Explain the importance of the merchandise planning in the retail business. Describe different factors that are taken into account for this purpose.

Importance of Merchandise Planning are :--

The merchandise planning process allows the retail buyer to forecast with some degree of accuracy what to purchase and when to have it delivered. This will greatly assist the company in attaining its sales and gross margin goals. Buyers must rely heavily on historical sales data, coupled with personal experience and their own intuition about market trends.

The primary goal of most retailers is to sell merchandise and services. Nothing is more central to the strategic thrust of the retailing firm. Thus, deciding what to buy and how much is a vital task for any retailer. It takes time to buy merchandise, have it delivered, record the delivery in the company records, and properly display the merchandise; therefore, it is essential to plan. Buyers need to decide today what their stock requirements will be weeks, months, a merchandising season, or even a year in advance.

Following are important components of merchandise planning:

(1) Product:

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