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DIO, Johanna Clariza B.

4CMC ERX- Chapter 15 After formulating the merchandise plan, the firm must be able to implement it the way it was visualized. There are eight steps in implementing a merchandise plan and the first one is gathering of information. A thorough research about the needs of the target market and prospective supplier/s is needed before buying or re-purchasing merchandises. When gathering information, it is important that retailers have several sources. One of the most valuable sources is the consumers. Through their wants and needs, the company identifies what product/s or service/s to offer for a specific person. Loyalty cards can also be a source of information because the company tracks the consumer purchases. The competitors are also considered as a source of information because it involves strategies that may outrun the other. Sources of merchandise can be a company-owned, outside regular used and new suppliers. Selecting and interacting with the right source is important especially in a business. It helps in purchasing good quality products because you interact with them and know where the products are produced or came from. A company-owned supplier handles all or part of the merchandise the retailer requests. Some retailers use regularly outside suppliers. Retailers also use suppliers which may be unfamiliar from them with regards to the quality of the products.