How do markdowns affect the profitability of the retail business? How is net markdown calculated?

Buying is a process which is in existence since the trading activities got evolved over the ages. Hence for every organization, this is one of the most basic and universal process. It plays significant role to survive in a competing situation. In case of a retailer, the main function of the Buying Department is to obtain the best value for the money spent on purchase of the required merchandise. The retailer’s buying department has to ensure that the material procured is as per the requirement and more particularly in tune with its strategic needs for a given product or category. While performing its buying function, the Buying department has to balance all the factors like material quality, cost of material, sources __________ _____ _____ ______ _________ __________.
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