Retail Management Exam Study Guide Graded A 2024

________ is a set of activities and techniques firms employ to efficiently and effectively manage the flow of merchandise from the vendors to the retailer's customers. Consumer direct fulfillment Supply chain management Reverse logistics Backhaul Vendor-managed inventory - Supply chain management A ________ occurs when an SKU that a customer wants is not available. rain check backhaul reorder point stockout ship verification - stockout Overall, effective supply chain management results in ________ due to fewer stockouts and tailored assortments. higher return on assets lower turnover higher inventory increased markdowns lower gross margin - higher return on assets A data warehouse is a physical location where perishable goods are stored. is unidirectional in structure and organized by merchandise information only. is unidirectional in structure and organized by retailer information only. is unidirectional in structure and organized by purchase date information only. contains detailed information about customers. - contains detailed information about customers. An inventory management system with a shorter lead time that has merchandise delivered for sale close to the time the customer wants to buy it is referred to as a FISHbowl inventory system. KwikWit inventory system. Springboard response system. FutureSoBright response system. JIT inventory system. - JIT inventory system The ________ manages the inbound merchandise by booking appointments for deliveries and notifying the planners of the scheduled delivery dates. dispatcher vendor buyer freight forwarder coordinator - dispatcher Merchandise sales rate and degree of perishability or fashionability typically determine whether or not cartons are cross-docked. freight forwarded. quality checked. dispatched. outsourced. - cross-docked Cross-docking is a compulsory step in the distribution center processing of goods. routes all the similar items to a single store truck. requires that the items are stored in the distribution center for a few months. is followed by break packing in the distribution center. results in confirmation of the number and type of merchandise in each carton. - results in confirmation of the number and type of merchandise in each carton. Which of the following steps is essential to ensure that merchandise is floor-ready? Cross-docking Break-packing Ticketing Retailing Warehousing - Ticketing Which of the following statements is true of the pull supply chain? Merchandise is allocated to stores on the basis of forecasted demand. Specified quantities of merchandise are shipped to stores at predetermined time intervals. There is a greater likelihood of being overstocked or out of stock. It requires only a cheap and simple information system to support it. It is more responsive to changes in customer demand. - It is more responsive to changes in customer demand. Which of the following statements is true of the push supply chain? Requests for merchandise are generated at the store level on the basis of sales data captured by POS terminals. Specified quantities of merchandise are shipped to stores at predetermined time intervals. There is a lesser likelihood of being overstocked or out of stock. It requires a costly and sophisticated information system to support it. It is more responsive to changes in customer demand. - Specified quantities of merchandise are shipped to stores at predetermined time intervals. Which of the following statements is true of retail stores being utilized as fulfillment centers? The merchandise is shipped from the store to the retailer's DC and then shipped to the customer. It results in overall higher inventory investments. It enables the retailer to carry less merchandise in individual stores. Orders placed online can get filled by the customer's nearest store, which can reduce time and shipping costs. Filling orders by store employees is more efficient and cost-effective than through a separate warehouse. - Orders placed online can get filled by the customer's nearest store, which can reduce time and shipping costs. Reverse logistics system sends goods from a few DCs to a vast number of stores or customers. is engaged in with an objective of providing consistent quality. has a preset distribution plan. seeks cost transparency in its standardized cost structures. has a direct effect on environmental sustainability. - has a direct effect on environmental sustainability. Michelle made an online purchase of patio furniture from a store. When the shipment of her purchase arrived at her home, she noticed that the product was shipped to her directly from the manufacturer. The retailer and vendor are utilizing a system of drop-shipping. cross-docking. outsourcing. third party logistics. vendor managed inventory. - drop-shipping.