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ASSIGNMENT

Name Priyanka kumari

Roll No. 520936521

Course MBA Semester-III

Subject Retail Marketing

Subject Code MK0003 Set-I & Set-2

LC Name & Code : NIPSTec LTD. 1640


Date of Submission :

Session : FEB – 2010 (Spring 2010)

Assignment Set- 1 (30 Marks)

Q.1 a. List out the various features of retailing and explain its
importance. (7 marks)

Ans: The word RETAIL is derived from French word ‘retailer’, meaning ‘to cut a
piece off or ‘to break bulk. Retail trade may be defined as “a trade, which
consists of selling to ultimate consumers of a variety of products in small lots”.
It is exactly and literally so and is meaningful that retail trade is that cuts off
smaller portions from large lumps of goods. From the bulk of products
procured by the wholesaler, small lots are3 cut and distributed through
retailers. Retailers are the last link in the channel of the distribution between
the manufacture and the ultimate consumer. The retail shop is one of the
oldest and most widely used business establishments in any country.

Retailing is defined as a conclusive set of activities or steps used to sell a


product or a service to consumers for their personal or family use. It includes
all activities directly and indirectly related to the scale of goods or services to
the ultimate consumer. Irrespective of who sells, the distinction of retailing is
normally made on the basis of to whom the products are sold. Retailing is
subject to constant and dramatic changes. Many forces like Social, Economical,
Technological, Government policies etc. influence it.

Following points highlights the importance of retailing:

a. Key member in the channel of distribution: Retailer as the link in the


chain of distribution performs good many functions of marketing. The
channel of distribution goes incomplete without his contributions to make
the final consumers buy the products. He acts as a catalyst to both
manufactures as well as to the customers.

b. Buying and assembling: Retailer assembles products from different


manufacturers and wholesalers and stock wide variety of products to
meet the varied and small requirements of large number of customers.
This assembling is possible through the process of buying variety of
products from different sellers.

c. Warehousing: Retailer is a safety value for releasing the goods on


quantities of different varieties and price ranges according to the
consumer needs, Warehousing make possible holding the stocks to match
between the consumer demand and supply conditions.

d. Selling: The final aim of a retailer is to sell the products so bought and
held by him. Retailer is rightly called as the buying agent of consumers.
He is the means to dispose the goods to the consumers. Successful
retailing needs good deal of salesmanship tactics.

e. Risk Shouldering: Risk Shouldering is the basic responsibility of a retailer


arising out of physical deteriorations and changes in prices. These are
unavoidable as he holds sufficient and variety of inventories from the
time they are bought till they sell.

f. Grading and Packing: Retailers undertake second round grading and


packing activities left by the manufacturers and wholesalers. As he sells
in loose packs and very odd lots, packing assumes a particular
importance.

g. Financing: In successful marketing, the contribution of retailers is really


worth emphasizing with consumer financing. His financing consists of
credit granted on liberal terms to the consumers, investment in stocks,
salaries and wages and other trade expenses.

h. Advertising: Retailers are the best agents to advertise the products and
ideas. In collaboration with the wholesaler and producer, retailers do
undertake ship display, distribution of sales literature, introduction of new
product etc.

i. Supply of Market Information: As being in close and constant touch with


the consumers, he clearly keenly observes, studies the consumer
behavior, changes in tastes and fashions and therefore demands. This
collected information is passes on to the wholesalers and manufacturers
for perusal.

b. Briefly explain the functions of a departmental store. (3 marks)

Ans: Departmental stores are retailers that carry a broad variety and deep
assortment, offer considerable customer service and are organised into
separate departments for displaying merchandise. Each department within the
store has a specific selling space allocated to it, a POS terminal to transact and
record sales, and salespeople to assist customers. The major departments are
women’s, men’s and children’s clothing and accessories; home furnishing and
furniture, and kitchenware and small appliances. In some situations,
departments in a departmental store or discount store and leased and operated
by an independent company. A leased department is an area in a store is
leased or rented to an independent firm. Retailers lease departments when
they lack expertise to efficiently operate the department. Speciality
departmental stores use a department store format but focus primarily on
apparel and soft home furnishings.

Q.2 a. What do you mean by a store layout? How is it useful in


retailing? (4 marks)

Ans: Store layout is the term used to refer the interiors and the allocation or
the plan in which the products are displayed in the store. It is quite imperative
for the retailers to understand the customer and prepare a customer friendly
layout.

A customer friendly layout gives and impetus to the shopper to spend more
time in store hence increasing the chances of shoppers buying more
merchandise. In the case of India many of the independent retailers do not
have or have limited spaces for customer movement. Especially in smaller
stores, one would find cash counter located at the store entrance. This
treatment is common with so called ‘Kinara Stores”.

But on the other hand, many organized retailers provide adequate space within
the store for shopper and create layouts and that facilitate a definite pattern of
customer traffic. In other words the layout creates ‘Aisles’ so that the shopper
can move on a predefined path inside the store. Layout planning caters to
decisions about nature of traffic flow, kinds of products, space available and
maintenance of the space on a daily basis.

Store layout is one of the many facets of retail atmospherics and hence is it
significant. Store layout plays a very important part in the cost analysis by the
retail firm and also the general brand communication of the store. Store layouts
generally show the size and location of size and location of each department,
ant permanent structures, fixture locations and customer traffic patterns. Each
floor plan and store layout will depend on the type of products sold, the
building location and how much business can afford to put into the overall store
design.

b. Write a note on sales forecasting. (3 marks)

Ans: A retailer estimates its expected future revenues for a given period by
sales forecasting. Forecasts may be companywide, departmental, and for
individual merchandise classifications. Perhaps the most important step in
financial merchandise planning is accurate sales forecasting, because an
incorrect projection of sales throws off the entire process. That is why many
retailers have state-of the art forecasting systems. Longs Drug Stores has
dramatically improved its cash flows by using a system from event. Larger
retailers often forecast total and department sales by techniques such as trend
analysis, time series analysis, and multiple regression analysis. Small retailers
rely more on guesstimates, projections based on experience. Even for larger
firms, sales forecasting for merchandise classifications within departments
relies on more qualitative methods. One way to forecast sales for narrow
categories is first to project sales on a company basis and by department, and
then to break down figures judgmentally into merchandise classifications.

External factors, internal company factors. And seasonal trends must be


anticipated and taken into account. Among the external factors that can affect
projected sales are consumer trends, competitors’ actions, the state of the
economy, the weather, and new supplier offerings. For example, Paralytics
offers a patent.

Methodology to analyse and forecast the relationship among consumer


demand, store traffic, and the weather. Internal company factors that can
impact on future sales include additions and deletions of merchandise lines,
revised promotion and credit policies, and change in hours, new outlets, and
store modeling. With many retailers, seasonality must be considered in setting
monthly or quarterly sales forecasts. Handy’s yearly snow blower sales should
not be estimated from December sales alone.

A sales forecast can be developed by examining past trends and projecting


future growth. It is an estimate, subject to revisions. Various factors may be
hard to incorporate when devising forecast, such as merchandise shortages,
consumer reactions to new products, and rate of inflation, and new government
legislation. That is why a financial merchandise plan needs some flexibility.

Q.3 If you need to start a retail outlet or store, what strategic


considerations will you take into account, in order to implement your
plans? (10 marks)

Ans: Location is the most important ingredient for any business that relies on
customers. It is also one of the most difficult to plan for completely. Location
decisions can be complex, costs can be quite high, there is often little flexibility
once a location has been chosen and attributes of locations have a strong
impact on a retailer’s overall strategy. Choosing the wrong side have a lead to
poor results and in some cases insolvency and closure.

Since more than 90% of the retails sales are made at the stores, the selection
of a store location is one of the most significant strategic decisions in retailing.
Although the small store features personal service and long hours, it cannot
match the supermarket’s product selection and prices. A large supermarket or
a discount store can offer lower prices since they get economies of scale in
purchasing and operations. The reasons for locating a store in a certain place
vary with the type of business. Hence retails location and layout plays a vital
role in business of the retail outlets.

Retails store management involves paying adequate attention to factors such


as expected movement of the customers visiting the store and space allotted to
customers to shop, and making adequate provision for merchandise display.
These concerns are important as they contribute to the capital cost of the
retails firm and also the overall image of the store. There are following other
important factors which should also be taken into account:

a. Kind of product sold: For stores dealing in convenience goods, the


quantity of traffic is more important. The corner of an intersection,
which offers two distinct traffic streams and a large window display
area, is usually a better site than the middle of a block. Convenience
goods are often purchased on impulse from easily accessible stores.
For stores dealing in shopping goods, the quality of the traffic is more
important. Stores carrying speciality goods that are complementary to
certain other kinds of shopping goods may desire to locate closely to
the shopping goods stores. In general, the speciality goods retailer
should locate in the type of neighbourhood where the adjacent stores
and other establishments are compatible with retailer’s operatons.

b. Cost Factor: Location decision on cost considerations alone is risky.


Space cost is a combination of rent or mortgage payment, utilities,
leasehold improvements, general decoration, security, insurance and
all related costs of having a place to conduct business operation.
Traditionally, the retail community placed great importance on owing
the place since this was considered prestigious in the business
community. With the emergence of new forms of retails formats such
as franchising, malls and departmental stores, the dependence on rent
or lease is increasing.

c. Competition’s location: The type and number of competitors is another


important factor. The presence of major retails centres, industrial park,
franchise chains, and department stores should be noted. Intense
competition is the area shows that new businesses will have to divide
the market with existing businesses. An excellent location may be next
or lose to parallel or complementary businesses that will help to
attract customers.

d. Ease of traffic flow and accessibility: These two are the more important
factors to some businesses than others. Retailers selling convenience
goods must attract business from the existing flow of traffic. Studying
the flow of traffic, nothing one-way streets, streets width and parking
lots is hence important. The flowing factors like parking availability,
distance from residential areas, side of the street, part of the block etc
is to be considered.

e. Parking and major throughfares: Parking is another site characteristic


that is especially a cause for concern in densely populated areas.
When evaluating the parking that exists at a retails site, there are two
considerations i.e. parking capacity and parkjng configuration. The
ideal parking ratio for a food store is about 3:1 or 3 sq.ft of the parking
space of parking space for every square ft of store.

f. Market trends: Evaluate the community from a broad, futuristic


perspective. Local newspapers are a good source of information.
Discussions with business owners and officials in the area can also
help.

g. Visibility: Visibility has a varied impact on a store’s sales potential. It is


important when a shopper is trying to find the store for the first or
second time. Once the shopper has become a regular customer,
visibility no longer matte4rs. It follows that of a store readily be seen,
new residents of an area probably will not choose it

h. Assignment Set- 1 (30 Marks)

Q.1 Briefly explain the different price setting methods adopted in


retailing. Give examples wherever applicable. (10 marks)

Ans: Following are the various pricing strategies followed by the retailer to
meet his short-and long-term objectives. The adoption of these strategies is
guided by the basic pricing approach of the retailer.

Every Day Low Pricing (EDLP): Here, goods are either sold below their normal
prices, or some sales promotion scheme is available. For EDLP to work, volumes
are necessary so that the store can negotiate with the manufacturers for
bargain prices.

Some retailers have adopted a low-price guarantee policy where they


guarantee that they will have the lowest possible price for a product. The
guarantee usually promises to match or better any lower price found in the
local market. If somebody is selling at a lower price, the retailer would refund
the difference.

High-low Pricing: In high-low pricing, retailers offer prices that are sometimes
above their competitor’s ELDP, but they use advertisements to promote
frequent sales. In the past, retailers would mark down merchandise at the end
of a season to clear the stock. Grocery stores would only have sales when they
were overstocked. Sale is very common in garment retailing.

Loss Leader Pricing: Retailers sometimes price particular fast moving products
at a lower price to attract customers to the store. Once the customers are in
the store, they can be persuaded to buy more profitable products. For example,
a retailer can sell eggs cheaper than other competing stores so that customers
consider him while purchasing groceries.

Since the customer is also likely to buy milk, bread, flour, etc. along with eggs,
these products are priced slightly higher. So, the profit foregone on eggs is less
than that recovered on other items of groceries.

Skimming Pricing: Price skimming is a pricing strategy in which a retailer sets a


relatively high price for a product or service at first, and then lowers the price
over time. It allows the firm to recover its sunk costs quickly before competition
steps in and lowers the market price.
Penetration Pricing: Penetration pricing is the pricing technique of setting a
relatively low initial entry price, a price that is often lower than the eventual
market price. The expectation is that the initial low price will secure market
acceptance by breaking down existing brand loyalties. Penetration pricing is
most commonly associated with the marketing objective of increasing market
share or sales volume, rather than short term profit maximization.

Cost-Plus Pricing: Set the price at your production cost, including both cost of
goods and fixed costs at your current volume, plus a certain profit margin. For
Example, your widest cost $20 in raw materials and production costs, and at
current Sales volume (or anticipated initial sales volume), your fixed costs
come to $30 per unit. Your total cost is $50 per unit. You decide that you want
to operate at a 20% markup, so you add $10 (20% x $50) to the cost and come
up with a price of $60 per unit. So long as you have your costs calculated
correctly and have accurately predicted your sales volume, you will always be
operating at a profit.

Target Return pricing: Set your price to achieve a Target return-on-investment


(ROI). For Example, let’s use the same situations as above, and assume that
you have $10,000 invested in the company. Your expected sales volume is
1,000 units, in the first year. You want to recoup all your investment in the first
year, so you need to make $10,000 profit on 1,000 units, or$10 profit per unit,
giving you again a price of $60 per unit.

Value-based-pricing: Price your product based on the value it creates for the
customer. This is usually the most profitable form of pricing, if you can achieve
it. The most extreme variation on this is “pay for performance” Pricing for
services, in which you charge on a variable scale according to the results you
achieve. Let’s say that your wider above saves the typical customer $1,000 a
year in, say energy costs. In that case $60 seems like a bargain maybe even
too cheap. If your product reliably produced that kind of cost savings, you could
easily charge $200, $300 or more for it, and customers would gladly pay it,
since they would get their money back in a matter of months. However, there is
one more major factor that must be considered.

Psychological pricing: Ultimately, you must take in to consideration the


consumer’s perception of your price, figuring, things like:

• Positioning: If you want to be the “low cost leader”, you must be priced
lower than your completion. If you want to single high quality, you
must be priced higher than most of your competition.

• Popular price ends: There are certain “Price points” (Specific Prices) at
which people become much more willing to buy a certain type of
product. For example, “under $100” is a popular price point. \”Enough
under $20 to be under $20 with sales tax” is another popular price
point, because its “one bill” that people commonly carries. Meals
under $5 are still a popular price point, as are entrée or snack items
under $1 (notice how many fast food places have $0.99 “value
menu”). Dropping your price point might mean a lower margin, but
more than enough increase in sales to offset it.

• Fair pricing: Sometimes it simply doesn’t matter what the value of the
product is, even if you don’t have any direct completion. There is
simply a limit to what consumer’s perspective as “fair”. If it’s obvious
that your product only cost $20 to manufacture, even if it delivered
$10,000 in value, you’d have a hard time charging two or three
thousand dollars for it, people would just feel like they were being
gouged. A little market testing will help you determine the
examination the maximum price consumers will perceive as fair.

Q.2 a. Discuss the scope of business intelligence in retail. (6 marks)

Ans: Traditionally, the retail industry has lagged behind other industries in
adopting new technologies, and this holds true in its acceptance of BI
technology. Some industries, such as financial services, have become very
sophisticated in using BI software for financial reporting and consolidation,
customer intelligence, regulatory compliance, and risk management. However,
retailers are quickly catching up and beginning to recognize the many areas of
BI that can be applied specifically to their businesses. As the industry continues
to consolidate, retailers have begun to realize that using technology to better
understand customer buying behavior, to drive sales and profitability, and to
reduce operational costs is a necessity for long-term survival. Retailers are now
paying significant attention to BI software, specifically in the areas of
merchandise intelligence (including merchandise planning, assortment, size,
space, price, promotion, and markdown optimization), customer intelligence
(including marketing automation, marketing optimization, and market basket
analysis), and operational intelligence (including IT portfolio management, labor
optimization, and real estate site selection). There are many factors that have
led retailers to adopt BI software: increased competition, the need to squeeze
more profitability out of less space, prevalent credit card usage, the Internet's
role as an alternative sales channel, the popularity of loyalty cards, and soon,
RFID (radio frequency identification). These milestones have created a wealth
of data that retailers are now beginning to appreciate and use.

Within individual companies, we view the history of BI in retail through the lens
of the Information Evolution Model, a framework that we devised to describe
the status of any company's evolution toward becoming an intelligent
enterprise. In this model, we determined that organizations pass through five
fundamental stages as they advance in their use of BI as a competitive
differentiator:

Operate -- At this most basic level are the companies rife with information
mavericks: the guys in basement offices hammering away on desktop
spreadsheets. If they go, the knowledge goes with them. There are no
processes, and each request becomes an ad hoc data rebuild, resulting in
multiple versions of the truth, with the likelihood of a different answer to any
one question every time it is asked.

Consolidate -- At this stage, a company has pulled together its data at the
departmental level. Here, a question gets the same answer every time, at least
within the department. However, departmental interests and interdepartmental
competition can skew the integrity of the output and result in multiple versions
of the truth.

Integrate -- At this point in the evolution, a company has adopted enterprise-


wide data and bases its decisions on this more complete information. This
company is beginning to have a true awareness of additional opportunities for
the use of BI to improve processes and profits.

Optimize -- At this stage, the company's knowledge workers are very focused
on incremental process improvements and refining the value-creation process.
Everyone understands and uses analysis, trending, pattern analysis, and
predictive results to increase efficiency and effectiveness. The extended value
chain becomes increasingly critical to the organization, including the
customers, suppliers, and partners who constitute intercompany communities.

Innovate -- This level represents a major, quantum break with the past. It
exploits the understanding of the value-creation process acquired in the
optimize stage and replicates that efficiency with new products in new markets.
Companies operating at this level understand what they do well and apply this
expertise to new areas of opportunity, thus multiplying the number of revenue
streams flowing into the enterprise. Armed with information and business
process knowledge, organizations approaching the innovate level will introduce
truly innovative products and services that reflect their unique understanding
of the market, their internal strengths and weaknesses, and an unfailing flow of
ideas from continuously engaged employees.
We are finding that most large retailers have reached or are approaching the
integrate stage, with many making great strides toward the optimize and
innovate levels. There is an enormous opportunity for the evolution to continue
-- within every retail organization.

b. What are the career or employment opportunities for MBA


graduates in the retail sector? (4 marks)

Ans: Management as a career option never looked so prospective! According to


recent report by the Economic Times, the average salary of a Management
Graduate in India has shot up by 22% in 2008 as compared to that offered last
year. If you are a fresh MBA pass-out, you can look forward to beginning your
career in several industries. While the profiles of Jobs for MBA degree holders
are varied, exciting and challenging, the salaries offered can be lucrative.
• Retail- At an entry level position, you can be recruited for marketing and
customer relations. You can also be hired as a Management Trainee to
assist an organization in Operations and supply chain management.

MBA Freshers Expected Salaries-For an entry-level job in management, you can


expect a minimum salary of Rs 15,000 every month. However, the salary may
vary depending on the sector you are applying in and the location of your job.
Your average monthly income may also be as high as Rs 1,5 00,000. Choose
the sector suiting your interests and apply for the right job matching your
qualification, so that you can make a grand entry in the job market as a fresh
MBA degree holder.
Q.3 Assume you have a capital of five lakhs and that with this
amount you are planning to expand your small mobile accessories
outlet. How will you decide about the various expenses involved and
other requirements? (10 marks)

Ans: Earmarking of merchandising budgets is considered to be a vital


component of the planning phase. Usually, a budget states amount allocated
for each product, based on the pre set profitability or other performance
measures.

In other words, merchandise budgeting is a financial tool of planning and


controlling the retailer’s merchandise inventories investment. While planning
and control of merchandise mix is direct at meeting the customer oriented
objectives, equally important is that merchandising process is the firm’s
financial objective of profitability. To insure profitable operations, the retailer
must use a merchandising budget in which sales volumes, stock levels, retail
reduction, purchase orders and profit margins are planned and controlled. The
important components of merchandise budget plane are as follows:
1. Projected sales

2. Inventory plan

3. Estimated reductions

4. Estimated purchases

These aspects of merchandise budget require due consideration from the


retailer or the concerned decision-maker.

Projected Sales / Sales Forecast

At times, retailers choose to specialize in a single kind of merchandise and


choose to carry a very deep assortment. For example, in the Chandni Chowk
market in Delhi a particular lane is referred to as the Parathe Wali gali. Paratha
is an Indian bread savory. All the retail food outlets only sell different variants
of parathas with a vegetable curry and pickle. Sometimes they may also serve
a simple dessert. The customers are attracted to the lane primarily because of
its specialization. This is also the reason for its popularity. Similar examples are
seen in many parts of India – shops selling Chikan embroidered material and
garments in the Chowk and Aminabad markets of Lucknow, shops selling
bandhni material and garments in Jaipur, etc. Specialization is their best
advertisement.

Budget planning starts with the development of a sales plan, this shows the
expected or projected rupees volume of sales for each merchandise or
department. Sales forecasting helps the management in a forecast of expected
sales. Without having information on how much is to be sold, the retailer cannot
determine how much to buy. Mistakes made at this stage will be reflected in
the entire budgeting plan and may incur huge losses to the management in the
future.

Usually, product categories experience an expected sales pattern. Sales start at


low, then increase gradually, stabilize, and finally decline. It is important to
understand that the pattern experienced varies from one product category to
another product category. While making the sales forecast, a retailer or planner
should be aware of the consumer segment for the offer, expected drivers of
variety, nature of competition, promotion, and price range. One needs to
classify the merchandise as a fashion, a fad, a staple, or seasonal merchandise
before developing a sales forecast.
The product category life cycle describes the primary form of sales pattern over
time. It assists in examining the sales pattern variations among fad, fashion,
staple, and seasonal merchandise. The product category life cycle is divided
into four stages: introduction, growth, maturity, and decline.

The understanding of the life cycle stage of a particular product helps in


developing sales forecast and merchandising strategy. It is a well-known fact
that the product category life cycle stage affects the retail marketing mix such
as target market, variety, place, price, and advertising. The target market for a
newly introduced product is usually the high-income innovator. For example,
cellular phones, introduced in India in 1996, targeted the high-income
professionals or the business class. It was no doubt, very expensive in
comparison to the other modes of communication. With time, as the category
reached the early and late stages, they became more appealing to the middle-
income, mass-market customers who were the target market for discount
stores. This clearly shows how a new entry in the market enlarges its market as
it moves along its life cycle.

The variety available in cellular phone was small at its introductory stage.
However, today the Indian retail market is experiencing a huge expansion with
a wide range of choices based on colour, product features, and price levels.

Distribution intensity refers to the number of retailers carrying a particular


category. In the introductory stage, a product is distributed from a limited
number of outlets. For example, in India, colour television was initially acquired
by people in the metros. Even after 20 years of introduction of CTV in Indian
markets, most of the semi-urban areas acquired it from the adjoining cities. In
the same manner, cell phone was earlier available in major cities only but today
even the smaller cities have a good number of unorganized retailers along with
company-owned outlets in this sector. It is often observed that as the new offer
gains popularity in the growth and maturity stages, retail penetration increases.
At the same time, when certain products like pagers experience decline in
sales, fewer or no retailer intends to stock the product.

Inventory Plan

Inventory management plan provides information regarding sales velocity,


inventory availability, ordered quantity, inventory turnover, sales forecast, and
quantity to order for specific SKU. Inventory plan assists retailers in scheduling
orders to vendors after considering tradeoffs between carrying cost versus the
cost of ordering and handling the inventory. The more they purchase at one
time, the higher the carrying costs, but the lower the buying and handling
costs.

The inventory plan helps to devise the stock support levels for a specific sales
period. Most widely used methods to determine the stock support levels are:
beginning-of-the-month ratios, weeks’ supply method, the percentage variation
method, and the basic stock method.

Estimated Reductions

Retailers are required to provide for retail reductions along with sales forecast
and inventory support levels. Retail reduction is anticipated sales below the list
price. Retail reductions are classified into three types of sales below price:
markdowns, discounts, and shortages. Markdown is defined as reduction in the
original list price to encourage sales of the product. Discounts are reduction in
the original retail price given to special customer groups, such as loyal
customers. Shortages are reductions in the total value of inventory that results
from damages to merchandise, shoplifting, or pilferage. The retailers on the
bases of their past experience on retail reductions make adequate
arrangements while evolving merchandise budgets.

Estimated Purchase Levels

At this stage a retailer is supposed to devise an actual budget for planned


purchase. In other words, planned purchases refer to planned purchases that
must be made at the beginning of each month. Here a retailer or planner uses
information compiled at the initial stages of merchandise budget planning. The
planned monthly purchases figure informs buyers how much they need to
spend to support anticipated sales levels considering existing inventories

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