Market research provides insights into the cultural, societal, socioeconomic, geographic, and personal characteristics of your target customers. This understanding will allow you to gauge the demand for your product, determine its magnitude, and identify the key drivers of that demand. Additionally, it will help you understand the competitive landscape.

Budget allocations for various product categories, departments, or stores serve as the primary resource to support operational plans and achieve business goals. The budget is the amount of money that Buyers and Merchandisers can allocate to the Collection, aligning with revenue and inventory targets. Read more about The Buy Budget on the blog.

Assortment planning considers customer preferences, seasonal trends, sales data, and inventory management goals to craft a well-balanced and appealing product selection for the target market. This process is key to maximising sales, optimising inventory levels, and improving the overall shopping experience for customers.

Store grading is used by retailers to categorise their stores based on specific criteria, such as sales performance, location characteristics, customer demographics, and market potential. This categorisation helps retailers optimize their merchandising, marketing, and operational strategies to meet the unique local needs of each store. 

Inventory management is crucial for ensuring that the right products are available in the right quantities at the right time. This involves forecasting demand, replenishing stock, managing warehouse operations, and minimising excess inventory and stockouts.

Sales and demand forecasting is the practice of predicting future sales and customer demand for products or services. It involves analysing historical sales data, market trends, economic indicators, and other relevant factors to make informed projections about future sales volumes and patterns. By accurately forecasting sales and demand, businesses can plan inventory levels, production schedules, and marketing strategies. This helps to minimise stockouts, reduce excess inventory costs, improve customer satisfaction, and maximize revenue potential.

Allocation and Replenishment involve distributing inventory to stores or locations within a retail network both pre-season and in-season. This process relies on sales forecasts, historical data, and planned promotions to ensure each store receives the right amount of inventory to meet anticipated demand and sales targets.

A Pricing and Promotional Strategy is a critical component of a retailer's overall marketing and sales plan. It involves setting the right prices for products and planning promotional activities to attract customers, boost sales, and achieve business goals.