June 2010
Beginner to intermediate
272 pages
6h 29m
English
Content preview from The New Science of Retailing
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CHAPTER THREE
Product Life Cycle Planning
How to Reinvent Forecasting, Inventory Optimization, and Markdown Pricing
If you’re a retailer, you’re being hurt by your inventory. All retailers, at one time or another, end up carrying too much or too little. Too much, of course, leads to end-of-season surpluses that must be cleared with margin-killing markdowns. Too little causes stockouts and missed sales. That frustrates customers and can prompt them to shop elsewhere, sometimes forever.
How do you walk the tightrope between margin lost and sales forgone? The key lies in managing three ingredients that, together, enable product availability: an accurate forecast, a flexible supply chain, and, of course, an appropriate supply of inventory.
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