Small Business: Selection of Merchandise

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Merchandise Management:
Selection of Merchandise

This section concerns itself with retail merchandise management which involves:

what merchandise to carry in stock
how much to buy and stock of each item
how much selling space to give each item
what price to charge for each item
how to display, advertise and promote each item

Merchandise management is sometimes mistaken with merchandising. Merchandising refers to good in-store display and promotion of merchandise. Merchandise management, as described above, is much more, as will be seen in the discussion to follow.

Selection of Merchandise

What merchandise should be carried in stock is basic to good merchandise management. For this reason, much thought and research must be given to selecting merchandise appropriate for your store. In initiating a new store, as well as during periodic merchandise reviews in an established store, you need to think about your market. What are the people like, who shop in your area? Are they young married with children, or elderly couples, blue or white collar, high or low income? What are their leisure activities, and wants and needs, etc.? Each of these factors has impact upon the type of merchandise you would select.

Other ways for obtaining ideas for merchandise selection include:

Studying other stores in the area, watching closely the merchandise they do and do not offer. Determining whether merchandise not offered may have potential.
Obtaining suggestions from salespeople in similar stores.
Carefully listening and speaking to customers in general about what they like about other stores.
Reading the trade literature.
Following advertisements of chains and department stores.

In general, knowing your customers and their needs is crucial in merchandise selection.

In a more specific way you select merchandise with the use of the tools for merchandise management discussed later in this section.

Food For Thought
It may sound strange, but one of the most positive things one can do is to say "No" when necessary. The ability to say "No" is directly proportional to your confidence in yourself and your belief in what you are doing.

You must be able to say "No" in order to stay focused. There are too many distractions that come along, too many people vying for your time. If you don't learn to say "No", you get spread too thin. Of course you don't want to miss any big opportunities, but neither can you be all things to all people.

You can have anything you want, but you can't have everything you want. You can't be a doctor and a lawyer and a scientist and an engineer and an airline pilot. You have to make choices, and that means saying "yes" to some things and "no" to others.

A sincere, honest "No" shows that you have the courage of your convictions, and that you are committed to staying on track. And what's so hard about it, anyway? It's just a word. Learn to say it, politely and firmly (No, thank you), with compassion and conviction, and you'll take control of your own destiny.

Do you ever feel overwhelmed? There's so much that needs to be done, so many things pulling you down.
It can be discouraging and frustrating when you're being slowed down by things that are beyond your control. How do you cope?

The secret is -- do what you can. You're not responsible for the things over which you have no control. Don't let them get you down. Instead, work to make improvements in your own life. Take control of the things that are your responsibility. Wisely use the resources you have, and don't waste your energy worrying about what you cannot change.

Everyone has challenges. Life itself is one big challenge. There are some things that we just can't change, that we must simply accept. Your acceptance will free up tremendous energy to tackle those things that you can change.

Make a difference where you can, and don't sweat the rest.

Your whole life has led to this moment. Everything you've done, all that you've been, and seen, and dreamed has led to where you are right now. The triumphs, the mistakes, the efforts, the fun, the losses -- it has all brought you right here, right now.
You are, right now, where you have wanted to be. If you had truly wanted to be somewhere else, you would be there now. Your life is in your hands. You hold the key to the future, and it will be formed from your desire, your commitment and your actions.

You are your life. Your life is the expression of you. Everything that has filled your life has served to make you special. No one else can be the person you were meant to be. You are one of a kind, and it is up to you to make the most of your unique, living expression.