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Certificate of Retail Buying

$499.00$799.00

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 1 - Plan merchandise buying strategy

  • Post trade analysis
  • Innovation
  • Customer buying patterns
  • Purchasing factors and trends
  • Potential opportunities
  • Competitor activity
  • Competitor analysis
  • Comparative analysis
  • Competitor analysis and profiling
  • Past and planned performance
  • Missed opportunities
  • Future trends
  • Consult key stakeholders
  • Future range strategy
  • Relevant future trading
  • Market and strategy analysis
  • Product range
  • Developing strategies
  • Price strategy
  • Product mix
  • Product volumes and pricing
  • Determining a service price
  • Marketing and organisation strategies
  • Communicating relevant strategy
  • Six C’s of effective communication
  • Develop merchandise plan
  • Review marketing calendar
  • Budget and marketing plan
  • Marketing cycles
  • Establishing base line sales
  • Gross margin requirements
  • Margins and markdowns
  • Shrinkage and reductions
  • Formulae for open to buy
  • Weeks cover
  • Stock turnover
  • Width and depth of range
  • Economic order quantity (EOQ)
  • Respond to trade
  • Plans and performance benchmarks
  • Product returns
  • Sales reports and report frequency
  • Analysing sales volumes
  • Cross selling ratios
  • Dashboard reporting
  • Managing merchandise plan
  • Stock to sales ratio
  • Gross margin return on investment
  • ABC analysis
  • Surplus stock
  • Consolidating stock

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.

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Payment Information

Certificate Course

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Benefits

  • Recognised by employers as professional development;
  • Improve your employment opportunities;
  • Study online, anywhere via our elearning system;
  • Access to high-quality courses written by industry experts;
  • All course materials provided online – no textbooks to buy;
  • Unlimited tutor support;
  • Easy to understand course content;
  • Unlimited enrolment with no expiry;
  • Certificate of Attainment issued for your CV (hard copy provided); and
  • Course may be tax deductible; see your tax advisor.
SKU: c400112 Category:

Career Pathways

Future growth

Strong

Unemployment

Low

  • Buyers Administrator
  • Buying and Product Manager
  • Buying Administration Assistant
  • Retail Buyer
 
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$499.00

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PAYMENT PLAN
  • $150 deposit
  • $25/week
  • No credit checks required

$799.00