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You're a merchandiser who needs to make better decisions. How can you use strategic thinking to do it?

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As a merchandiser, you have to make many decisions every day that affect your sales, inventory, and customer satisfaction. How can you improve your decision-making skills and avoid costly mistakes? One way is to use strategic thinking, a process that helps you analyze, evaluate, and create solutions for complex problems. In this article, you will learn how to apply strategic thinking to your merchandising challenges and achieve better results.

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Sandip Das

Embracing new horizons in my post-retirement journey | Advisor | Travel Enthusiast | Trekker | Lifelong Learner |…
Md. Risalat Hossain Ontor

Fashion Merchandising & Sourcing Expert || Apparel Merchandising & Supply Chain Specialist || Production Coordinator ||…
Golam Mohiuddin '

Merchandising II Supply Chain II MBA II Sourcing II Process Maker ll Cost Effectiveness ll Leadership Skills ll Team…

1 What is strategic thinking?

Strategic thinking is a way of thinking that involves looking at the big picture, identifying the root causes and consequences of a problem, generating multiple alternatives, and choosing the best option based on your goals and criteria. Strategic thinking is not the same as strategic planning, which is a more formal and detailed process of creating and implementing a strategy. Strategic thinking is more flexible and creative, and it can be used for any kind of decision, from choosing a product assortment to designing a store layout.

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Sandip Das

Embracing new horizons in my post-retirement journey | Advisor | Travel Enthusiast | Trekker | Lifelong Learner | Exploring, Evolving, and Enjoying the Ride!
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As a merchandiser, strategic thinking is key for better decisions: Market Analysis: Conduct in-depth market analysis to understand trends, customer preferences, and competitors. Data-Driven Decisions: Utilize data analytics to gather insights into product performance, sales patterns, and customer behavior. Inventory Management: Implement strategic inventory management, optimizing stock levels based on demand forecasts and seasonal trends. Customer-Centric Approach: By integrating strategic thinking into merchandising decisions, you can enhance product offerings, optimize inventory, and align with customer expectations for sustainable business success.

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Golam Mohiuddin '

Merchandising II Supply Chain II MBA II Sourcing II Process Maker ll Cost Effectiveness ll Leadership Skills ll Team Management ll Critical Thinker ll Relationships Builder ll Strategic Planner ll Innovation ll
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As a merchandiser, you are responsible for making critical decisions that can have a significant impact on the success of business. With constantly changing consumer behavior and market trends, it can be challenging to make the right choices that will drive sales and ensure the sustainability of company. It goes beyond short-term fixes and focuses on the bigger picture to achieve long-term success. Harnessing the power of strategic thinking will not only help you make better merchandising decisions but also give you a competitive edge in the market. By analyzing data, anticipating trends, considering different perspectives, prioritizing goals, and adapting to change, you can make strategic decisions that will drive the success of business.

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2 Why is strategic thinking important for merchandisers?

Strategic thinking is important for merchandisers because it helps them to cope with the uncertainty, complexity, and competition in the retail industry. Merchandisers have to deal with changing customer preferences, market trends, supplier issues, and budget constraints. They also have to balance the needs and expectations of different stakeholders, such as customers, managers, vendors, and employees. By using strategic thinking, merchandisers can make better decisions that align with their vision, mission, and values, and that create value for their customers and their business.

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Sushmita Singh

eCommerce | Marketer | Driving Business Growth | Beauty & Fashion
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Following a strategic thinking approach might help merchandisers more than we can imagine. At any given point of time, merchandisers handle 2-3 seasons product/range planning and dealing round the clock with the vendors for on-time shipping and cross-functionally collaborating with design, production, quality, SCM, store and regional dept. (that's about 1.5 year range plan being made at the same time) So while thinking before any crucial decision making, you can use scenario planning for different versions of the decisions you are about to make, role play with other colleagues to see which one pans out better under your circumstances and it will help you make clever and more importantly a tailored decision as per your situation.

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3 How to use strategic thinking for merchandising decisions?

Strategic thinking can be utilized for merchandising decisions by following four steps. Firstly, you must define the problem, considering the symptoms, root causes, goals and objectives, and constraints and assumptions. Secondly, explore the options and weigh their pros and cons. Thirdly, evaluate the outcomes of each option and consider the risks and uncertainties involved. Lastly, choose the best solution based on your analysis and evaluation; justifying your choice to others and implementing it with appropriate monitoring.

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Md. Risalat Hossain Ontor

Fashion Merchandising & Sourcing Expert || Apparel Merchandising & Supply Chain Specialist || Production Coordinator || Buying Expert || Apparel Product Developer II Outreach Database Coordinator
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Strategic thinking involves analyzing complex situations, identifying potential risks and opportunities, and making informed decisions that align with long-term goals. As a merchandiser, using strategic thinking can help you: * Analyze sales data and market trends to inform product decisions * Develop assortment strategies that meet customer needs and drive sales * Create effective pricing and promotion strategies * Manage inventory and mitigate risk * Identify opportunities for growth and expansion By learning how to apply strategic thinking to your merchandising decisions, you can make more informed, data-driven choices that drive business?success

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4 Examples of strategic thinking for merchandising decisions

To illustrate how strategic thinking can be used for merchandising decisions, here are some examples of common scenarios and how you can apply the four steps. For instance, when deciding what products to buy for the next season, you should define the problem by aiming to offer a product assortment that meets customer demand, reflects the latest trends, and maximizes your profit margin. You should then explore the options by researching market trends, customer feedback, and competitor analysis. Additionally, you can estimate the sales potential, inventory turnover, and gross margin of each product mix. Finally, you should choose the best solution by selecting the product mix that best matches your criteria and goals. Similarly, when deciding how to display your products in the store, you should define the problem as wanting to create a store layout that attracts customers, showcases your products, and encourages purchases. You should then explore different display techniques such as cross-merchandising, visual merchandising, and impulse merchandising. Furthermore, you can measure the traffic flow, dwell time, conversion rate, and average basket size of each display option. Ultimately, you should choose the best solution by selecting the display option that best optimizes your sales, inventory, and customer satisfaction.

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5 Tips for developing your strategic thinking skills

To improve your strategic thinking skills, you can practice asking questions to clarify the problem and explore options. Additionally, seek feedback from customers, managers, and colleagues to validate assumptions and refine ideas. Thinking ahead can help you anticipate the future, identify opportunities and threats, and prepare for changes. Finally, learn from other merchandisers, retailers, and industries to expand knowledge and benchmark performance. Strategic thinking is a valuable skill for merchandisers who want to make better decisions and achieve better results. It can help solve complex problems, create innovative solutions, and deliver value to customers and businesses.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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You're a merchandiser who needs to make better decisions. How can you use strategic thinking to do it?

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2

3

4

5

6

1 What is strategic thinking?

2 Why is strategic thinking important for merchandisers?

3 How to use strategic thinking for merchandising decisions?

4 Examples of strategic thinking for merchandising decisions

5 Tips for developing your strategic thinking skills

6 Here’s what else to consider

Merchandising

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You're a merchandiser who needs to make better decisions. How can you use strategic thinking to do it?

1

2

3

4

5

6

1 What is strategic thinking?

2 Why is strategic thinking important for merchandisers?

3 How to use strategic thinking for merchandising decisions?

4 Examples of strategic thinking for merchandising decisions

5 Tips for developing your strategic thinking skills

6 Here’s what else to consider

Merchandising

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