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Week2 Book Questions

College students are attracted to buyer jobs due to the glamorous lifestyle and opportunities to engage with the latest fashions. The scope of a buyer's job is influenced by the merchandise carried, organizational structure, and the size of the retail organization. Buying basic merchandise differs from fashion merchandise in that fashion is trend-based and does not rely on past sales, while basic merchandise can be forecasted based on historical data.

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Angie Devore
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12 views2 pages

Week2 Book Questions

College students are attracted to buyer jobs due to the glamorous lifestyle and opportunities to engage with the latest fashions. The scope of a buyer's job is influenced by the merchandise carried, organizational structure, and the size of the retail organization. Buying basic merchandise differs from fashion merchandise in that fashion is trend-based and does not rely on past sales, while basic merchandise can be forecasted based on historical data.

Uploaded by

Angie Devore
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

[Link] reasons why college students may initially be attracted to a job as a buyer.

Buying appeals to college students they like the idea and glamorous life of having to
frequent travel to exciting places for work, another reason it might appeal to college
students is because they would get to spend time and money on the latest fashions.

[Link] the factors that affect the scope of a buyer’s job in retail organizations.
“Three factors affect the scope of the buyer’s job: (1) merchandise carried, (2)
organizational structure, and (3) size of the retail organization.” Page 24.
[Link] how buying basic merchandise differs from buying fashion merchandise.
So, the basic merchandising will be different from fashion merchandise by fashion
merchandise is specifically fashion based and basic merchandise could be anything
from toilet paper to trash cans. Also what is different between the two is fashion is not
based on the sales of last year, because fashion trends change much more than toilet
paper trends, they can’t be based on last year's sales but toilet paper can be based on
last year's sales.
[Link] how buying may be different in large and small retail stores.
With larger stores comes with the need for more brands, so buyer’s need to purchase
more brands, and much more inventory than if they worked in a small retail store might
not hold as many brands as a large store and won’t need as much inventory as a large
retail store.
[Link] the planning duties of a merchandise manager.
They set standards and formulate policies for buyers. As the buyers have to follow these
plans and not go out of budget for example, and how they must meet sales goals and
not go under budget either.
[Link] how “vision” is an important trait needed by all buyers.
As a buyer, you have to look ahead to the next trend. If you do what you did previously
you won’t succeed as a buyer.
[Link] item cost a retailer $62.12. If it sold for $125.00, what was the markup
percentage?
125.00 - 62.12= 62.88/125.00= 50.3%
[Link] item retails for $150.00. If it cost the store $71.25, what was the markup
percentage?
150-71.25=78.75/150=52.5%
[Link] the beginning of the season, a buyer’s inventory of socks had a total retail value of
$5,600. The socks had cost $2,750. What is the cumulative markup percentage for
these socks at the beginning of the season?
5,600-2,750 = 2,850/5,600=50.9%
[Link] the beginning of the season, a buyer purchased 700 scarves for $8,000. A retail
price of $20 was placed on each scarf. What is the cumulative markup percentage for
the scarves at the beginning of the season?
8000/700=11.43, 20-11.43=8.57/20=42.9%

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