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retailing management
Retailing 7th Edition Patrick M. Dunne, Robert F. Lusch , James R. Carver - Solutions
6. Describe what is involved in the vendor–buyer negotiation process and what vendor contract terms can be negotiated.
5. Describe how a retailer selects proper merchandise sources.
4. Describe how a retailer determines the makeup of its inventory, including what cross-referencing in the merchandise item file means and how a category-item line review works.
3. Explain how retailers use dollar-merchandise control and describe how open-to-buy is used in the retail buying process.
2. Explain the differences between the four methods of dollarmerchandise planning used to determine the proper inventory stock levels needed to begin a merchandise selling period.
1. Describe the major steps in the merchandise buying and handling process.
16. Because of the Christmas season, most retailers tend to end their fiscal year at the end of January. Does this make it difficult to determine the value of inventory when preparing financial statements?
15. Define FIFO and LIFO and the reasons for using one or the other.
14. List the advantages and disadvantages the retail method of inventory valuation has over the cost method.
13. A sporting goods store with sales for the year of $400,000 and other income of $32,000 has operating expenses of $123,000. Its cost of goods sold is $207,000. What are its gross margin, operating profit, and net profit in dollars?
12. The Alamo Hardware Store is trying to determine its net profit before taxes. Use the following data to find Alamo’s net profit.Rent $36,000 Salaries $94,000 Purchases $400,000 Sales $586,000 Ending inventory $163,000 Utilities $45,000 Beginning inventory $148,000 Other income $5,300
11. You are working as a loan officer at a local bank. Earlier today, a former high-school classmate came in to see you about a loan for the family’s retail business. After looking over the store’s financial statements, you notice that the store is posting a strong net income growth. However,
10. How would the following activities affect a retailer’s balance sheet and income statement for the current year?a. The retailer overestimates the amount of year-ending inventory that is obsolete, thus reducing inventory.b. The retailer overestimates the breakage on a current rebate program.c.
9. What is the difference between a statement of cash flow and an income statement?
8. What accounting statement reports on the retailer’s financial performance over a period of time, and which statement reports a retailer’s financial condition at a given point in time?
7. In what ways are the balance sheet and the income statement different?How do retailers use these two financial statements?
6. A retailer believes that since a major competitor has just left the local market, the number of transactions for this year’s upcoming season will increase by 4 percent; but because of a slowing rate of inflation, the value of the average sale will increase by only 1 percent. If sales last year
5. A retailer who last year had sales of $900,000 plans for an inflation rate of 2 percent and a 3-percent increase in market share. What should planned sales for this year be?
4. Why should a retailer be allowed to change its merchandise budget after the start of a season? If changes can be made, what would cause such changes?
3. Why isn’t it a bad thing to take a reduction? After all, aren’t reductions an admission of making a mistake?
2. It costs money to carry inventory, yet retailers must carry an amount of inventory in excess of planned sales for an upcoming period. Why?
1. Name a couple of local retailers that can be impacted by unexpected changes in weather patterns. How does weather affect their sales, and what can they do to prevent such fluctuations?
3. Explain how the retailer is able to value inventory.
2. Explain the differences among and the uses of these three accounting statements: income statement, balance sheet, and statement of cash flow.
1. Describe the importance of a merchandise budget and know how to prepare a six-month merchandise plan.
4. Should real estate developers be allowed to gain huge financial benefits when eminent domain is allowed to obtain the property? Why?
3. When weighing the benefits of economic development, how can you measure the pain and suffering of the displaced property owners?
2. Should local and state governments be allowed to use eminent domain for economic development? Explain your reasoning.
1. Should local and state governments be allowed to use eminent domain for any reason? Explain your reasoning.
19. Why do some stores cluster around each other? Doesn’t being so close to their competition hurt their profitability?
18. Why is it so hard to find that 100-percent retail location?
17. Explain the concepts of demand density and supply density. Why are they important to retail decision making?
16. Identify the factors you would consider most important in locating a fastfood restaurant. Compare these factors with the factors you would use in selecting a site for a supermarket.
15. Compute the index of retail saturation for the following three markets.The data for restaurants is:Market ABC Annual retail expenditures per household $739 $845 $903 Square feet of retail space 610,000 494,000 801,000 Number of households 126,000 109,000 163,000 Based on this data, which market
14. Calculate the buyer power indexes for the following three cities:Junction 0.007 0.005 0.006 Ontario 0.009 0.008 0.009 Edwardsville 0.007 0.006 0.009
13. According to Reilly’s law of retail gravitation, cities attract trade from an intermediate place based on what two factors? How are these factors used in making a location decision?
12. With the growth of Internet retailing, will the IRS increase or decrease in importance? Why?
11. What is the index of retail saturation? How is it used in making a location decision?
10. Someone once said ‘‘build a better mousetrap and the world will beat a path to your door.’’ If this is true, why is it important for a retailer to select the correct site within a trading area? Explain your answer.
9. Why do GISs include both physical and cultural geography? Provide some examples of physical and cultural data that should be included in a GIS.
8. How is it possible for small retailers to use GIS? Isn’t it expensive to use GIS?
7. How have improvements in the user-friendliness of GIS mapping technology caused retailers to become more research-driven in locating stores?
6. Why isn’t Walmart a good choice to be an anchor at a mall?
5. What lines of retail trade do you believe will be most affected by the growth of retailing on the Internet?
4. Why are some shopping centers and malls now using big-box stores such as Home Depot, Bass Pro Shops and Kaplan’s as anchors? Aren’t anchor stores supposed to be department stores?
3. What types of retailers would be best suited for locating in a lifestyle center?
2. What three criteria should be met to successfully target a market?
1. Why should retailers be concerned about selecting the right target market?How are target market selection and location related?
6. Explain how to select the best geographic site for a store?
5. Discuss the various attributes to consider when evaluating retail sites within a retail market.
4. Describe the various factors to consider when identifying the most attractive geographic market for a new store.
3. Define geographic information systems (GIS) and discuss their potential uses in a retail enterprise.
2. Identify the different options, both store-based and nonstore-based, for effectively reaching a target market and identify the advantages and disadvantages of business districts, shopping centers, and freestanding units as sites for a retail location.
1. Explain the criteria used in selecting a target market.
18. Many retailers face the problem of small amounts of unredeemed money that remain on a gift card. Does this ‘‘breakage’’ belong to the retailer as part of its profit, does it belong in the state’s treasury, or should it go into the state’s unclaimed money fund to the consumer?
17. Because of religious or personal beliefs, a convenience owner may not want to stock a particular product—say, cigarettes or beer—that is normally sold by its category of store. Can government force the retailer to carry a full line of merchandise if that retailer is the only store in a
16. Retailers should abide by the philosophy that ‘‘as long as it is legal, it is ethical.’’ Agree or disagree and explain your reasoning.
15. Should online retailers be required to collect the sales tax on all their sales for the individual states?
14. In a free-market system such as the one we have in the United States, should cities be allowed to use zoning laws to prevent big-box discounters from entering their markets?
13. Should a retailer be allowed to sell products below cost in attempt to increase store traffic? Why?
12. Discuss the concept of exclusive dealing. Are exclusive dealing arrangements in the retailer’s best interest? Are they in the consumer’s best interest?
11. How could two-way exclusive dealing arrangements be harmful to consumers and competition?
10. Could a decision by a manufacturer to engage in dual distribution be harmful to the consumer and members of the supply chain? Explain your reasoning.z
9. Should a retailer be held liable for statements made by its sales staff, even if the staff was instructed not to make such statements? Explain your reasoning
8. Should a McDonald’s franchisee be held liable for selling a Happy Meal to an already overweight child? Why?
7. A New York judge recently ruled that a retailer with the first name of John committed trademark infringement when he renamed one of his existing stores ‘‘Trader John’s’’ and redesigned it to look like a nearby Trader Joe’s.Was the judge right in his ruling? Why
6. Do you believe that fake merchandise is sold on eBay? If so, what can eBay do about it, within reason?
5. Should all types of ‘‘puffery’’ be removed from ads? Explain your reasoning.
4. If a student goes to a flea market and buys what he knows to be a fake Polo shirt for $18, is this an example of ‘‘deceitful diversion of patronage’’? Is anyone hurt by this transaction? Who? Explain your reasoning.
3. Deceptive pricing harms not only the consumer but also competition.Agree or disagree and explain your reasoning
2. Does vertical price fixing help or hurt the small independent retailer?Why?
1. A busy corner intersection in Houston has gasoline stations on all four corners. These dealers always seem to have identical prices for their gasoline or, at least, they are within one cent of each other. Is this evidence of horizontal price fixing? Why or why not?
6. Explain how a retailer’s code of ethics will influence its behavior.
5. Describe how various state and local laws, in addition to federal regulations, must be considered in developing retail policies.
4. Discuss the impact of government regulation on a retailer’s behavior with other supply-chain members.
3. Explain the retailer’s responsibilities regarding the products sold.
2. Differentiate between legal and illegal promotional activities.
1. Explain how legislation constrains a retailer’s pricing policies.
4. If the manufacturer must pay for the recall, would this cause some manufacturers to be more careful so as to avoid recalls? Or would it cause them to hesitate longer before deciding that a recall is necessary?
3. Would the results achieved in this case have been different if there was a real vendor–retailer partnership? How and why?
2. If the manufacturer or wholesaler must pay for the legitimate costs of a recall, then who would determine the legitimacy of each cost and see that it was not creating an opportunity for middlemen to make an extra profit?
1. Is the wholesaler responsible if the manufacturer is unable to pay for all the costs of a recall?
12. With the advent of category management, how has the role of the supplier changed?
11. Why is trust so important in a supply chain? Can’t the largest and most powerful member of the supply chain simply tell the others what to do?
10. Why are retailers so dependent on other supply-chain members? Couldn’t they simply perform all eight marketing functions themselves?
9. Should it be legal for a manufacturer to prevent a discount retailer from purchasing the manufacturer’s name-brand products from a diverter and selling these in the discounter’s store?
8. Agree or disagree with the following statement and support your answer.‘‘Retailers should always oppose attempts by the manufacturer to sell its products directly to the consumer from the manufacturer’s Web site.’’
7. You are a manufacturer of a popular consumer product that is sold through independent retailers and some department store chains. Today a large bigbox chain approaches you and wants to carry your line. What should you do? How will this affect your relationship with your current retailers?
6. What is a vertical marketing channel? What is the primary difference between a conventional marketing channel and a vertical marketing channel?
5. Your roommate says he can save money by eliminating the middleman—in this case, the retailer—and purchasing his potato chips at Costco in 8-pound boxes. He says you pay too much by purchasing chips at the nearby 7-Eleven in 4-ounce bags. According to your roommate, the more direct the
4. For years, Dell was known for selling its computers directly to the consumer. Then it started selling them at Walmart and Best Buy. A classmate contends, ‘‘Selling through a middleman is only going to squeeze margins as the retailers demand lower prices. Besides the retailers have to make a
3. Facilitating marketing institutions, since they don’t take title to the goods, add no value to a supply chain. Agree or disagree with this statement and explain your reasoning.
2. Must a retailer be involved in performing all the marketing functions? If it can rely on other members of the channel, what functions can they perform and which members can perform them?
1. Why must a retailer view itself as a member of a larger marketing system?Can’t JCPenney’s, Costco, or Best Buy be successful on its own?
3. What can a manufacturer do in advance to avoid having a current supply-chain partner object?
2. What does such a move do to the existing channel relationships?
1. What is the real cost of a manufacturer becoming an e-tailer?
4. Understand the importance of a collaborative supply-chain relationship.
3. Explain the terms dependency, power, and conflict and their impact on supply-chain relations.
2. Describe the types of supply chains by length, width, and control.
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