What is also called the merchandise mix?
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It is essential to realize that a retailer, any retailer, survives by providing its customers not what it wants but what the customers want. This may not be a problem for discounting giants since they offer everything but it is a big issue for smaller independents. They must offer important value to their customers that would make the quality of their lives better. For the retailer this means survival and perhaps prosperity. The retailer has to perform a number of functions related to product and service assortment. The process is called merchandising. There are four key components of merchandising: buying, planning, managing, and controlling. These four components must lead to, above all, providing the store’s customers a highly desirable merchandise mix. This mix needs to be adjusted as the needs of the store’s target market customer’s change. In order to develop a desirable and adoptable merchandise mix, there must be a certain type of preplanning process, which is supported by an adjustment system. All of these activities are preceded by an effective buying plan. Show Keywords
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AbstractRetail merchandising is the process used in order to conduct retail sales. As part of the process, the merchandiser pays close attention to the types of products offered for sale, how to best present those products to consumers, and determining what is a reasonable retail price for each unit sold. The product assortment is the core of the retailing service. A retailers total product offering is called a merchandise mix or product range. At a strategic level, merchandise management includes the process of selecting the right items for a store and, at an operational level, ensuring that they are available when customers want to purchase them. Items in the assortment are organised into groups, the so called categories. Merchandise planning encompasses selecting the right categories and the items within them. The selection of the appropriate items for a store refers to the breadth and depth of the assortment, quality levels and the brand portfolio. Suggested CitationHandle: RePEc:rdc:journl:v:2:y:2011:i:2:p:55-61 Download full text from publisherMost related itemsThese are the items that most often cite the same works as this one and are cited by the same works as this one.
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What do you call merchandising?Merchandising refers to the marketing and sales of products. Merchandising is most often synonymous with retail sales, where businesses sell products to consumers. Merchandising, more narrowly, may refer to the marketing, promotion, and advertising of products intended for retail sale.
What is merchandise mix give examples?For example, The Coca-Cola Company has its signature Coca-Cola brand, featuring original Coca-Cola, Diet Coke, Coke Zero, Cherry Coke, etc. This would be described as a product line, while their product mix consists of their Coca-Cola, Dr. Pepper, Glaceau Smartwater, Sprite (and so on) product lines.
What is called assortment in retailing?An assortment strategy in retailing involves the number and type of products that stores display for purchase by consumers. Also called a "product assortment strategy," it is a strategic tool that retailers use to manage and increase sales.
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