Retail Buying / Edition 8

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Overview

This edition has been completely updated, and features and two new chapters that bring the materials up-to-date. It is an essential read for those entering the field of retail buying and merchandizing.

THE NEW CHAPTERS ARE:

  • Multiculturalism: Assessing the Product Needs of America’s Major Ethnicities.

Buyers and merchandisers must assess the demographics of the various ethnicities to make concrete buying decisions. Also addressed are the different product classifications and how these consumer groups go about purchasing them.

  • The Importance of Business Etiquette When Purchasing in Global Markets.

Buyers must be knowledgeable in terms of etiquette when going offshore to meet with the sellers of different products. Attention to this will more than likely render the best terms for the retail merchandising team.

Included with this text is a DVD containing a two-part production providing an on-site view of purchasing, planning, and buying, The action progresses from the stages of a buyer planning the purchase, through the buyer visiting the wholesale market, featuring many of the stops made in finalizing the purchase. The footage for the DVD was created in various buyers’ premises including the New York City Garment Center, a resident buying office, in showrooms, and in other real-life settings.

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Editorial Reviews

Booknews
Standard textbook for undergraduate students. Presents buying and merchandising patterns of both small and large retail organizations. No bibliography. Annotation c. Book News, Inc., Portland, OR (booknews.com)
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Product Details

  • ISBN-13: 9780131592360
  • Publisher: Prentice Hall
  • Publication date: 6/8/2007
  • Series: Pearson Custom Library: Fashion Series
  • Edition description: Older Edition
  • Edition number: 8
  • Pages: 496
  • Product dimensions: 6.99 (w) x 9.16 (h) x 0.93 (d)

Read an Excerpt

PREFACE:

Preface

Now that we have entered the new millennium, it has become quite apparent that the retailer's goal to remain as profitable as possible will be a difficult task. Not only are they faced with greater competition than ever before, but the competitive nature of the game comes from arenas other than the brick and mortar companies. They are now faced with an enormous number of off-site businesses such as the catalog operations, home shopping networks, and Internet Web sites that target consumers. The vast majority of the merchants who had heretofore concentrated on their store operations, have also increased their own attention to some of these techniques in the quest to expand their organizations.

Whatever the situation, it is the buyer who has to expand his or her scope of activities in order to properly address the needs of those using these interactive services. While buying has always been a difficult task to perform, the outlook seems to be more complex than ever before. Adding to the broader marketplaces, the buyer has to understand the complexities of the NAFTA and GATT pacts, global merchandise sourcing, the broader demands of product development, and the importance of continuous communication with those on the selling floors so that profits will be maximized.

This edition of Retail Buying has been extensively rewritten to bring a better understanding to the importance that retail buyers play in making certain that their companies receive their fair share of consumers' purchases. Not only has almost every page that remains from the previous edition been amended, but the chapters have been reordered and two new chaptersadded.

New to this edition is Chapter 3, "Buying for Off-Site Retail Outlets," which fully examines the interactive nature of retailing. Also new is Chapter 14, "Disseminating Product Information to Store Personnel," which addresses the need for such involvement as well as the techniques used to achieve these goals. The chapters that deal separately with the many aspects of buying abroad have been reorganized into one, which has been expanded to include new areas of importance to this method of merchandise acquisition. Numerous new visuals have replaced many of those in the previous edition, and additional Retail Buying Focuses have been added, making it more appropriate for the new millennium.

While all of the changes and additions have made the sixth edition of Retail Buying a more complete example of the buyer's role in retailing, it in no way diminishes the importance of some of the concepts that have been addressed in previous editions. Whatever has been considered imperative to profitable retail buying has been retained.

Like the editions that preceded this one, many pedagogical approaches remain, with the bulk of the information inherent in them, updated. Sections devoted to Language of the Trade, Summaries of Key Points, Review Questions, and Case Problems are still featured at the conclusion of each chapter. Each is either entirely new or updated to reflect current practices in the field. The Glossary, at the end of the book, has been significantly rewritten to include all of the new terms with which buyers must be familiar.

Important to this new edition is a series of retail buying videos that have been written and produced by the authors. They include a host of topics ranging from Planning the Purchase and Visiting the Marketplace to the Retail Merchandising Mathematical Concepts. Each is an excellent tool for the introduction of specific topics as well as for the reinforcement of buying principles and practices.

Accompanying this book is an updated instructor's manual that features solutions to the review questions and case problems, as well as a new set of sample exams.

With all of these up-to-date features and additional educational materials, Retail Buying is the most comprehensive book on the subject in the marketplace.

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Table of Contents

Preface
Sect. I Introduction to Retail Buying
1 The Buyer's Role in Contemporary Buying 2
2 Central Buying for Chain Organizations 27
3 Buying for Full-Line and Specialized Department Store Operations 46
4 Buying for Catalogs and Home Buying Networks 68
5 Resident Buying Offices and Other Outside Information Sources 82
Sect. II Fundamentals of Effective Buying
6 What to Buy 128
7 How Much to Buy 152
8 From Whom and When to Buy 179
9 Purchasing "Off-Price" 202
10 A Trip to the Market 219
11 Evaluating and Buying from Foreign Markets 236
12 Developing Import Programs 255
13 Negotiating the Purchase and Writing the Order 274
Sect. III Additional Buyer Responsibilities
14 Merchandise Pricing 295
15 The Development of Private Label Programs 317
16 The Buyer's Role in Planning Advertising, Visual Merchandising and Other Promotional Activities 334
Glossary 359
Index 365
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Preface

PREFACE:

Preface

Now that we have entered the new millennium, it has become quite apparent that the retailer's goal to remain as profitable as possible will be a difficult task. Not only are they faced with greater competition than ever before, but the competitive nature of the game comes from arenas other than the brick and mortar companies. They are now faced with an enormous number of off-site businesses such as the catalog operations, home shopping networks, and Internet Web sites that target consumers. The vast majority of the merchants who had heretofore concentrated on their store operations, have also increased their own attention to some of these techniques in the quest to expand their organizations.

Whatever the situation, it is the buyer who has to expand his or her scope of activities in order to properly address the needs of those using these interactive services. While buying has always been a difficult task to perform, the outlook seems to be more complex than ever before. Adding to the broader marketplaces, the buyer has to understand the complexities of the NAFTA and GATT pacts, global merchandise sourcing, the broader demands of product development, and the importance of continuous communication with those on the selling floors so that profits will be maximized.

This edition of Retail Buying has been extensively rewritten to bring a better understanding to the importance that retail buyers play in making certain that their companies receive their fair share of consumers' purchases. Not only has almost every page that remains from the previous edition been amended, but the chapters have been reordered and two newchaptersadded.

New to this edition is Chapter 3, "Buying for Off-Site Retail Outlets," which fully examines the interactive nature of retailing. Also new is Chapter 14, "Disseminating Product Information to Store Personnel," which addresses the need for such involvement as well as the techniques used to achieve these goals. The chapters that deal separately with the many aspects of buying abroad have been reorganized into one, which has been expanded to include new areas of importance to this method of merchandise acquisition. Numerous new visuals have replaced many of those in the previous edition, and additional Retail Buying Focuses have been added, making it more appropriate for the new millennium.

While all of the changes and additions have made the sixth edition of Retail Buying a more complete example of the buyer's role in retailing, it in no way diminishes the importance of some of the concepts that have been addressed in previous editions. Whatever has been considered imperative to profitable retail buying has been retained.

Like the editions that preceded this one, many pedagogical approaches remain, with the bulk of the information inherent in them, updated. Sections devoted to Language of the Trade, Summaries of Key Points, Review Questions, and Case Problems are still featured at the conclusion of each chapter. Each is either entirely new or updated to reflect current practices in the field. The Glossary, at the end of the book, has been significantly rewritten to include all of the new terms with which buyers must be familiar.

Important to this new edition is a series of retail buying videos that have been written and produced by the authors. They include a host of topics ranging from Planning the Purchase and Visiting the Marketplace to the Retail Merchandising Mathematical Concepts. Each is an excellent tool for the introduction of specific topics as well as for the reinforcement of buying principles and practices.

Accompanying this book is an updated instructor's manual that features solutions to the review questions and case problems, as well as a new set of sample exams.

With all of these up-to-date features and additional educational materials, Retail Buying is the most comprehensive book on the subject in the marketplace.

Read More Show Less

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