Exam 20: Integrating and Controlling the Retail Strategy

A retail audit should be conducted with what minimum time frequency?

A retailer is concerned about the degree of integration of its overall strategy.While the retailer prices goods above the market,customer service is uneven and,at times,the parking lot is inadequate.What type of retail audit should the retailer pursue?

Top-down retail plans are generally developed by firms that believe in participative management.

A sales opportunity grid can be used in conjunction with category management.

A retailer with high inventory turnover is likely to have _____.

Sales revenue by goods/service category,gross margin return on investment,employee turnover,and financial ratios are examples of _____.

Common performance measures used by retailers are sales revenues,gross margin percentages,markdown percentages,and financial ratios.

What type of retail audit can be conducted as exploratory research in evaluating a retailer's response to problems and opportunities?

To be successful,strategic planning should be _____.

Which statement about a retailing effectiveness checklist is not correct?

Retail auditing procedures are standardized through the use of _____.

An appropriate time period for an audit is the busiest month of the year.

Which audit needs to be conducted when the store is open?

Which audit is especially suitable for monitoring sales presentations of retail salespersons?

The first step in undertaking a retail audit is _____.

The major advantages in the use of company department managers as auditors are objectivity and lack of time pressure.

Which of the following is not a component of the global retail development index?

A vertical audit _____.

A vertical audit typically precedes a horizontal audit.

The use of a mystery shopper in assessing sales training involves a nondisguised audit while the store is open.