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Retailing Business: Purchasing

Lesson on how to set purchasing policies for a store.
by

Louise Martin

on 16 September 2010

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Transcript of Retailing Business: Purchasing

Purchasing Buyers must make certain there is adequate amount of stock to satisfy customer demand. If there is not, sales will be lost and customers will become dissatisfied and shop elewhere. If buyers buy too much product:

a. perishale products such as milk can expire. This "shrinkage" is normally recorded under Cost of Goods Sold on a business 's income statement.

b. There may not be enough physical space to house certain faster selling products. You can check your sales and shrinkage for each product you sell by clicking on the Product button. Definitions:
1.Inventory: total amount of goods a business has.(stock)
2. Purchasing policy: Policy specifying the amount to purchase of a product and when to purchase it.
3. Just-in-Time Inventory: A system, usually computerized, that links store to supliers so that new inventory can be purchased automatically as sales are made.
4. Reorder Point: A number that indicates that new product should be purchased when inventory falls below a certain level.
5. Shrinkage: The money a business loses due to broken, damage, expired, or stolen inventory. Product is one of the four P's of marketing.In a retail environment, your main control of "product" is through what your purchase. In addition to financial reports, most businesses have product-reporting systems that can tell them sales and shrinkage for each product they sell.
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