Title: Identify key components of strategic planning and buying in retail.
Course: Small Business Marketing (12161) > Section: Exploring Buying and Merchandising

Identification should include

- open to buy
- inventory control
- forecasting
- lead time
- shelf life
- supply chain management.

Process/Skill Questions:

- What is strategic planning in retail, and why is it important for buying decisions?
- What role does sales forecasting play in the buying process?
- What inventory management techniques support effective retail buying?
- What factors should be considered when selecting suppliers or vendors as part of the buying process?
- What are some risks of supply chain disruptions, and how can they be minimized through strategic planning?
- What criteria can be used to evaluate and select suppliers?
- What are the steps to forecast sales and avoid overstocking or understocking?
- Why is it important to maintain an open-to-buy plan throughout the season?