Learn to identify the old inventory and create an action plan to get rid of it.
Obsolete inventories are a dangerous thing for most businesses, especially retail businesses, because they tie up capital unnecessarily, and create a bad impression for customers when they see the same old thing, day after day. And while every business that maintains inventory will always have some degree of obsolete inventory, learning how to identify, remove, and mitigate future obsolete inventories is of paramount importance. By establishing the parameters by which you can measure what the obsolete inventory is, you can easily identify it, take action to get rid of it, and then analyze the causes of the obsolete inventory, so that it does not continue to consume capital, space, and time.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
Why Is Obsolete Inventory a Problem?
- Ties up Cash
- Affects Your Marketing
- Affects Your Staff
How Do You Determine Old Inventory?
- Validate the Counts
- Review Based Upon Number of Days in Inventory
- Review Based Upon Number of Markdowns/Price Reductions
Steps to Take to Get Rid of Obsolete Inventory
- Vendor Negotiation/Return
- SPIF to the Staff
- First Markdown - 25%
- Subsequent Markdowns
- Donation
Lessons to Learn
- Types of Markdowns (Buying/Selling)
- What Was the Cause of the Markdown?
- Do We Have a Proper Buying Plan to Prevent Future Markdowns?
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 30, 2021.
Call 1-866-352-9540 for further credit information.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Dan Jablons
Retail Smart Guys
- Award winning merchandise planner and retail consultant for 15 years in a row
- Piloted some of the industry’s earliest vendor managed inventory programs
- Keynote speaker at many trade shows, including MAGIC, Surf Expo, and Global Pet Expedition
- Has worked with retailers, large and small, nationally, and internationally
- Was amongst the first to work with independent retailers to add technology to their stores to improve their bottom line
- In addition to his retail knowledge, he has also been an actor on TV, you know him as Larry David’s lawyer on Curb Your Enthusiasm
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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