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Budget planning in buying and merchandising is the process of estimating sales, purchases, expenses, stock requirements, and profits for a particular period. It helps a retailer allocate financial resources efficiently and maintain an appropriate balance between sales opportunities and inventory investment. A well-prepared budget enables the buyer and merchandiser to make planned purchasing decisions and control costs. The first step is to establish objectives. The retailer determines what the business wants to achieve during the budget period, such as increasing sales, improving gross margin, reducing inventory, or expanding _________ _______ ____ _____ ________ ______ __________ ____ _____ __________ ______.
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