BBR503 – BUYING

 

 

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ASSIGNMENT

 

 

 

Note: Answer all questions. Kindly note that answers for 10 marks questions should be approximately of 400 words. Each question is followed by evaluation scheme.

 

Q.1 List a few key roles and responsibilities of a retail buyer.

 

Ans : Roles and responsibilities of a retail buyer :

 

A retail buyer is responsible for planning and selecting a range of products to sell in retail outlets. Retail buyers identify, select and purchase stock that matches company requirements. A retail buyer selects and purchases merchandise for retail stores to resell to the public. Retail buyers use computer programs to keep track of existing product inventory. They also use market research and knowledge of trends to anticipate their companies’ needs for new products. Most retail buyers negotiate with suppliers, thus their positions often require travel and work weeks of over 40 hours. Additional duties may include evaluating suppliers, interviewing vendors, analyzing proposed prices and negotiating contracts. The buyer must consider the following factors when making purchasing decisions:

 

 

 

Q.2 Discuss the concept of product mix & consignment buying.

 

Ans : Concept of Product Mix :

 

Product mix is the sum total of all products that a company offers. For example, a pet food manufacturer may offer several varieties of dog and cat food. These multiple products may serve different customers, dog and cat owners, but the products are all part of the company’s product mix. Products within a product mix can either be similar or variegated. There are also four dimensions to product mix: width, length, depth and consistency.

 

1.Width:

 

The width of product mix includes all the product lines that a company sells. For example, if a vitamin company sells various vitamins, diet products and sports drinks, its product width is three. Upstart companies usually start with a narrower product

 

 

 

Q.3 What are the five stages of buying decision making? 

 

Ans : 5 stages of buying :

 

These stages were first introduced by John Dewey (1910). The stages are:

 

1. Problem/need-recognition:

 

Problem/Need-recognition is the first and most important step in the buying decision. Without the recognition of the need, a purchase cannot take

 

 

 

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