How does the facility's overall vision and core values help the retail manager? -
ANSWER>>"In practice, the retail operation must have a clear understanding of its
constituents and market in order to establish a solid vision and set of values. The overall
facility profile can help solidify the retail operation's vision and establish core values that
support the vision. Once completed, the vision and core values guide the creation of all
other aspects of the retail operation business plan."
For which purpose are the facility's core values and vision going to be most useful to the
retail manager? - ANSWER>>match its desired customer base
What should increase in the retail operation to add value? - ANSWER>>When making
decisions regarding an exceptional golf experience, customers may look at factors such
as value and the quality of the experience. Value is defined as providing an experience
that exceeds the price paid. The most determining factor in creating an experience that
exceeds customers' value is the level of customer service. The successful retailer
enhances the facility's image and value with a "Customer First" culture that demands
excellent customer service from the staff while building positive relationships with
customers.
For what month is the End of Month Inventory target for May the same as the BOMI? -
ANSWER>>June
The cost of goods sold can be calculated if what other figures are known? -
ANSWER>>Equation: Beginning of Month Inventory (BOMI) + New Inventory
Purchased - End of Month Inventory (EOMI) at Cost = Cost of Goods Sold (COGS) in
dollars. Other figures needed are turnover rate and average inventory.
What predicts the dollar value of the inventory needed at the start of each month to
reach monthly sales goals? - ANSWER>>OTB (open-to-buy)
How much inventory do you need on hand to reach the same sales targets if the
turnover rate is higher than the same period last year? - ANSWER>>"A high turn rate
means that less inventory must be on hand to reach sales target, but inventory must be
replaced more often."
In addition to the previous year's sales volume, what additional information is needed to
accurately forecast sales? - ANSWER>>When forecasting future sales, it is necessary
to analyze the previous sales volumes and determine trends or patterns found in this
historical data. It may be ideal to develop charts and graphs to demonstrate the sales
volumes from previous years.
,How MNfar MNin MNadvance MNshould MNInventory MNarrive MNprior MNto MNthe MNanticipation MNof
MNsales? MN- MNANSWER>>"Inventory MNlevels MNshould MNbe MNbuilt MNup MNone MNor MNtwo MNmonths
MNprior MNto MNstrong MNforcasted MNsales, MNnot MNin MNthe MNmonth MNwhere MNthe MNstrong MNsales
MNare MNexpected."
The MNGolf MNProfessional MNhas MNprojected MN$310,000 MNin MNannual MNmerchandise MNsales,
MN$205,000 MNfor MNcost MNof MNgoods MNsold, MNand MNa MNturnover MNrate MNof MN2 MN-
MNANSWER>>$102,500
What MNis MNthe MNformula MNfor MNCost MNof MNGoods MNSold MN(COGS)? MN-
MNANSWER>>Beginning MNof MNthe MNmonth MNinv. MNCost MN+ MNNew MNInv. MNPurchased MN- MNEnd
MNof MNMonth MNInv. MNAt MNcost MN- MNCost MNof MNgoods MNsold MNin MNdollars.
In MNan MNopen-to-buy MNplan, MNthe MNsales MNestimates MNand MNthe MNcost MNof MNgoods MNestimates
MNcome MNfrom MNwhat MNother MNbusiness MNmanagement MNtool? MN- MNANSWER>>Operating
MNBudget
What MNis MNthe MNmain MNpurpose MNof MNan MNopen-to-buy MNplan? MN- MNANSWER>>The MNmain
MNpurpose MNis MNto MNhelp MNthe MNmerchiander MNhave MNthe MNcorrect MNlevel MNof MNmerchisdise
MNsupport MNthe MNclubs MNsales.
What MNinformation MNdoes MNthe MNcost MNof MNgoods MNsold MN(COGS) MNprovide MNfor MNa MNgiven
MNperiod? MN- MNANSWER>>The MNvalue MNof MNthe MNgoods MNthat MNwere MNsold MNand MNlost MNor
MNdamaged MNat MNcost.
Why MNmust MNgolf MNprofessionals MNforecast MNbeginning MNof MNmonth MNinventory MN(BOMI)?
MN- MNANSWER>>To MNhave MNa MNcount MNfor MNthe MNavailble MNmerchanidise MNthat MNready MNto
MNbe MNsold MNand MNto MNavoid MNover MNbuying MNand MNhaving MNtoo MNmuch MNmerchanidise.
What MNis MNthe MNlikely MNresult MNof MNa MNturnover MNrate MNthat MNis MNtoo MNhigh? MN- MNANSWER>>A
MNhigh MNturn MNrate MNmeans MNthat MNless MNinventory MNmust MNbe MNon MNhand MNto MNreach MNsales
MNtargets, MNbut MNthe MNinventory MNmust MNbe MNreplaced MNmore MNoften. MNOne MNturn MNconsists
MNof MNusing MNcash MNto MNpurchase MNa MNproduct, MNselling MNthat MNproduct, MNand MNreinvesting
MNthe MNcash MNto MNreplace MNthe MNsold MNproduct.
What MNis MNa MNresult MNof MNa MNlow MNturn MNrate MNin MNthe MNgolf MNshop MNmerchandising
MNoperation? MN- MNANSWER>>A MNlow MNturn MNrate MNmay MNrequire MNmore MNmarkdowns MNto
MNclear MNout MNstale MNmerchandise. MNThis MNcycle MNcauses MNrising MNCOGS MNand MNa
MNreduction MNof MNgross MNmargin.Therefore, MNit MNis MNnecessary MNfor MNthe MNmerchandiser MNto
MNaccurately MNdetermine MNthe MNturn MNrates MNfor MNeach MNproduct MNline. MNKeep MNin MNmind
MNthat MNhaving MNa MNturn MNrate MNthat MNis MNtoo MNhigh MNmay MNcause MNthe MNshop MNto MNrun MNout
MNof MNa MNproduct, MNbut MNone MNthat MNis MNtoo MNlow MNmeans MNmarkdowns MNmay MNbe MNneeded
MNto MNmove MNproduct MNout MNof MNthe MNshop
If MNyour MNaverage MNinventory MNvalue MNis MN$37,000 MNand MNyour MNannual MNcost MNof MNgoods
MNsold MNis
$114,000, MNwhat MNis MNthe MNturnover MNrate? MN- MNANSWER>>The MNturnover MNrate MNwas MNat
MN3.081= MNCOGS MN($114,000)/ MNAI MN( MN$37,000)
Which MNmerchandising MNcondition MNis MNmost MNdirectly MNcorrelated MNwith MNa MNhigh MNturnover
MNrate? MN- MNANSWER>>Low MNinventory MNis MNmost MNdirectly MNcorrelated MNwith MNa MNhigh
, turnover MNrate.
MN
Given MNthe MNfollowing MNinformation, MNwhat MNwas MNthe MNturnover MNrate MNfor MNthe MNyear?
MNSales
$196,000, MNCost MNof MNgoods MNsold MN$140,000, MNAverage MNInventory MN$ MN56,000, MNGlove
MNsales
ANSWER>>"In practice, the retail operation must have a clear understanding of its
constituents and market in order to establish a solid vision and set of values. The overall
facility profile can help solidify the retail operation's vision and establish core values that
support the vision. Once completed, the vision and core values guide the creation of all
other aspects of the retail operation business plan."
For which purpose are the facility's core values and vision going to be most useful to the
retail manager? - ANSWER>>match its desired customer base
What should increase in the retail operation to add value? - ANSWER>>When making
decisions regarding an exceptional golf experience, customers may look at factors such
as value and the quality of the experience. Value is defined as providing an experience
that exceeds the price paid. The most determining factor in creating an experience that
exceeds customers' value is the level of customer service. The successful retailer
enhances the facility's image and value with a "Customer First" culture that demands
excellent customer service from the staff while building positive relationships with
customers.
For what month is the End of Month Inventory target for May the same as the BOMI? -
ANSWER>>June
The cost of goods sold can be calculated if what other figures are known? -
ANSWER>>Equation: Beginning of Month Inventory (BOMI) + New Inventory
Purchased - End of Month Inventory (EOMI) at Cost = Cost of Goods Sold (COGS) in
dollars. Other figures needed are turnover rate and average inventory.
What predicts the dollar value of the inventory needed at the start of each month to
reach monthly sales goals? - ANSWER>>OTB (open-to-buy)
How much inventory do you need on hand to reach the same sales targets if the
turnover rate is higher than the same period last year? - ANSWER>>"A high turn rate
means that less inventory must be on hand to reach sales target, but inventory must be
replaced more often."
In addition to the previous year's sales volume, what additional information is needed to
accurately forecast sales? - ANSWER>>When forecasting future sales, it is necessary
to analyze the previous sales volumes and determine trends or patterns found in this
historical data. It may be ideal to develop charts and graphs to demonstrate the sales
volumes from previous years.
,How MNfar MNin MNadvance MNshould MNInventory MNarrive MNprior MNto MNthe MNanticipation MNof
MNsales? MN- MNANSWER>>"Inventory MNlevels MNshould MNbe MNbuilt MNup MNone MNor MNtwo MNmonths
MNprior MNto MNstrong MNforcasted MNsales, MNnot MNin MNthe MNmonth MNwhere MNthe MNstrong MNsales
MNare MNexpected."
The MNGolf MNProfessional MNhas MNprojected MN$310,000 MNin MNannual MNmerchandise MNsales,
MN$205,000 MNfor MNcost MNof MNgoods MNsold, MNand MNa MNturnover MNrate MNof MN2 MN-
MNANSWER>>$102,500
What MNis MNthe MNformula MNfor MNCost MNof MNGoods MNSold MN(COGS)? MN-
MNANSWER>>Beginning MNof MNthe MNmonth MNinv. MNCost MN+ MNNew MNInv. MNPurchased MN- MNEnd
MNof MNMonth MNInv. MNAt MNcost MN- MNCost MNof MNgoods MNsold MNin MNdollars.
In MNan MNopen-to-buy MNplan, MNthe MNsales MNestimates MNand MNthe MNcost MNof MNgoods MNestimates
MNcome MNfrom MNwhat MNother MNbusiness MNmanagement MNtool? MN- MNANSWER>>Operating
MNBudget
What MNis MNthe MNmain MNpurpose MNof MNan MNopen-to-buy MNplan? MN- MNANSWER>>The MNmain
MNpurpose MNis MNto MNhelp MNthe MNmerchiander MNhave MNthe MNcorrect MNlevel MNof MNmerchisdise
MNsupport MNthe MNclubs MNsales.
What MNinformation MNdoes MNthe MNcost MNof MNgoods MNsold MN(COGS) MNprovide MNfor MNa MNgiven
MNperiod? MN- MNANSWER>>The MNvalue MNof MNthe MNgoods MNthat MNwere MNsold MNand MNlost MNor
MNdamaged MNat MNcost.
Why MNmust MNgolf MNprofessionals MNforecast MNbeginning MNof MNmonth MNinventory MN(BOMI)?
MN- MNANSWER>>To MNhave MNa MNcount MNfor MNthe MNavailble MNmerchanidise MNthat MNready MNto
MNbe MNsold MNand MNto MNavoid MNover MNbuying MNand MNhaving MNtoo MNmuch MNmerchanidise.
What MNis MNthe MNlikely MNresult MNof MNa MNturnover MNrate MNthat MNis MNtoo MNhigh? MN- MNANSWER>>A
MNhigh MNturn MNrate MNmeans MNthat MNless MNinventory MNmust MNbe MNon MNhand MNto MNreach MNsales
MNtargets, MNbut MNthe MNinventory MNmust MNbe MNreplaced MNmore MNoften. MNOne MNturn MNconsists
MNof MNusing MNcash MNto MNpurchase MNa MNproduct, MNselling MNthat MNproduct, MNand MNreinvesting
MNthe MNcash MNto MNreplace MNthe MNsold MNproduct.
What MNis MNa MNresult MNof MNa MNlow MNturn MNrate MNin MNthe MNgolf MNshop MNmerchandising
MNoperation? MN- MNANSWER>>A MNlow MNturn MNrate MNmay MNrequire MNmore MNmarkdowns MNto
MNclear MNout MNstale MNmerchandise. MNThis MNcycle MNcauses MNrising MNCOGS MNand MNa
MNreduction MNof MNgross MNmargin.Therefore, MNit MNis MNnecessary MNfor MNthe MNmerchandiser MNto
MNaccurately MNdetermine MNthe MNturn MNrates MNfor MNeach MNproduct MNline. MNKeep MNin MNmind
MNthat MNhaving MNa MNturn MNrate MNthat MNis MNtoo MNhigh MNmay MNcause MNthe MNshop MNto MNrun MNout
MNof MNa MNproduct, MNbut MNone MNthat MNis MNtoo MNlow MNmeans MNmarkdowns MNmay MNbe MNneeded
MNto MNmove MNproduct MNout MNof MNthe MNshop
If MNyour MNaverage MNinventory MNvalue MNis MN$37,000 MNand MNyour MNannual MNcost MNof MNgoods
MNsold MNis
$114,000, MNwhat MNis MNthe MNturnover MNrate? MN- MNANSWER>>The MNturnover MNrate MNwas MNat
MN3.081= MNCOGS MN($114,000)/ MNAI MN( MN$37,000)
Which MNmerchandising MNcondition MNis MNmost MNdirectly MNcorrelated MNwith MNa MNhigh MNturnover
MNrate? MN- MNANSWER>>Low MNinventory MNis MNmost MNdirectly MNcorrelated MNwith MNa MNhigh
, turnover MNrate.
MN
Given MNthe MNfollowing MNinformation, MNwhat MNwas MNthe MNturnover MNrate MNfor MNthe MNyear?
MNSales
$196,000, MNCost MNof MNgoods MNsold MN$140,000, MNAverage MNInventory MN$ MN56,000, MNGlove
MNsales
