Flexible element of a retailer's strategy mix is. A merchandise assortment
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B) disguised, vertical retail audit C) nondisguised, horizontal retail audit D) nondisguised, vertical retail audit Answer: B Diff: 1 Page Ref: 583, 584 Skill: Applied/Comprehensive/Integrative 69) An evaluation of the extent to which salespeople engage in cross-selling can be best measured through a ________ retail audit. A) companywide B) horizontal C) disguised D) nondisguised Answer: C Diff: 1 Page Ref: 584 Skill: Applied/Comprehensive/Integrative 70) Which retail audit needs to be conducted when the store is open? A) efficiency of point-of-sales system in handling markdowns B) shortage/overage determination C) assessment of the condition of building and grounds D) analysis of employee records for completeness Answer: A Diff: 1 Page Ref: 584 Skill: Applied/Comprehensive/Integrative 71) To be successful, a retail plan needs to be conducted as an integrated and ongoing process. Answer: TRUE Diff: 1 Page Ref: 568 Skill: Terminology/Concept 72) A retail planning organization can be conducted on either a top-down or bottom-up basis. Answer: TRUE Diff: 1 Page Ref: 569 Skill: Terminology/Concept 73) Top-down plans involve a more participative management style than bottom-up plans. Answer: FALSE Diff: 2 Page Ref: 569 Skill: Terminology/Concept 74) A sales opportunity grid evaluates a product's profitability over several time periods. Answer: TRUE Diff: 2 Page Ref: 569 Skill: Terminology/Concept 75) Typically, the most productive strategy is the most expensive strategy. Answer: FALSE Diff: 1 Page Ref: 572 Skill: Terminology/Concept 76) It is important to use similar-sized retailers as part of benchmarking. Answer: FALSE Diff: 1 Page Ref: 573 Skill: Terminology/Concept 77) A retailer should develop its retail categories independent of well-known and respected secondary sources. Answer: FALSE Diff: 1 Page Ref: 574 Skill: Terminology/Concept 78) An accepted measure of customer satisfaction is the American Customer Satisfaction Index (ACSI). Answer: TRUE Diff: 1 Page Ref: 574 Skill: Terminology/Concept 79) Scenario analysis always involves controllable variables. Answer: FALSE Diff: 2 Page Ref: 580 Skill: Terminology/Concept 80) A good retail audit is conducted on a regular basis, comprehensive, systematic, and conducted in an independent manner. Answer: TRUE Diff: 2 Page Ref: 581 Skill: Terminology/Concept 81) Major advantages in the use of outside auditors are objectivity and lack of time pressures. Answer: TRUE Diff: 2 Page Ref: 582 Skill: Terminology/Concept 82) A retail audit should be implemented at least once in three years. Answer: FALSE Diff: 1 Page Ref: 582 Skill: Terminology/Concept 83) The overall performance of a retailer is evaluated in a vertical retail audit. Answer: FALSE Diff: 1 Page Ref: 583 Skill: Terminology/Concept 84) A horizontal audit is often referred to as a "retail strategy" audit. Answer: TRUE Diff: 1 Page Ref: 583 Skill: Terminology/Concept 85) Retail audits generally resemble experimental designs. Answer: FALSE Diff: 2 Page Ref: 583-584 Skill: Terminology/Concept 86) Retail planning need only be a one-time occurrence for a successful retailer. Answer: FALSE Diff: 1 Page Ref: 569 Skill: Applied/Comprehensive/Integrative 87) Bottom-up plans generally have greater acceptance of line managers due to their involvement in the retail planning process. Answer: TRUE Diff: 2 Page Ref: 569 Skill: Applied/Comprehensive/Integrative 88) A sales opportunity grid can be used in conjunction with direct product profitability analysis. Answer: TRUE Diff: 2 Page Ref: 569 Skill: Applied/Comprehensive/Integrative 89) A sales opportunity grid can be used in conjunction with category management. Answer: TRUE Diff: 2 Page Ref: 569 Skill: Applied/Comprehensive/Integrative 90) A retailer can improve its retail productivity by changing the merchandise mix, improving sales training, and utilizing new technologies. Answer: TRUE Diff: 2 Page Ref: 571-572 Skill: Applied/Comprehensive/Integrative 91) The strategic profit model is an example of a performance measure. Answer: TRUE Diff: 2 Page Ref: 573 Skill: Applied/Comprehensive/Integrative 92) A membership club should benchmark its customer service against comparable-sized clubs located in the same geographic region. Answer: TRUE Diff: 1 Page Ref: 573 Skill: Applied/Comprehensive/Integrative 93) The use of "best practices" in retailing is an example of benchmarking. Answer: TRUE Diff: 1 Page Ref: 573 Skill: Applied/Comprehensive/Integrative 94) Gap analysis compares variances between planned versus actual performance. Answer: TRUE Diff: 1 Page Ref: 578 Skill: Applied/Comprehensive/Integrative 95) The use of outside consultants in conducting a retail audit is most suitable for very small retail firms. Answer: TRUE Diff: 2 Page Ref: 582 Skill: Applied/Comprehensive/Integrative 96) In general, an outside retail auditor is most appropriate when the objectivity of company-based personnel is not of vital concern. Answer: FALSE Diff: 2 Page Ref: 582 Skill: Applied/Comprehensive/Integrative 97) A vertical audit typically precedes a horizontal audit. Answer: FALSE Diff: 1 Page Ref: 583 Skill: Applied/Comprehensive/Integrative 98) The use of a mystery shopper in assessing sales training involves a nondisguised audit while the store is open. Answer: FALSE Diff: 2 Page Ref: 584 Skill: Applied/Comprehensive/Integrative 99) A nondisguised audit is most appropriate in determining customer-service levels. Answer: FALSE Diff: 1 Page Ref: 584 Skill: Applied/Comprehensive/Integrative 100) A retail audit can cause poor employee morale. Answer: TRUE Diff: 2 Page Ref: 584-585 Skill: Applied/Comprehensive/Integrative 101) Explain why an effective retail strategy needs to be both integrated and ongoing. Diff: 1 Page Ref: 569 102) Develop a sales opportunity grid for a new sterling silver polishing cloth to be sold in supermarkets. Diff: 2 Page Ref: 569, 574 103) Discuss the relationship of the sales opportunity grid to slotting allowances and direct product profitability. Diff: 1 Page Ref: 569, 574 104) Outline five performance measures used by supermarket retailers. Describe the importance of each measure. Diff: 2 Page Ref: 573-574 105) Outline the principles of benchmarking for a retailer. Diff: 1 Page Ref: 573 106) Discuss the relevance of incorporating the American Customer Satisfaction Index (ACSI) as part of a large retailer's overall planning process. Diff: 1 Page Ref: 574-575 107) a. Outline three scenarios that can affect the performance of a home-improvement chain. b. How can these scenarios be incorporated into a contingency plan? Diff: 2 Page Ref: 580 108) Under what conditions should an audit be conducted by company specialists? ...company department managers? ...outside auditors? Diff: 1 Page Ref: 582
Diff: 1 Page Ref: 584 110) Develop a horizontal audit form for a new car dealer. Diff: 2 Page Ref: 583 111) Develop a vertical pricing audit form for a Web-based computer software retailer. Diff: 2 Page Ref: 583 112) What types of activities should be audited when the retailer is open?...when the retailer is closed? Diff: 1 Page Ref: 584 Directory: wp-content -> uploads -> woocommerce uploads -> 2014 uploads -> Police Militarization uploads -> Stop Militarizing Law Enforcement Act of 2014 uploads -> 2017 afoCo Landmark Scholarship Program uploads -> Instructions for the Preparation of Camera-Ready Contributions to the Conference Proceedings uploads -> Medical Radiography Program uploads -> Ihbb asian Championships 2014 middle school bowl Round 4 First Quarter uploads -> Ihbb european Championships 2014 Bowl Round 4 First Quarter woocommerce uploads -> Ashford University Managerial Economics 2014 -> Week 2 Case Study: I’m a pc case Study Discussion Questions Download 1.4 Mb. Share with your friends:
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