding whether or not to attend the trade show, before attending, during, and after the show, will be discussed.
As a buyer, the first question is whether the past trade show(s) were successful in how the OTB dollars were spent. The effectiveness can be determined by how the inventory has served to keep the store products profitable and whether it has helped avoid overbuying or stockouts. The second question will be if the after-sales follow-up and communication by the vendors have lived up to the store's expectations. The seeking of feedback on the products already sold is vital for the vendor to have product reviews to improve on what they are offering to the retailer markets.
Once the decision to attend has been made, the first thing to be done will be to develop a shopping list. This list will help pick only the things in the best-selling and most profitable category. The second thing is to analyze the volumes that are needed to balance the sales and inventory. If the sales had risen by 20%, the inventory would also rise by 20%.
One of the ways to decide how to move through the trade show is by being open-minded. This will help go for new and exciting things that the customers will be willing to try out (Phibbs, 2021). It is always good to move into new market frontiers that the store customers are not used to, for they will be convinced to ex...