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business
general management

Questions and Answers of General Management

From the retailer's perspective, compare the advantages of locating in unplanned business districts versus planned shopping centers.
Differentiate among the central business district, the secondary business district, the neighborhood business district, and the string.
Develop a brief plan to revitalize a neighborhood business district nearest your campus.
What is a megamall? What is a lifestyle center? Describe the strengths and weaknesses of each.
Evaluate a regional shopping center near your campus.
Explain why a one-hundred percent location for discount apparel chain may not be a one-hundred percent location for a moderate-priced apparel store.
What criteria should a small retailer use in selecting a general store location and a specific site within it? A large retailer?
What difficulties are there in using a rating scale such as that shown in Figure 10-7? What are the benefits?
Cite at least five objectives a large consumer electronics chain should set when setting up its organization structure.
Describe the goals of a compensation plan (both direct and indirect components) in a retail setting.
Are the minimum job expectations of entry-level workers and middle-level managers similar or dissimilar? What about the desired goals? Explain your answers.
How would you supervise and motivate a 19-year-old Old Navy employee? A 55-year-old cashier?
Why are employee needs important in developing a retail organization?
Are the steps in setting up a retail organization the same for small and large retailers? Explain your answer.
Describe the greatest similarities and differences in the organization structures of small independents, chain retailers, and diversified retailers.
How can retailers attract and retain more women and minority workers?
How would small and large retailers act differently for each of the following?a. Diversity.b. Recruitment.c. Selection.d. Training.e. Compensation.f. Supervision.
Why are the job description and the application blank so important in employee selection?
What problems can occur while interviewing and testing prospective employees?
Present a plan for the ongoing training of both existing lower-level and middle-management employees without making it seem punitive.
Describe the relationship of assets, liabilities, and net worth for a retailer. How is a balance sheet useful in examining these items?
Distinguish between capital spending and operating expenditures. Why is this distinction important to retailers?
What factors should retailers consider when assessing opportunity costs?
How can these retailers improve productivity? a. Travel agency. b. Neighborhood restaurant. c. College bookstore. d. Upscale luggage store.
A retailer has net sales of $1,075,000, net profit of $185,000, total assets of $600,000, and a net worth of $225,000.a. Calculate asset turnover, profit margin, and return on assets.b. Compute
How can a convenience store increase its asset turnover?
Is too low a financial leverage good or bad? Why?
Differentiate between an IPO and an LBO.
Present five recommendations for retailers to improve their accounting and financial reporting practices with regard to disclosure ("transparency") of all relevant information to stockholders and
What is zero-based budgeting? Why do most retailers utilize incremental budgeting, despite its limitations?
What is the value of a percentage profit-and-loss statement?
How could a seasonal retailer improve its cash flow during periods when it must buy goods for future selling periods?
Present a brief operations blueprint for a consumer electronics repair service.
What operations criteria would you use to evaluate the success of self-scanning at a supermarket?
Are there any operating functions that should never be outsourced? Explain your answer.
Outline the contingency plan a retailer could have in the event of each of these occurs: a. A shopper's accidentally setting off the burglar alarm. b. A flood in the store caused by a ruptured water
What are the pros and cons of prototype stores? For which kind of firms is this type of store most desirable?
Why would a retailer be interested in job standardization and cross-training for its employees?
Comment on this statement: "The quality of store maintenance efforts affects consumer perceptions of the retailer, the life span of facilities, and operating expenses."
Talk to two local retailers and ask them what they have done to maximize their energy efficiency. Present your findings.
As a luggage store owner, you are planning a complete renovation of the attaché case department. What decisions must you make?
Present a five-step plan for a retailer to reassure customers that it is safe to shop there.
A gas station does not accept checks because of the risks involved. However, it does accept Visa and MasterCard. Evaluate this strategy.
What potential problems may result if a retailer relies on its computer system to implement too many actions (such as employee scheduling or inventory reordering) automatically?
Describe and evaluate the merchandising philosophy of your favorite online retailer.
Present a checklist of five factors for a chain retailer to review in determining how to allocate merchandise among its stores.
What is the basic premise of category management? Why do you think that supermarkets have been at the forefront of the movement to use category management?
What do you think are the risks of placing too much reliance on merchandising software? Do the risks outweigh the benefits? Explain your answer.
What is the distinction between merchandising functions and the buying function?
Is micro merchandising a good approach? Why or why not?
What are the advantages and disadvantages of a centralized buying organization?
Interview a local store owner and determine how he or she makes merchandise decisions. Evaluate that approach.
How could a convenience store use a basic stock list, a model stock plan, and a never-out list?
Under what circumstances could a retailer carry a wide range of merchandise quality without hurting its image? When should the quality of merchandise carried be quite narrow?
How should a major appliance repair service use the product life-cycle concept?
What are the trade-offs in a retailer's deciding how much to emphasize private brands rather than manufacturer brands?
What information should a department store gather before adding a new watch brand to its product mix?
How could a neighborhood pizzeria be prepared for the variations in customer demand for home delivery during the day?
What is vendor-managed inventory? How do both manufacturers and retailers benefit from its use?
Present a seven-item checklist for a retailer to use with its reverse logistics.
What are the pros and cons of a retailer's relying too much on a want book?
Cite the advantages and disadvantages associated with these merchandise sources for your regular fast-food outlet. How would your answers differ for a global apparel chain?a. Company-owned.b.
Devise a checklist a retailer could use to negotiate opportunistic buying terms with suppliers.
Under what circumstances should a retailer try to charge slotting allowances? How may this strategy backfire?
Which is more difficult, implementing a merchandise plan for a small bookstore or Costco? Explain your answer.
Distinguish between these two terms: logistics and inventory management. Give an example of each.
What are the benefits of quick response inventory planning? What do you think are the risks?
Why are some retailers convinced that distribution centers must be used as the shipping points for merchandise from manufacturers while other retailers favor direct store distribution?
Which retailers can best use a perpetual inventory system based on the cost method? Explain your answer.
The sales of a full-line discount store are listed. Calculate the monthly sales indexes. What do they mean?
If the planned average monthly stock for the discount store in question10 is $420,000 (at retail), how much inventory should be planned for August if the retailer uses the percentage variation
The store in question 10 and 11 knows its cost complement for all merchandise purchased last year was 0.61; it projects this to remain constant. It expects to begin and end December with inventory
The FIFO method seems more logical than the LIFO method, because it assumes the first merchandise purchased is the first merchandise sold. So, why do many more retailers use LIFO?
Explain the basic premise of the retail method of accounting. Present an example.
Why should a local appliance store designate control units, even though this may be time consuming?
Why use sophisticated weather forecasting services if daily weather predictions tend to be inaccurate?
Contrast the weeks' supply method and the percentage variation method of merchandise planning.
Present two situations in which it would be advisable for a retailer to take a markdown instead of carry over merchandise from one budget period to another.
A retailer has yearly sales of $900,000. Inventory on January 1 is $360,000 (at cost). During the year, $660,000 of merchandise (at cost) is purchased. The ending inventory is $325,000 (at cost).
A retailer has a beginning monthly inventory valued at $100,000 at retail and $61,000 at cost. Net purchases during the month are $190,000 at retail and $115,000 at cost. Transportation charges are
Why is it important for retailers to understand the concept of price elasticity even if they are unable to compute it?
What are the pros and cons of everyday low pricing to a retailer? To a manufacturer?
Under what circumstances do you think unbundled pricing is a good idea? A poor idea? Why?
A retailer buys items for $65. At an original retail price of $89, it expects to sell 1,000 units.a. If the price is marked down to $79, how many units must the retailer sell to earn the same total
Comment on each of the following from the perspective of a large retailer. a. Horizontal price fixing. b. Vertical price fixing. c. Price discrimination. d. Minimum-price laws. e. Unit pricing.
Give an example of a price strategy that integrates demand, cost, and competitive criteria.
Explain why markups are usually computed as a percentage of selling price rather than of cost.
A floor tile retailer wants to receive a 35 percent markup (at retail) for all merchandise. If one style of tile retails for $11 per tile, what is the maximum that the retailer would be willing to
A car dealer purchases multiple-disc CD players for $100 each and desires a 35 percent markup (at retail). What retail price should be charged?
A gift store charges $25.00 for a ceramic figurine; its cost is $14.00. What is the markup percentage (at cost and at retail)?
A firm has planned operating expenses of $200,000, a profit goal of $130,000, and planned reductions of $35,000 and expects sales of $700,000. Compute the initial markup percentage.
At the end of the year, the retailer in question 8 determines that actual operating expenses are $160,000, actual profit is $120,000, and actual sales are $650,000. What is the maintained markup
Why is it sometimes difficult for a retailer to convey its image to consumers? Give an example of a restaurant with a fuzzy image.
How could a neighborhood paint supply store engage in solutions selling?
Do you agree with upscale retailers' decision not to provide in-store shopping carts? What realistic alternatives would you suggest? Explain your answers.
Present a community relations program for an optical chain.
How could a store selling new computers project a value-based retail image? How could a store selling used computers project such an image?
Define the concept of atmosphere. How does this differ from that of visual merchandising?
Which aspects of a store's exterior are controllable by the retailer? Which are uncontrollable?
What are meant by selling, merchandise, personnel, and customer space?

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