Answer thoroughly and deeply please.

Retail Management:A Strategic Approach

Chapter 14:

1. What are the six elements of Merchandising and a Merchandising plan?
2. Describe the merchandising philosophy of your favorite brick-and-mortar retailer and your favorite online retailer.
3. Explain the basic premise and strategy of category management?
4. What is a never-out list? Who uses it?
5. Why is the Product Lifecycle theory so important to a retailer?

Chapter 15:

1. Name at least three pieces of information a department store should gather before adding a new jewelry brand to its product mix?
2. Distinguish between: logistics and inventory management. Give an example of each to support your understanding.
3. Explain inventory balancing. How can an inventory get out of balance? What are the financial implications?

Chapter 16:

1. Inventory management is largely based on how a retailer cost method. Explain this connection?
2. Contrast FIFO and LIFO? One is considered more logical, why?
3. Retail sales forecasting is often said to be "guesstimating". Why? How can inventory automation change this perception?
4. How is EOQ and reorder point related?

Chapter 17:

1. Why is it important for Retailers to understand the concept of price elasticity even if they are unable to compute it? Define it in your answer.
2. Name the four external factors that affect a retail price strategy? Which one seems to have the largest impact today?
3. What is the difference between cost-based pricing and price-based costing? Hint: the marketplace controls the later.