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Also known as:
Gold Buyer, Merchandise Buyer, Retail Buyer, Tie Buyer, Wholesale Buyer
If you feel you were born to shop, you might enjoy doing it for a living. Wholesale and retail buyers purchase products and commodities for resale to consumers. They have two goals: to buy goods their company can sell at a profit and to increase their company's customer base.
Buyers do their ...
job well if they consistently choose merchandise customers like and consider a good value. Buyers fail when warehouses and store racks are left with unwanted inventory that has to be sold off at clearance prices. The most challenging part of the job is predicting what items will be popular. To do this, buyers must do research.
They visit trade shows and showrooms for ideas. They analyze economic conditions and study past sales records to try to identify consumer patterns. Computer skills are needed to access and process this information. Buyers carefully weigh cost and quality before placing an order, and may negotiate hard with a supplier to lower a price. The buyer arranges for delivery and makes sure everything arrives in good order before authorizing payment.
There's a lot of pressure in this position. Errors show up quickly in sales figures. Staying ahead of trends takes long hours of work. Buyers usually have a bachelor's degree and years of experience in retail. This is a career that draws upon good planning skills, decisiveness, and a willingness to go with your gut and take a risk.
Buy merchandise or commodities, other than farm products, for resale to consumers at the wholesale or retail level, including both durable and nondurable goods. Analyze past buying trends, sales records, price, and quality of merchandise to determine value and yield. Select, order, and authorize payment for merchandise according to contractual agreements. May conduct meetings with sales personnel and introduce new products. Includes assistant wholesale and retail buyers of nonfarm products.
Critical decision making
Level of responsibilities
Job challenge and pressure to meet deadlines
Dealing and handling conflict
Competition for this position
Communication with others
Work closely with team members, clients etc.
Comfort of the work setting
Exposure to extreme environmental conditions
Exposure to job hazards
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Conduct staff meetings with sales personnel to introduce new merchandise.
Confer with sales and purchasing personnel to obtain information about customer needs and preferences.
Inspect merchandise or products to determine value or yield.
Set or recommend mark-up rates, mark-down rates, and selling prices for merchandise.
Authorize payment of invoices or return of merchandise.
Use computers to organize and locate inventory, and operate spreadsheet and word processing software.
Interview and work closely with vendors to obtain and develop desired products.
Examine, select, order, and purchase at the most favorable price merchandise consistent with quality, quantity, specification requirements and other factors.
Negotiate prices, discount terms and transportation arrangements for merchandise.
Monitor and analyze sales records, trends, or economic conditions to anticipate consumer buying patterns and determine what the company will sell and how much inventory is needed.
Observing, receiving, and otherwise obtaining information from all relevant sources.
Establishing and Maintaining Interpersonal Relationships
Developing constructive and cooperative working relationships with others, and maintaining them over time.
Identifying Objects, Actions, and Events
Identifying information by categorizing, estimating, recognizing differences or similarities, and detecting changes in circumstances or events.
Making Decisions and Solving Problems
Analyzing information and evaluating results to choose the best solution and solve problems.
Updating and Using Relevant Knowledge
Keeping up-to-date technically and applying new knowledge to your job.
Communicating with Supervisors, Peers, or Subordinates
Providing information to supervisors, co-workers, and subordinates by telephone, in written form, e-mail, or in person.
Communicating with Persons Outside Organization
Communicating with people outside the organization, representing the organization to customers, the public, government, and other external sources. This information can be exchanged in person, in writing, or by telephone or e-mail.
Interacting With Computers
Using computers and computer systems (including hardware and software) to program, write software, set up functions, enter data, or process information.
AREAS OF KNOWLEDGE
Customer and Personal Service
Knowledge of principles and processes for providing customer and personal services. This includes customer needs assessment, meeting quality standards for services, and evaluation of customer satisfaction.
Administration and Management
Knowledge of business and management principles involved in strategic planning, resource allocation, human resources modeling, leadership technique, production methods, and coordination of people and resources.
Sales and Marketing
Knowledge of principles and methods for showing, promoting, and selling products or services. This includes marketing strategy and tactics, product demonstration, sales techniques, and sales control systems.
Knowledge of the structure and content of the English language including the meaning and spelling of words, rules of composition, and grammar.
Economics and Accounting
Knowledge of economic and accounting principles and practices, the financial markets, banking and the analysis and reporting of financial data.
Production and Processing
Knowledge of raw materials, production processes, quality control, costs, and other techniques for maximizing the effective manufacture and distribution of goods.
Knowledge of arithmetic, algebra, geometry, calculus, statistics, and their applications.
Knowledge of administrative and clerical procedures and systems such as word processing, managing files and records, stenography and transcription, designing forms, and other office procedures and terminology.
The ability to communicate information and ideas in speaking so others will understand.
The ability to listen to and understand information and ideas presented through spoken words and sentences.
The ability to speak clearly so others can understand you.
The ability to tell when something is wrong or is likely to go wrong. It does not involve solving the problem, only recognizing there is a problem.
The ability to apply general rules to specific problems to produce answers that make sense.
The ability to choose the right mathematical methods or formulas to solve a problem.
The ability to identify and understand the speech of another person.
The ability to add, subtract, multiply, or divide quickly and correctly.
Talking to others to convey information effectively.
Bringing others together and trying to reconcile differences.
Persuading others to change their minds or behavior.
Giving full attention to what other people are saying, taking time to understand the points being made, asking questions as appropriate, and not interrupting at inappropriate times.
Using logic and reasoning to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
Being aware of others' reactions and understanding why they react as they do.
Understanding the implications of new information for both current and future problem-solving and decision-making.
Monitoring/Assessing performance of yourself, other individuals, or organizations to make improvements or take corrective action.