Course Outline and Topics
Course Overview
Retail buyers find, negotiate and purchase merchandise sold in retail and department stores. If you’re looking for a fast-paced career combining retail and business, retail buying might be for you!
The Certificate Retail Buying is an online professional development program that will that will provide you with the strategies, skills and knowledge required by retail buyers to purchase retail merchandise and develop buying plans.
In this online retail buying course you will learn how to analyse the market, plan and introduce product ranges, establish supplier relationships, negotiate the supply of goods and maximise profit through effective buying strategies.
A focus on the analysis of both internal and external environments ensures you understand the tools and techniques required to purchase strategically to meet performance benchmarks and maximise profit in an ever-changing retail environment.
On completion of this course, you will feel confident to apply for entry-level retail buying positions in department stores, retail chains and smaller retail shops. Or, when you have gained experience, offer your services on a freelance basis.
Course Structure
Unit 2 - Manage retail merchandise
- Analyse market
- Analyse store merchandise
- Monitor customer requirements
- Evaluate market trends
- Research new products
- Adjusting merchandise range
- Individual items and seasonal variations
- Monitor market competition
- Report on existing stock loss
- What is stock loss?
- What is a loss forecast?
- Contribution rates of stock lines
- Space requirements
- Brand product mix
- Future directions
- Plan merchandise ranges
- Develop and implement buying plan
- Determine investment levels
- Improvement of product lines
- Required stock levels
- Introduce product range
- Inform personnel of new product range
- Implement staff training
- Product knowledge
- Display new ranges to staff
- New product / lines
- Maximise profit
- Product range contributions
- Product range assessment
- Store pricing policies
- Rationalise stock
- Update stock range
- Identify stock lines to be deleted
Assessment
Written assignments and exercises, including short-answer questions, reports/essays and projects. There are no examinations or due dates for assessment.