How are merchandising decisions made about specific items to sell?
– Senior executives are often intimately involved in merchandising decisions. Does the company do its own market research on customers and products? – Many companies hire market research firms or survey their own customers about product preferences. Does the company price products with specific competitors in mind? – Companies may consciously price over or under a specific large competitor. Does the company have regular sales or price markdowns to move old inventory? – Sales are frequent in the apparel business. Who are the retailer’s major competitors? – Competitors can be other specialty retail stores, discount retailers, or department stores. What types of advertising does the company do? – Print, radio, TV, special events, and direct mail are all used by specialty retailers. How large is the advertising budget? – Aside from purchasing, this is usually the largest expense.
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