When answering this question, focus on a specific instance where you identified cost-saving opportunities and implemented strategies without sacrificing quality. Start by describing the context and the challenge you faced. Then, explain the steps you took to reduce costs, such as negotiating with suppliers, finding alternative products, or optimizing processes. Highlight the outcome, emphasizing how you maintained or even improved quality. For example:
"In my previous role as a Retail Buyer, I noticed that our supplier's prices for a popular product were increasing. I conducted a market analysis and found an alternative supplier who offered the same quality at a lower price. I negotiated a contract with the new supplier, which resulted in a 15% cost reduction while maintaining the product's quality. This change not only saved costs but also allowed us to offer competitive pricing to our customers."
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