FREE IGNOU BRL 006 Solved Assignment 2023-24 | Buying and Merchandising-1 Solved Assignment 2023-24: BRL 006 Solved Assignment 2023-24 , BRL 006 Assignment 2022 , FREE BRL 006 Assignment , IGNOU Assignment 2023-24- Gandhi National Open University had recently uploaded the assignments of this session for Management for the year 2023-24. Students are recommended to download their Assignments from this web page itself. BRL 006 Solved Assignment 2023-24 They don’t need to go anywhere else when everything regarding the Assignments are available during this text only.
FREE IGNOU BRL 006 Solved Assignment 2023-24 | Buying and Merchandising-1
| University | IGNOU (Indira Gandhi National Open University) |
| Code | BRL 006 |
| Title | Buying and Merchandising-1 |
| Language | English |
| Session | July 2023-January 2024 |
BRL 006 Solved Assignment 2023-24 : for college kids – BRL 006 Buying and Merchandising-1 Solved Assignment 2023-24, Students are advised that after successfully downloading their Assignments, you’ll find each and every course assignments of your downloaded. Candidates got to create separate assignment for the IGNOU Master Course, so as that it’s easy for Evaluators to ascertain your assignments.
Answer all questions in this assignment.
(A) Short Type Questions
Q1. What is meant by merchandising strategy? Explain its different components.
Merchandising strategy refers to the plan and tactics a retailer or seller employs to promote, display, and sell products to consumers effectively. It involves various components that work together to enhance the visibility, appeal, and ultimately the sales of products. Here are some key components of a merchandising strategy:
- Product Selection and Assortment: This involves choosing the right mix of products to offer to customers based on market demand, trends, seasonality, and target audience preferences. A well-curated assortment ensures that the store meets the needs and desires of its target customers.
- Pricing Strategy: Setting appropriate pricing is crucial for attracting customers while ensuring profitability. Merchandisers must consider factors such as competitors’ prices, perceived value, cost of goods, and pricing psychology to determine optimal pricing strategies.
- Visual Merchandising: Visual merchandising involves the presentation and arrangement of products in-store or online to attract customers’ attention and encourage purchases. This includes window displays, store layout, signage, product placement, and use of colors and lighting to create an inviting and engaging shopping environment.
- Promotional Activities: Merchandising strategies often include promotional tactics to drive sales and increase customer traffic. This may involve discounts, promotions, loyalty programs, seasonal sales, bundling deals, or special events to incentivize purchases and create a sense of urgency.
- Inventory Management: Effective inventory management ensures that the right products are available in the right quantities at the right time. This involves forecasting demand, monitoring sales trends, replenishing stock, and managing inventory turnover to minimize stockouts and excess inventory.
- Merchandising Communication: Clear and compelling communication of product features, benefits, and value propositions is essential for influencing purchasing decisions. This includes product labeling, packaging design, product descriptions, and sales staff training to provide customers with accurate information and assistance.
- Omnichannel Integration: With the rise of online shopping, a successful merchandising strategy often includes integration across multiple sales channels such as brick-and-mortar stores, e-commerce websites, mobile apps, and social media platforms. Consistent branding and messaging across channels help create a seamless shopping experience for customers.
By integrating these components into a cohesive strategy, retailers can effectively showcase their products, attract customers, and drive sales while meeting the needs and preferences of their target audience.
Q2. “Category Management meets customer needs better than standard brand management”. Elaborate.
Q3. Explain the importance of the sales forecasting in the retail business. Describe different factors that are taken into account while making it.
Q4. Why is assortment planning necessary for a successful business? Discuss the main guidelines for this purpose.
Q5. What does vendor selection mean? Discuss the initial steps in this regard.
Q6. Describe briefly different retail price strategies.
Q7. Distinguish between:
(a) Skimming pricing and Penetration pricing
(b) Brand and Private label
(B) Essay Type Questions
Q8. Describe the importance of GMROI and explain the steps involved in calculating it.
Q9. Explain the concept of ‘Brand’ and advantages of using a brand.
BRL 006 Buying and Merchandising-1 Solved Assignment 2023-24: Those students who had successfully submitted their Assignments to their allocated study centres can now check their Assignment Status. Alongside assignment status, they will also checkout their assignment marks & result. All this is often available in a web mode. After submitting the assignment, you’ll check you IGNOU Assignment Status only after 3-4 weeks. it’d take 40 days to declare. BRL 006 Solved Assignment 2023-24
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Those students who had successfully submitted their Assignments to their allocated study centres can now check their Assignment Status. Along with assignment status, they can also checkout their assignment marks & result. BRL 006 Solved Assignment 2023-24 All this is available in an online mode. After submitting the assignment, you can check you IGNOU Assignment Status only after 3-4 weeks. It might take 40 days to declare.
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