 Now we are going to discuss about merchandising philosophy. Just like I said, while discussing the merchandising, I was communicating, I was explaining that the whole decision of merchandising is based on merchandising philosophy. Now what is merchandising philosophy? Let me share it with you. Normally, a retailer sets the guiding principles for all the merchandised decisions that a retailer will make. So, retailers has to define some guiding principles for all its merchandised decisions which are present in their stores. And that merchandising philosophy should reflect. They should reflect number one, target market desire. The first important thing related to merchandising philosophy is related to target market. Just like when we were discussing merchandising, I was explaining to you that in merchandising, a retailer adjusts the needs of the local market accordingly. So, to define philosophy, you have to have a target market and the desire of that target market. What your target customer target market is looking for. So, if your target market or your target customer is waiting, he is aspiring you to sell your expert X brand and sell your Y brand. So, of course, retailer accordingly will take the decision of that particular placement, timing, quantity of that particular item of that particular article. The second point is related to retailer's institutional type. Again, it is very important that the retailer has to define what is the institutional type which I am actually following. When he will identify that this will really help that I have to sell products in bulk quantity, I have to sell products in multi quantity, I have to sell products in cross quantity or I have to sell products in individual capacity. So, again, when he will identify his institutional type, this will easily help him in defining its merchandising philosophy. The third part we have is market place positioning. So, what retailer has to define is what market place positioning is. Because that will help him to explain, to share, to show his merchandise. Because in the store, if that particular retailer or a particular retailer they are considered to be a price entry store, a price entry retailer or off price retailer. So, normally, positioning regarding the products customer will make accordingly. Now, customer will not expect any kind of expensive item in that particular store. So, the way that the retailer's market place positioning will be, similarly, the merchandise philosophy has to work in coordination and integration with the original marketplace. Then, defined value chain. So, the merchandising philosophy should explain the complete value chain of that particular retailer. What value chain he is following, what value chain is planned so that there is no gap of any kind. Similarly, the merchandising philosophy should reflect the supplier capabilities. The suppliers who are working with the retailer, who are buying products from them, what is the capability of that particular supplier. For example, if you are buying products from the supplier who are unorganized, who do not have the facilities, proper facilities, in that case, the parameter would be very different. But if you are working with the suppliers which are organized, having proper logistics, proper supply chain, proper standards, proper HSECP, with all parameters, of course, and then their production capacities, with all parameters defined as supplier capabilities. So, your merchandising philosophy should reflect the capability of your supplier, the strengths of your supplier, the core areas of your supplier, and of course, the other side also so that you can improve accordingly. Normally, for example, the countries like Pakistan where the retailers observe that Pakistan, for example, is an agriculture country. However, their supplier capabilities with respect to agriculture is not very good, is very weak. So, what they do, they try to synchronize a program where they can improve, they can connect with the farmer, and they can build capabilities of that particular supplier. So, international chains, normally, where they grow, at the same time, they work on building the capabilities of their supplier. So, that supplier grows also, and ultimately, they should reflect by your merchandising philosophy. So, again, all the costs associated, either direct costs, either indirect costs, either fixed costs, either variable costs. So, all type of costs should be reflected in the merchandising philosophy. All the competitors, the philosophy should reflect the competitors because then you are going to see, what is happening in my competition? Who will I benchmark? So, all the competitors, all the benchmarks, should be clearly defined in the merchandising philosophy so that, if you want to target pricing, if you want to target merchandising, if you want to target packaging, if you want to target promotions. So, in any perspective, if you want to see, you have to see your competitor. So, they should be defined. Your merchandising philosophy should reflect the list of competitors and what are their strengths, and in which area they are operating, what are the core capabilities, core competencies they have, as compared to what are the core competencies you have. And last is merchandising philosophy should reflect product trends. For example, if the product is the seasonal product, so the seasonality trend, it should reflect. If it is AC, so AC should reflect the seasonality trend. If it is camping, so it should reflect the seasonality trend. So again, all the product categories, whose merchandising plan, whose merchandising philosophy you are going to make, all the proper product lifecycle or product trends, calendarization, seasonality, everything should be properly reflected in your merchandising philosophy. So, for a retailer, to set guidelines, principles, to set guiding principles, so that they can take all merchandise decency, it is very important that they draft their merchandising philosophy, including all the points which we have discussed, or then it will benefit, of course, the retailer in terms of having the appropriate merchandise solution for their customer.