Question 1

Bottom-up plans generally have greater acceptance of line managers due to their involvement in the retail planning process.

Accepted Answer

A) True 
 B)False  True

Question 2

Which of the following is generally not part of a sales opportunity grid?

Accepted Answer

A)  markup 
B)  floor space needed 
C)  sales estimate 
D)  cooperative-advertising allowance 
A)  markup 
B)  floor space needed 
C)  sales estimate 
D)  cooperative-advertising allowance D

Question 3

Outside auditors are ________.

Accepted Answer

A)  internal personnel who specialize in conducting retail audits 
B)  internal employees who have other responsibilities but may be asked to participate in the retail audit 
C)  people who work as consultants on a fee basis 
D)  employees of an accounting firm 
A)  internal personnel who specialize in conducting retail audits 
B)  internal employees who have other responsibilities but may be asked to participate in the retail audit 
C)  people who work as consultants on a fee basis 
D)  employees of an accounting firm C

Question 4

An advantage of the use of an outside auditor in the auditing process is ________.

Accepted Answer

A)  the level of knowledge about the retailer 
B)  objectivity in reporting concerns 
C)  the hourly costs of the auditing process 
D)  the ongoing nature of auditing 
A)  the level of knowledge about the retailer 
B)  objectivity in reporting concerns 
C)  the hourly costs of the auditing process 
D)  the ongoing nature of auditing

Question 5

A traditional department store with a small catalog division has decided to set performance standards for its telephone-based order takers based on intensively studying the operations of L.L.Bean and Lands' End.This strategy is an example of ________.

Accepted Answer

A)  scenario analysis 
B)  gap analysis 
C)  benchmarking 
D)  variance analysis 
A)  scenario analysis 
B)  gap analysis 
C)  benchmarking 
D)  variance analysis

Question 6

A company audit specialist is a(n)________.

Accepted Answer

A)  internal employee whose prime responsibility is the retail audit 
B)  internal employee who has other responsibilities but may be asked to participate in the retail audit 
C)  person who works as a consultant on a fee basis 
D)  employee that conducts audits on an overtime basis 
A)  internal employee whose prime responsibility is the retail audit 
B)  internal employee who has other responsibilities but may be asked to participate in the retail audit 
C)  person who works as a consultant on a fee basis 
D)  employee that conducts audits on an overtime basis

Question 7

Which performance measure is generally not used by small retailers?

Accepted Answer

A)  sales per square foot 
B)  inventory turnover 
C)  market share 
D)  markdown percentage 
A)  sales per square foot 
B)  inventory turnover 
C)  market share 
D)  markdown percentage

Question 8

Top-down planning can also be described as ________ planning.

Accepted Answer

A)  centralized 
B)  decentralized 
C)  short-term 
D)  long-term 
A)  centralized 
B)  decentralized 
C)  short-term 
D)  long-term

Question 9

The use of "best practices" in retailing is an example of benchmarking.

Accepted Answer

A) True 
 B)False

Question 10

A retail audit can cause poor employee morale.

Accepted Answer

A) True 
 B)False

Question 11

The overall performance of a retailer is evaluated in a vertical retail audit.

Accepted Answer

A) True 
 B)False

Question 12

An evaluation of the extent to which salespeople engage in cross-selling can be best measured through a ________ retail audit.

Accepted Answer

A)  companywide 
B)  horizontal 
C)  disguised 
D)  nondisguised 
A)  companywide 
B)  horizontal 
C)  disguised 
D)  nondisguised

Question 13

Explain why an effective retail strategy needs to be both integrated and ongoing.

Accepted Answer

An effective retail strategy needs to be

Question 14

A sales opportunity grid evaluates new opportunities on the basis of ________.

Accepted Answer

A)  net profit in specific time periods 
B)  retail price 
C)  operating costs 
D)  sales revenues 
A)  net profit in specific time periods 
B)  retail price 
C)  operating costs 
D)  sales revenues

Question 15

A retail strategy audit is also referred to as a ________ audit.

Accepted Answer

A)  disguised 
B)  nondisguised 
C)  horizontal 
D)  vertical 
A)  disguised 
B)  nondisguised 
C)  horizontal 
D)  vertical

Question 16

A vertical retail audit ________.

Accepted Answer

A)  evaluates the interrelationship of each retail strategy element 
B)  is specialized in nature 
C)  evaluates the overall environment facing a retailer 
D)  specializes in evaluating support services such as retail information systems 
A)  evaluates the interrelationship of each retail strategy element 
B)  is specialized in nature 
C)  evaluates the overall environment facing a retailer 
D)  specializes in evaluating support services such as retail information systems

Question 17

Gap analysis compares variances between planned versus actual performance.

Accepted Answer

A) True 
 B)False

Question 18

Under what circumstances should a retail audit be performed in a disguised manner? ...in a nondisguised manner?

Accepted Answer

A retail audit is an examination and ass

Question 19

Industry norms for performance measures are important to ________.

Accepted Answer

A)  determine company profitability 
B)  evaluate company performance on the basis of industry benchmarks 
C)  assign fixed costs to various departments 
D)  compute direct product profitability 
A)  determine company profitability 
B)  evaluate company performance on the basis of industry benchmarks 
C)  assign fixed costs to various departments 
D)  compute direct product profitability

Question 20

The strategic profit model is an example of a performance measure.

Accepted Answer

A) True 
 B)False

Bottom-up plans generally have greater acceptance of line managers due to their involvement in the retail planning process.

Which of the following is generally not part of a sales opportunity grid?

Outside auditors are ________.

An advantage of the use of an outside auditor in the auditing process is ________.

A traditional department store with a small catalog division has decided to set performance standards for its telephone-based order takers based on intensively studying the operations of L.L.Bean and Lands' End.This strategy is an example of ________.

A company audit specialist is a(n)________.

Which performance measure is generally not used by small retailers?

Top-down planning can also be described as ________ planning.

The use of "best practices" in retailing is an example of benchmarking.

A retail audit can cause poor employee morale.

The overall performance of a retailer is evaluated in a vertical retail audit.

An evaluation of the extent to which salespeople engage in cross-selling can be best measured through a ________ retail audit.

Explain why an effective retail strategy needs to be both integrated and ongoing.

A sales opportunity grid evaluates new opportunities on the basis of ________.

A retail strategy audit is also referred to as a ________ audit.

A vertical retail audit ________.

Gap analysis compares variances between planned versus actual performance.

Under what circumstances should a retail audit be performed in a disguised manner? ...in a nondisguised manner?

Industry norms for performance measures are important to ________.

The strategic profit model is an example of a performance measure.

An Introduction to Retailing

Building and Sustaining Relationships in Retailing

Strategic Planning in Retailing

Retail Institutions by Ownership

Retail Institutions by Store-Based Strategy Mix

Web, nonstore-Based, and Other Forms of Nontraditional Retailing

Identifying and Understanding Consumers

Information Gathering and Processing in Retailing

Trading-Area Analysis

Site Selection

Retail Organization and Human Resource Management

Operations Management: Financial Dimensions

Operations Management: Operational Dimensions

Developing Merchandise Plans

Implementing Merchandise Plans

Financial Merchandise Management

Pricing in Retailing

Establishing and Maintaining a Retail Image

Promotional Strategy

Filters

Exam 20: Integrating and Controlling the Retail Strategy

Bottom-up plans generally have greater acceptance of line managers due to their involvement in the retail planning process.

Which of the following is generally not part of a sales opportunity grid?

Outside auditors are ________.

An advantage of the use of an outside auditor in the auditing process is ________.

A traditional department store with a small catalog division has decided to set performance standards for its telephone-based order takers based on intensively studying the operations of L.L.Bean and Lands' End.This strategy is an example of ________.

A company audit specialist is a(n)________.

Which performance measure is generally not used by small retailers?

Top-down planning can also be described as ________ planning.

The use of "best practices" in retailing is an example of benchmarking.

A retail audit can cause poor employee morale.

The overall performance of a retailer is evaluated in a vertical retail audit.

An evaluation of the extent to which salespeople engage in cross-selling can be best measured through a ________ retail audit.

Explain why an effective retail strategy needs to be both integrated and ongoing.

A sales opportunity grid evaluates new opportunities on the basis of ________.

A retail strategy audit is also referred to as a ________ audit.

A vertical retail audit ________.

Gap analysis compares variances between planned versus actual performance.

Under what circumstances should a retail audit be performed in a disguised manner? ...in a nondisguised manner?

Industry norms for performance measures are important to ________.

The strategic profit model is an example of a performance measure.

An Introduction to Retailing

Building and Sustaining Relationships in Retailing

Strategic Planning in Retailing

Retail Institutions by Ownership

Retail Institutions by Store-Based Strategy Mix

Web, nonstore-Based, and Other Forms of Nontraditional Retailing

Identifying and Understanding Consumers

Information Gathering and Processing in Retailing

Trading-Area Analysis

Site Selection

Retail Organization and Human Resource Management

Operations Management: Financial Dimensions

Operations Management: Operational Dimensions

Developing Merchandise Plans

Implementing Merchandise Plans

Financial Merchandise Management

Pricing in Retailing

Establishing and Maintaining a Retail Image

Promotional Strategy

Filters