What is meant by merchandise plan? Explain different factors that are taken into account while preparing it.

A merchandise plan is a crucial component of retail management and merchandising strategy. It's a comprehensive document that outlines the strategies and tactics for buying, managing, and selling merchandise within a retail business. The primary purpose of a merchandise plan is to ensure that a retailer has the right products, in the right quantities, at the right time, and at the right price to meet customer demand while maximizing sales and profitability. Several key factors are taken into account when preparing a merchandise plan:

1. Sales Forecasting: Accurate sales forecasting is at the core of any merchandise plan. Retailers analyze historical sales data, market trends, and other relevant information to project future sales. This forms the basis for all subsequent decisions related to merchandise planning.

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