CHAPTER 14: BUILDING A CAREER IN RETAILING

Question 1

*What are the retail career paths?

Answer 1

• operations (e.g. customer care staff, department manager and store manager)
• merchandising (e.g. buyer and divisional merchandise manager)- Ensuring optimum quantity and time of products.
• marketing research (e.g. market research analyst and market research director)- analyzing retail products or market’s potential for future investment opportunities.
• top management (e.g. senior advertising executive and president)- refers to the top managers of a retail company, who make important strategic decisions.
• other positions (e.g. retail sales analyst and trend analyst)- A sales analyst is a professional who utilises quantitative and qualitative methods to understand, predict and improve sales trends. They use detailed data and analytics to evaluate sales statistics, customer relations and market trends.

*As for fresh graduates, there are two major career paths available for them at a typical retailer: store-management and buyer.

Question 2

*What is the buyer career path?

Answer 2

1. Trainee buyer
   working in the purchasing department and report to the Buyer and other senior staff.
   You’ll spend a lot of your time working to understand the processes that your company uses so that you gain a complete knowledge of the needs of others and become fully aware of the importance of buying to the success of the business.
2. Assistant buyer
   They work closely with the buyer, helping them make decisions on what products and supplies to order.
3. Buyer
   Buyers are responsible for purchasing goods for a company to use or sell in their own business. This position requires extensive research and the ability to negotiate contracts with suppliers, manage an inventory, evaluate quality goods, and stick within a budget.
4. Senior buyer
   Oversees and maintains inventory. Researches, analyzes, and forecasts current and future buying trends, markets, styles, and products with attention to specified target market and demographics. Develops and maintains relationships with wholesalers and suppliers. Negotiates contracts with wholesalers and suppliers.
5. Buying manager
   responsible for developing and executing purchasing strategies, tracking metrics to reduce expenses, negotiating deals, and managing vendors. They ensure clear requirements, forecast market trends, mitigate risks, and collaborate with stakeholders. Strong leadership, negotiation, and analytical skills are required.

Question 3

*What are the prerequisites for success in a retail job?

Answer 3

• Analytical skills (problem-solving skills that help to parse data and information to develop creative, rational solutions.)
• Flexibility (able to customise experience to meet diverse customers’ needs, able to easily adapt in any environments.)
• Perseverance ( Not all sales attempts succeed, but the retail job should have trained individuals not to give up on their goals).
• Stress tolerance (are able to work at a stressful environment).
• Decisiveness (ability to make decision quickly and effectively).
• Working irregular hours (would have to work in shifts such as day, afternoon, or night shifts)

Question 4

*What are the rewarding aspects of a career in retailing?

Answer 4

• Flexible hours
• Meeting new faces
• Job diversity
• Career progression
• Salary
• Retail is everywhere