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business
retailing management

Questions and Answers of Retailing Management

16. Intimate Apparel wants to produce a 9-percent operating profit this year on sales of $1,200,000. Based on past experiences, the owner made the following estimates:Net alteration expenses $1,100
15. Can an initial markup ever be equal to the maintained markup? Explain.
14. Which is more important to a retailer—initial or maintained markup?
13. If the markup on cost is 76 percent, what is the markup on selling price?
12. A buyer tells you that she realized a markup of $50 on an interview suit for a college senior. You know that her markup is 25 percent of retail. What did the suit cost her?
11. Complete the following:Dress Shirt Sport Shirt Belt Selling price ($) 40.00 49.99 15.00 Cost ($) 23.00 25.35 6.50 Markup in dollars ($)Markup percentage on cost (%)Markup percentage on selling
10. Compute the markup on selling price for an item that retails for $49.95 and costs $31.20.
9. In the United States, a loss leader is generally accepted as legal. Yet in other countries such a policy is illegal. What should it be?
8. What type of retailer is most likely to use leader pricing?
7. Would you prefer to buy a car from a dealer using a flexible or a one-price policy? Why?
6. Despite the lack of supportive research, odd-numbered pricing is still used in retailing today. Shouldn’t gas stations drop those 0.9 cents from their posted prices and round them to the nearest
5. What is the difference between variable and flexible pricing? Does the demand for the item being sold affect either of these strategies?
4. If a retailer wants to use an above-market pricing policy, how should that retailer’s retailing mix be different from the competition?
3. When should a retailer use the penetration pricing objective?
2. Is pricing really an interactive decision? Provide an example of how pricing should interact with the services offered by the retailer.
1. How does a store’s location affect the price it can charge?
4. Discuss why markdown management is so important in retailing and describe some of the errors that cause markdowns.
3. Describe how retailers calculate the various markups.
2. Describe the differences between the various pricing strategies available to the retailer.
1. Discuss the factors a retailer should consider when establishing pricing objectives and policies.
4. One solution to RFID-assisted hijacking could be to shield trucks and cargo containers so the tags do not transmit signals. Do you believe the cost of shielding every single truck and container in
3. How could retailers stop competitors or others from using RFID readers to know the sales volume of every item in the store?
2. Would displaying privacy statements about RFID on the walls of retail stores decrease or increase how much customers perceived risk?
1. What do you think would happen if retailers simply removed the RFID tags at checkout to try to decrease consumer privacy concerns? (Hint: Think about customer returns to the retailer that have to
26. Where should retailers draw the line when it comes to prosecuting shoplifting? Should customers who eat grapes ‘‘to test them’’ be prosecuted?
25. Should a retailer’s right to security take precedent over an employee’s and a customer’s right to privacy when the retailer sets up an electronic monitoring system in its stores to curb
24. What is the worst type of shrinkage—employee theft or customer theft?What is your reasoning?
23. How can manufacturers stop retailers from diverting their brand-name goods to discounters?
22. How can cumulative-quantity discounts be considered to be anticompetitive?
21. A retailer purchases goods that have a list price of $7,500. The manufacturer allows a trade discount of 40-25-10 and a cash discount of 2/10, net 30. If the retailer takes both discounts, how
20. If a vendor ships you $1,000 worth of merchandise on April 27 with terms of 3/20, net 30 EOM, how much should you pay the vendor on June 8?
19. Why should a new buyer look over the previous buyer’s confidential vendor analysis before going to market?
18. What do you think is the most important criterion in selecting a vendor?Why?
17. How long does a merchandise-line review normally take?
16. What happens to items that are not going to be discontinued?
15. Who is involved a merchandise-line review?
14. If a shirt came in five sizes, four colors, and three styles, what possible considerations must be given prior to determining how many item numbers should be created?
13. What does item cross-reference mean?
12. Manufacturers of so-called third-tier brands argue that they are being squeezed out of many stores by the major brands. Do you agree with that statement? Why?
11. To the extent that the merchandise mix can actually shape customers’ wants and impact whether and what customers purchase, what level of ethical responsibility does the retailer have toward the
10. How can merchandise lines have too much breadth yet not enough depth?
9. What are the major constraints in designing the optimal merchandise mix?
8. A buyer is going to market and needs to compute the open-to-buy. The relevant data are as follows: planned stock at end of March, $319,999 (at retail prices); planned March sales, $149,999;
7. What does the term open-to-buy mean? How can it be used to control merchandise investments?
6. What problems can occur to buyers open-to-buy if they misjudge planned sales?
5. The Corner Hardware Store is attempting to develop a merchandise budget for the next 12 months. To assist in this process, the following data have been developed. The target inventory turnover is
4. If your annual inventory-turnover rate is four times, which inventory stock level method would you use and why?
3. How do replenishment orders affect the merchandise dollar planner and open-to-buy calculation?
2. What must happen after a buyer agrees to purchase a product yet before a purchase order can be created?
1. How often do most retailers renegotiate vendor contracts?
8. Does this product complement the rest of my inventory?
7. What is my expected turnover rate with this product?
6. Can this product stand on its own or is it merely a ‘‘me-too’’ item?
5. Will I be able to obtain reliable, speedy stock replacement?
4. What is my anticipated gross margin for this product?
3. What is the estimated demand for this product in my target market?
2. Will I have an exclusive with this product, or will I be in competition with nearby retailers?
1. Where does this product fit into the strategic position that I have staked out for my department?
7. Discuss the various methods of handling the merchandise once it is received in the store so as to control shrinkage, including vendor collusion, and theft.
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
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
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
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
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
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
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
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
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?

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