Asynchronous Activity Independent Workday Write Up

Asynchronous Activity Independent Workday Write Up

Week 9: Buying Merchandise

Please watch each of the videos below and then give me a brief summary (a few sentences) of (1) what you thought about the video and (2) how you think it relates to our class.

1. Fashion Buyer and What is a Trend Forecaster | British Vogue (11:53)
   1. Thoughts: The video is insightful because it presents the importance of implementing merchandise plans to gain success in the market. The Fashion Buyers uses the trend forecaster technique which is a creative way of determining customer taste and preferences. The insights relate to our class because buying merchandise because retailers must have a clear picture of the customer requirements.
2. CES 2018: Best booths at world’s biggest tech trade show (2:57)
   1. Thoughts: The tech trade show (CES 2018) is informative because it illustrate best gadgets and offering in the industry. Companies such as Samsung, LG, and Furrion have showcased there merchandising techniques that offer them a competitive advantage. The video is relevant to our class because it illustrates the needs for gathering information on market trends and customer preferences.
3. Counterfeit Goods (1:39)
   1. Thoughts:

The Video by CBS Miami illustrate jewelers arrested for counterfeit goods worth $31 million. The goods were an imitation of luxury brands such as Rolex and Channel. The video is significant because it shows the implications of counterfeit goods in retail.

Please read the following article and then give me a brief summary (a few sentences) of (1) what you thought about the article and (2) how you think it relates to our class.

1. How to Become a Retail Buyer for Major Stores
   1. Thoughts: I think retail buyers for major store form a key component in merchandise buying. The retail buyers assist in developing the products assortments incorporating trend analysis information. Also, they assist to identify growth opportunities and risks through the development of contingency plans. The article relates to our class because it presents the role of retail buyers in retail businesses.
2. https://www.linkedin.com/pulse/we-need-talk-why-kind-wont-expo-west-natural-foods-may-lubetzky/ – some background on this article: Expo West is the biggest food trade show in the world. Many food companies get their start at Expo West. Expo West is usually held at the beginning of March, which is when the pandemic was starting. There was a lot of drama involved with how the organizers handled things. Ultimately, it ended up getting canceled after this article was published, but this article was written by the founder of KIND and emphasizes why Expo West, and other trade shows like it, are important to smaller companies. I think it does a good job of some of the trickle-down effects we can expect to see happen due to COVID in retail spaces, especially for small companies.
   1. Thoughts:

I think Expo West and other similar shows are important for small companies. COVID-19 has cause massive changes in the retail space which has created overwhelming business dynamics. For instance,the author mentions that Consolidation among retail chains has significantly changed dynamics in the natural foods space.  This video relates to our class because how the COVID-19 pandemic has affected small retail businesses while monopolies continue to thrive.

Do you have any overall thoughts about the videos and articles you would like to share?

Overall, I think merchandise buying requires brand selection for each business. Also, it is imperative to use innovative tactics that assists to determine the trends and customer requirements. Every retail business should work towards creating credibility in the industry because it offers them with enhanced prestige. Ideally, merchandise buying is based on consumer demand, current trends, and market requirements.

After watching the videos and reading the articles, I have the following questions:

What techniques can be used to maintain strong relationships with the vendors?

Questions for Guest Speaker:

On Wednesday, October 28^th, we are going to have a guest speaker in our class. MyriahHrdlicka will be talking to you about her experience as a Customer Account Manager at General Mills. In this role, Myriah worked with several buyers in the Natural & Organic food space. In addition to being a Customer Account Manager, Myriah has also worked with several retailers to create merchandising and shelf placement strategies for the cereal category.

Please prepare some questions that you would like her to answer regarding her experience as a Customer Account Manager and working with buyers. While she is going to primarily be in class to talk about buying merchandise, questions regarding assortment and placement are also welcome. Feel free to ask these questions yourself in class. If other questions come up before or during class, you can also ask those. I am asking you to provide questions as part of this assignment so I can send Myriah a list of potential questions so she can prepare for our class.

1. How can your described your experience working as a Customer Account Manager? What do you enjoy most? What are the challenges?
2. What tactics do you use in create merchandising and shelf placement strategies in your company?

After going through last week’s lecture material and asynchronous activity, I still have the following questions:

How has technology transformed practices in merchandise buying?