Question 1

A membership club should benchmark its customer service against comparable-sized clubs located in the same geographic region.

Accepted Answer

A) True 
 B)False

Question 2

Scenarios analysis always involves ________.

Accepted Answer

A)  controllable variables 
B)  uncontrollable variables 
C)  direct costs 
D)  indirect costs 
A)  controllable variables 
B)  uncontrollable variables 
C)  direct costs 
D)  indirect costs

Question 3

A disadvantage of the use of company audit specialists in conducting a retail audit is the ________.

Accepted Answer

A)  level of knowledge about the retailer 
B)  ability to see improvement/decline in performance over time 
C)  ongoing nature of the process 
D)  cost of the auditing process 
A)  level of knowledge about the retailer 
B)  ability to see improvement/decline in performance over time 
C)  ongoing nature of the process 
D)  cost of the auditing process

Question 4

Complex assumptions about the economy,population forecasts,and competition are best handled in ________ planning.

Accepted Answer

A)  scenario-based 
B)  decentralized 
C)  bottom-up 
D)  top-down 
A)  scenario-based 
B)  decentralized 
C)  bottom-up 
D)  top-down

Question 5

A retailer can improve its retail productivity by changing the merchandise mix,improving sales training,and utilizing new technologies.

Accepted Answer

A) True 
 B)False

Question 6

A sales opportunity grid can be used in conjunction with direct product profitability analysis.

Accepted Answer

A) True 
 B)False

Question 7

Develop a sales opportunity grid for a new sterling silver polishing cloth to be sold in supermarkets.

Accepted Answer

To develop a sales opportunity grid for

Question 8

Which statement concerning the American Customer Satisfaction Index is correct?

Accepted Answer

A)  The study is not an accurate representation of U.S. consumers. 
B)  The total sample size is too low. 
C)  The ratings of retailers are based on at least 250 interviews with current customers. 
D)  Department store chains are excluded from the sample of retailers studied. 
A)  The study is not an accurate representation of U.S. consumers. 
B)  The total sample size is too low. 
C)  The ratings of retailers are based on at least 250 interviews with current customers. 
D)  Department store chains are excluded from the sample of retailers studied.

Question 9

The first step in undertaking a retail audit is ________.

Accepted Answer

A)  conducting the audit 
B)  determining who does the audit 
C)  determining when and how often the audit is conducted 
D)  developing audit form(s) 
A)  conducting the audit 
B)  determining who does the audit 
C)  determining when and how often the audit is conducted 
D)  developing audit form(s)

Question 10

A retailer is concerned about how well integrated his or her overall strategy is coordinated.While customer service is excellent and merchandise within the store is distinctive,parking adequacy is poor and merchandise selection is narrow.What type of retail audit should the retailer pursue?

Accepted Answer

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

Question 11

A sneaker retailer is concerned about rumors of a major competitor opening as many as five stores in its overall trading area.In response to these rumors,the retailer has developed competitive response plans.These plans are an example of ________.

Accepted Answer

A)  trigger points 
B)  gap analysis 
C)  scenario analysis 
D)  benchmarking 
A)  trigger points 
B)  gap analysis 
C)  scenario analysis 
D)  benchmarking

Question 12

Which type of retail plan process increases the involvement of retail buyers and sales managers?

Accepted Answer

A)  centralized 
B)  horizontal 
C)  top-down 
D)  bottom-up 
A)  centralized 
B)  horizontal 
C)  top-down 
D)  bottom-up

Question 13

Retail planning need only be a one-time occurrence for a successful retailer.

Accepted Answer

A) True 
 B)False

Question 14

Contingency plans should be based directly on ________.

Accepted Answer

A)  gap analysis 
B)  benchmarking 
C)  scenario analysis 
D)  strategic planning 
A)  gap analysis 
B)  benchmarking 
C)  scenario analysis 
D)  strategic planning

Question 15

An advantage of using a company audit specialist in performing the retail audit is ________.

Accepted Answer

A)  high degree of auditor independence 
B)  high degree of objectivity 
C)  level of knowledge about the retailer 
D)  low cost for a small retailer 
A)  high degree of auditor independence 
B)  high degree of objectivity 
C)  level of knowledge about the retailer 
D)  low cost for a small retailer

Question 16

Develop a horizontal audit form for a new car dealer.

Accepted Answer

A horizontal audit form for a new car de

Question 17

In a nondisguised audit,________.

Accepted Answer

A)  consumers are aware an audit is taking place 
B)  results of the audit are not given to management 
C)  the real purpose of the audit is told to employees, but not customers 
D)  store employees are aware that an audit is taking place 
A)  consumers are aware an audit is taking place 
B)  results of the audit are not given to management 
C)  the real purpose of the audit is told to employees, but not customers 
D)  store employees are aware that an audit is taking place

Question 18

"What if" planning,based on alternative scenarios,is called ________.

Accepted Answer

A)  scenario analysis 
B)  contingency planning 
C)  strategy planning 
D)  benchmarking 
A)  scenario analysis 
B)  contingency planning 
C)  strategy planning 
D)  benchmarking

Question 19

Which of the following should be audited when a store is open?

Accepted Answer

A)  matching of posted and actual prices for goods 
B)  waiting time at checkout lines 
C)  inventory recordkeeping 
D)  employee records 
A)  matching of posted and actual prices for goods 
B)  waiting time at checkout lines 
C)  inventory recordkeeping 
D)  employee records

Question 20

What type of auditor is most appropriate for a small independent retailer?

Accepted Answer

A)  outside auditor 
B)  company audit specialist 
C)  company department manager 
D)  team auditor 
A)  outside auditor 
B)  company audit specialist 
C)  company department manager 
D)  team auditor

A membership club should benchmark its customer service against comparable-sized clubs located in the same geographic region.

Scenarios analysis always involves ________.

A disadvantage of the use of company audit specialists in conducting a retail audit is the ________.

Complex assumptions about the economy,population forecasts,and competition are best handled in ________ planning.

A retailer can improve its retail productivity by changing the merchandise mix,improving sales training,and utilizing new technologies.

A sales opportunity grid can be used in conjunction with direct product profitability analysis.

Develop a sales opportunity grid for a new sterling silver polishing cloth to be sold in supermarkets.

Which statement concerning the American Customer Satisfaction Index is correct?

The first step in undertaking a retail audit is ________.

A retailer is concerned about how well integrated his or her overall strategy is coordinated.While customer service is excellent and merchandise within the store is distinctive,parking adequacy is poor and merchandise selection is narrow.What type of retail audit should the retailer pursue?

A sneaker retailer is concerned about rumors of a major competitor opening as many as five stores in its overall trading area.In response to these rumors,the retailer has developed competitive response plans.These plans are an example of ________.

Which type of retail plan process increases the involvement of retail buyers and sales managers?

Retail planning need only be a one-time occurrence for a successful retailer.

Contingency plans should be based directly on ________.

An advantage of using a company audit specialist in performing the retail audit is ________.

Develop a horizontal audit form for a new car dealer.

In a nondisguised audit,________.

"What if" planning,based on alternative scenarios,is called ________.

Which of the following should be audited when a store is open?

What type of auditor is most appropriate for a small independent retailer?

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

A membership club should benchmark its customer service against comparable-sized clubs located in the same geographic region.

Scenarios analysis always involves ________.

A disadvantage of the use of company audit specialists in conducting a retail audit is the ________.

Complex assumptions about the economy,population forecasts,and competition are best handled in ________ planning.

A retailer can improve its retail productivity by changing the merchandise mix,improving sales training,and utilizing new technologies.

A sales opportunity grid can be used in conjunction with direct product profitability analysis.

Develop a sales opportunity grid for a new sterling silver polishing cloth to be sold in supermarkets.

Which statement concerning the American Customer Satisfaction Index is correct?

The first step in undertaking a retail audit is ________.

A retailer is concerned about how well integrated his or her overall strategy is coordinated.While customer service is excellent and merchandise within the store is distinctive,parking adequacy is poor and merchandise selection is narrow.What type of retail audit should the retailer pursue?

A sneaker retailer is concerned about rumors of a major competitor opening as many as five stores in its overall trading area.In response to these rumors,the retailer has developed competitive response plans.These plans are an example of ________.

Which type of retail plan process increases the involvement of retail buyers and sales managers?

Retail planning need only be a one-time occurrence for a successful retailer.

Contingency plans should be based directly on ________.

An advantage of using a company audit specialist in performing the retail audit is ________.

Develop a horizontal audit form for a new car dealer.

In a nondisguised audit,________.

"What if" planning,based on alternative scenarios,is called ________.

Which of the following should be audited when a store is open?

What type of auditor is most appropriate for a small independent retailer?

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