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Master of Business Administration- MBA Semester 3
ML0011 – Buying & Merchandising – 4 Credits
(Book ID: B1762)
Assignment Set – 1 (60 Marks)
Note: Answer all questions (with 350 to 400 words each) must be written within 6-8 pages. Each Question carries 10 marks 6 X 10=60
Q1. Explain the various principles of an ideal merchandising giving suitable examples for each. 00+10=10
Answer : Merchandising
Merchandising is a term used in marketing to denote all those sales- promotion activities that aim to generate the customer’s interest in the product or service other than conventional press and television advertising, direct mail or the use of PR. The purpose of merchandising is to bring product and customer into the closest possible proximity in order that the attributes of the merchandise may become fully apparent and, in effect, sell themselves.
The Principles of Merchandising
Q2. Discuss the concept and Implications of open-to-buy system. How do you calculate open-to-buy for the past and current period? 04+03+03=10
Answer : Good inventory control is critical to ensuring an adequate level of stock is on hand for the amount of sales being generated. Having too much inventory (or the wrong type) during certain periods can slow your cash flow and reduce profits with too many markdowns. On the other hand, if you under buy and miss sales opportunities then you are not making your potential profit. A retailer can be sure to stock the right amount of the right products at the right time by using an Open-To-Buy (OTB) plan.
Q3. List some of the ethical issues involved in merchandise buying. 00+10=10
Answer : There are a million ethical issues in today’s businesses and unfortunately there is no perfect decision measurement for all these issues. The ethical issues in international businesses are much more complicated and much more delicate, along with being tenfold in numbers.
Business ethics is a behaviour that all businesses stick to. Also known as corporate ethics or professional ethics, it incorporates moral guidelines as also the problems a business entity frequently faces. The term ‘business
Q4. Explain the five stages of the consumer buying process 00+10=10
Answer : The marketer is responsible for selling the goods in the market so he must have the knowledge how the consumers actually make their buying decisions. For this he must study the consumer buying decision process or model. It involves five stages.
1.) Need recognition:- consumer buying
Q5. Manufacturer brands usually take less promotional effort as compared to private brands.
Elaborate 00+10=10
Answer : Generic brands of consumer products (often supermarket goods) are distinguished by the absence of a brand name. It is often inaccurate to describe these products as “lacking a brand name”, as they usually are branded, albeit with either the brand of the store in which they are sold or a lesser-known brand name which may not be aggressively advertised to the public.[citation needed] They are identified more by product characteristics.
Q6. Enumerate the essentials of successful visual merchandising 00+10=10
Answer : Mastering visual merchandising
Retail is a competitive business. Even if your product is completely unique, you still have competition. There is always another store down the road or online that is also aiming for your customers’ dollars. The days of running a traditional family business lacking any real commercial sophistication are almost over. How you present your store is a very strategic aspect of your business. In a world where you can find identical merchandise in multiple stores, layout and presentation have become key differentiating factors. Going
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