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Maximizing Vendor Relationships

Create successful and more resilient vendor relationships through best practices and due diligence strategies.

The vendor relationship is key to your business. Establishing the way you will work with that vendor, agreed upon policies, principles, and statistics, will drive the success of that relationship now and well into the future, and the more vendors you can do that with, the more you guarantee the longevity of your business. This material will review the things that the industry's best buyers do to manage the vendor relationship.

88 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 34 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

Setting the Right Mindset

  • Proper Introduction of You and Your Business
  • Do Not Let Anyone Think of You as Small
  • How to Properly Tell Your Story
  • How to Get Things Properly Positioned for Growth

Establish the Benefits of Working With You

  • Attention to Presentation of Product
  • Better Product Knowledge
  • Financially Sound, I Pay My Bills
  • Build This as an Opportunity for Both

How to Negotiate Price

  • How Do You Mathematically Calculate the Right Price?
  • How Do You Present That?
  • Understanding What the Vendors See as Pricing, and How to Navigate That

Other Things to Ask for, Other Than Price

  • Exclusivity
  • Co-Marketing
  • Sponsorship of Sales Contests
  • Consignments
  • Terms

After You've Been Shipped

  • Setting the Proper Expectation
  • Calculating Benchmarks and Determining If Its Working
  • Discussions With Vendor After Initial Evaluation
  • Set Next Evaluation Date

The Vendor Scorecard

  • Your Best Negotiating Tool
  • The Best Way to Determine What Did and Did Not Work
  • Helps You Plan What You Will Do Going Forward
  • Sets the Right Expectation With Every Vendor

Cash Margin

  • A Better Stat Than Gross Margin or Sell Thru
  • Best Determination of Whether the Vendor Is Helping Your Cash Flow or Not
  • Most Systems Do Not Use This Stat, so Learn How to Calculate It

Cash Margin Shortage Negotiation Points

  • Terms
  • Discounts
  • Returns to Vendor
  • Marketing Dollars

Negotiating Tips

  • Things You Can Do to Stay Comfortable While Negotiating
  • Successful Scripts and Techniques
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Why Lorman?

Over 34 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 March 30, 2021.

Call 1-866-352-9540 for further credit information.

  • ISM 1.25
     
  • Participants who successfully complete this program will receive 1.25 hours of continuing education. They may be applied toward ISM CPSM, CPSD or C.P.M. recertification. ISM's consent to approve hours for this educational event is not an endorsement of this program or its content by ISM.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 34 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

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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More Program Information

Why Lorman?

Over 34 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 408816
Published 2021
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