What do you mean by merchandise management? Explain the constraining factors that should be considered by the retailer as the consumer needs change with examples.

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Merchandise management refers to the process of planning, buying, and selling products in a retail environment. It encompasses various activities aimed at ensuring that the right products are available at the right time, in the right quantities, and at the right prices to meet consumer demand and maximize sales and profitability. Effective merchandise management is crucial for retailers as it directly influences their inventory turnover, customer satisfaction, and overall financial performance.

At the heart of merchandise management is the concept of aligning product offerings with consumer preferences and market trends. This requires retailers to conduct thorough market research, analyze sales data, and continuously adapt their product assortments. Retailers must take into account the changing needs and preferences of consumers, which can be influenced by factors such as economic conditions, demographic shifts, cultural trends, and technological advancements.

As consumer needs evolve, retailers face several constraining factors that they must consider in their merchandise management strategies. These factors can impact the selection, pricing, and promotion of products, and ultimately, the retailer's ability to meet customer expectations.

1. Consumer Trends and Preferences: Retailers must stay attuned to shifting consumer trends and preferences. For instance, the increasing demand for sustainable and ethically sourced products has led many retailers to adjust their merchandise mix accordingly. Companies like Patagonia and The Body Shop have thrived by focusing on eco-friendly products, showcasing how retailers can meet consumer expectations while differentiating themselves in a competitive market.

2. Economic Conditions: Economic factors such as inflation, unemployment rates, and consumer spending power significantly impact merchandise management. During economic downturns, consumers tend to prioritize essential goods over luxury items. Retailers may need to adjust their product offerings and pricing strategies accordingly. For example, during the COVID-19 pandemic, _________ _____________ _____________ _____________ _____________ ___________ ___________.
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Degree : BACHELOR DEGREE PROGRAMMES
Course Name : Bachelor of Business Administration in Retailing
Course Code : BBARIL
Subject Name : Overview of Retailing
Subject Code : BRL 101
Year : 2024 2025