PGA Level 2 Merchandising-Inventory. All Revision Questions and Correct Answers
(Already Graded A+) (2024 Update) 100% Guaranteed
The PGA Business Planning Model consists of five major concepts: - ANSWER- 1. Define the
Business
2. Assess the Current State of
the Business
3. Develop Business Goals,
Objectives, and Related Strategies
4. Prepare Financial
Forecasts and Budgets
5. Monitor Performance
These phases must take place not only at the facility level - ANSWER- but also at the
departmental level
The business planning process requires that the golf professional carefully identify - ANSWER-
stakeholders, structure of the plan, and information that will be used to create the business plan
Basic statement of purpose should be
established before beginning this process. - ANSWER- A timeline, staff roster, and basic
statement
Components such as - ANSWER- available amenities, competition in the area, and average
annual income of potential customers provide the foundation of an accurate vision for the facility
and a future direction for business planning and budgeting
Without a comprehensive demographic profile, - ANSWER- managers run the risk of setting
unrealistic or inadvisable goals
,The facility's vision and core values are - ANSWER- cornerstones of the entire business
planning process
for every organization within the facility, and especially retail operations
The vision and core values are considered - ANSWER- separately from the facility profile and
mission statement in the planning stages.
While it is important to study demographic and geographic information to identify potential new
customers - ANSWER- it is equally important to understand the facility's existing customers.
Retail operation cannot have too much information about its ongoing customer base - ANSWER-
This data might include a customer's income range, merchandise price point tolerance, buying
habits, or
merchandise preferences
Sales records that are linked to customer profiles - ANSWER- wealth of detail about the
customer, such as birthday, occupation, merchandise purchases, favorite brands, sizes, handicap,
annual number of rounds played, preferred play days, lessons scheduled, and even beverages of
choice
Direct competition - - ANSWER- any organization that meets the same customer need with the
same, or similar, products and services
Indirect competition- - ANSWER- any organization that meets the same customer need with a
different product or service.
A cooperative facility - ANSWER- is one that is in competition (either direct or indirect) with
a golf facility, but collaborates with the facility to improve business at both facilities
, Value can be defined - ANSWER- as providing an experience that exceeds the price paid, and
the most determining factor in creating an experience that exceeds customers' value expectations
is customer service
"Customer First" culture - ANSWER- that embraces and demands excellent customer service
from the staff while building positive relationships with customers
Inventory is - ANSWER- core of any retail operation
PGA research shows that - ANSWER- regardless of whether or not the PGA Professional owns
the merchandise, average compensation increases as merchandise sales increase at the facility
An appropriate merchandise buying plan should - ANSWER- allow the facility to have the
right amount of the right merchandise, at the right price, at the right time, while minimizing the
financial investment.
Open-to-Buy (OTB) - ANSWER- is the amount of dollars to be spent to purchase or replace
inventory in a particular merchandising category in order to meet the set sales goals.
The OTB planning model helps the merchandiser - ANSWER- avoid over- or under-investing
in a product line while maintaining the proper levels of inventory to support the anticipated sales
The OTB plan is an indispensible inventory management tool - ANSWER- that identifies how
much money must be committed to purchasing inventory for each merchandise category at specific
times in order to meet the sales projections established during the business planning process.
A typical OTB plan covers - ANSWER- one year, and is broken down into 12 one-month
segments for each merchandise category
OTB plans help merchandisers do the following: - ANSWER- • Identify how much money
must be spent each month to purchase or restock inventory
(Already Graded A+) (2024 Update) 100% Guaranteed
The PGA Business Planning Model consists of five major concepts: - ANSWER- 1. Define the
Business
2. Assess the Current State of
the Business
3. Develop Business Goals,
Objectives, and Related Strategies
4. Prepare Financial
Forecasts and Budgets
5. Monitor Performance
These phases must take place not only at the facility level - ANSWER- but also at the
departmental level
The business planning process requires that the golf professional carefully identify - ANSWER-
stakeholders, structure of the plan, and information that will be used to create the business plan
Basic statement of purpose should be
established before beginning this process. - ANSWER- A timeline, staff roster, and basic
statement
Components such as - ANSWER- available amenities, competition in the area, and average
annual income of potential customers provide the foundation of an accurate vision for the facility
and a future direction for business planning and budgeting
Without a comprehensive demographic profile, - ANSWER- managers run the risk of setting
unrealistic or inadvisable goals
,The facility's vision and core values are - ANSWER- cornerstones of the entire business
planning process
for every organization within the facility, and especially retail operations
The vision and core values are considered - ANSWER- separately from the facility profile and
mission statement in the planning stages.
While it is important to study demographic and geographic information to identify potential new
customers - ANSWER- it is equally important to understand the facility's existing customers.
Retail operation cannot have too much information about its ongoing customer base - ANSWER-
This data might include a customer's income range, merchandise price point tolerance, buying
habits, or
merchandise preferences
Sales records that are linked to customer profiles - ANSWER- wealth of detail about the
customer, such as birthday, occupation, merchandise purchases, favorite brands, sizes, handicap,
annual number of rounds played, preferred play days, lessons scheduled, and even beverages of
choice
Direct competition - - ANSWER- any organization that meets the same customer need with the
same, or similar, products and services
Indirect competition- - ANSWER- any organization that meets the same customer need with a
different product or service.
A cooperative facility - ANSWER- is one that is in competition (either direct or indirect) with
a golf facility, but collaborates with the facility to improve business at both facilities
, Value can be defined - ANSWER- as providing an experience that exceeds the price paid, and
the most determining factor in creating an experience that exceeds customers' value expectations
is customer service
"Customer First" culture - ANSWER- that embraces and demands excellent customer service
from the staff while building positive relationships with customers
Inventory is - ANSWER- core of any retail operation
PGA research shows that - ANSWER- regardless of whether or not the PGA Professional owns
the merchandise, average compensation increases as merchandise sales increase at the facility
An appropriate merchandise buying plan should - ANSWER- allow the facility to have the
right amount of the right merchandise, at the right price, at the right time, while minimizing the
financial investment.
Open-to-Buy (OTB) - ANSWER- is the amount of dollars to be spent to purchase or replace
inventory in a particular merchandising category in order to meet the set sales goals.
The OTB planning model helps the merchandiser - ANSWER- avoid over- or under-investing
in a product line while maintaining the proper levels of inventory to support the anticipated sales
The OTB plan is an indispensible inventory management tool - ANSWER- that identifies how
much money must be committed to purchasing inventory for each merchandise category at specific
times in order to meet the sales projections established during the business planning process.
A typical OTB plan covers - ANSWER- one year, and is broken down into 12 one-month
segments for each merchandise category
OTB plans help merchandisers do the following: - ANSWER- • Identify how much money
must be spent each month to purchase or restock inventory
