Buying - An overview

One of most important and key functions of a retail organization is BUYING. This function has the potential to make or break a company. It is therefore absolutely vital that buyers understand their role within the organization as well as the contribution that this activity has on the overall business.

Some key factors that buyers must remember

1. The corporate strategy of an organization defines the broad framework on which the buying function needs to operate and contribute to the profitability of the company. It can never operate in isolation from the rest of the business.
2. Buying is far more effective if it is focused on achievement of the business objectives and on the customers who buy the products.
3. Knowledge of the market ensures that buyers have detailed information on which to base their decisions of buying. INFORMED DECISIONS ARE BETTER DECISIONS.
4. An hour talking to customers can greatly influence the way a buyer perceives the market and assesses the needs of his customers.
5. KNOW YOUR COMPETITOR. Customers never see your products in isolation. Neither should the buyer
6. Your customer should be the CENTRAL FOCUS of all your buying decisions.
7. A customer focused product range may not attract all your target customers but will attract a majority of your target group as compared to an unfocused range of products. This will guarantee you much higher sales.
8. Always keep in mind the twin company objectives of turnover and profitability.

Does anyone have any more points to add ?? Pl contribute