calculated if what other figures
1. How does the facility's overall vi-
are known?
sion and core values help the re-
tail manager?
2. For which purpose are the facil-
ity's core values and vision go-
ing to be most useful to the retail
manager?
3. What should increase in the retail
operation to add value?
4. For what month is the End of
Month Inventory target for May
the same as the BOMI?
5. The cost of goods sold can be
,"In practice, the retail operation must
Equation: Beginning of Month Inventory
have a clear understanding of its con-
(BOMI) + New Inventory Purchased -
stituents and market in order to estab-
End of Month Inventory (EOMI) at Cost
lish a solid vision and set of values.
= Cost of Goods Sold (COGS) in dollars.
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."
match its desired customer base
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
deter- mining factor in creating an
experience that exceeds customers'
value is the level of customer service.
The success- ful retailer enhances the
facility's image and value with a
"Customer First" culture that demands
excellent customer ser- vice from the
staff while building positive
relationships with customers.
June
, 12. In an open-to-buy plan, the sales
estimates and the cost of goods
6. What predicts the dollar value of
the inventory needed at the start
of each month to reach monthly
sales goals?
7. 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?
8. In addition to the previous year's
sales volume, what additional in-
formation is needed to accurate-
ly forecast sales?
9. How far in advance should Inven-
tory arrive prior to the anticipa-
tion of sales?
10. The Golf Professional has pro-
jected $310,000 in annual mer-
chandise sales, $205,000 for cost
of goods sold, and a turnover
rate of 2
11. What is the formula for Cost of
Goods Sold (COGS)?
, Other figures needed are turnover rate Operating Budget
and average inventory.
OTB (open-to-buy)
"A high turn rate means that less inven-
tory must be on hand to reach sales
target, but inventory must be replaced
more often."
When forecasting future sales, it is
nec- essary to analyze the previous
sales volumes and determine trends or
pat- terns found in this historical data. It
may be ideal to develop charts and
graphs to demonstrate the sales
volumes from previous years.
"Inventory levels should be built up
one or two months prior to strong
forcasted sales, not in the month where
the strong sales are expected."
$102,500
Beginning of the month inv. Cost + New
Inv. Purchased - End of Month Inv. At
cost - Cost of goods sold in dollars.
1. How does the facility's overall vi-
are known?
sion and core values help the re-
tail manager?
2. For which purpose are the facil-
ity's core values and vision go-
ing to be most useful to the retail
manager?
3. What should increase in the retail
operation to add value?
4. For what month is the End of
Month Inventory target for May
the same as the BOMI?
5. The cost of goods sold can be
,"In practice, the retail operation must
Equation: Beginning of Month Inventory
have a clear understanding of its con-
(BOMI) + New Inventory Purchased -
stituents and market in order to estab-
End of Month Inventory (EOMI) at Cost
lish a solid vision and set of values.
= Cost of Goods Sold (COGS) in dollars.
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."
match its desired customer base
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
deter- mining factor in creating an
experience that exceeds customers'
value is the level of customer service.
The success- ful retailer enhances the
facility's image and value with a
"Customer First" culture that demands
excellent customer ser- vice from the
staff while building positive
relationships with customers.
June
, 12. In an open-to-buy plan, the sales
estimates and the cost of goods
6. What predicts the dollar value of
the inventory needed at the start
of each month to reach monthly
sales goals?
7. 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?
8. In addition to the previous year's
sales volume, what additional in-
formation is needed to accurate-
ly forecast sales?
9. How far in advance should Inven-
tory arrive prior to the anticipa-
tion of sales?
10. The Golf Professional has pro-
jected $310,000 in annual mer-
chandise sales, $205,000 for cost
of goods sold, and a turnover
rate of 2
11. What is the formula for Cost of
Goods Sold (COGS)?
, Other figures needed are turnover rate Operating Budget
and average inventory.
OTB (open-to-buy)
"A high turn rate means that less inven-
tory must be on hand to reach sales
target, but inventory must be replaced
more often."
When forecasting future sales, it is
nec- essary to analyze the previous
sales volumes and determine trends or
pat- terns found in this historical data. It
may be ideal to develop charts and
graphs to demonstrate the sales
volumes from previous years.
"Inventory levels should be built up
one or two months prior to strong
forcasted sales, not in the month where
the strong sales are expected."
$102,500
Beginning of the month inv. Cost + New
Inv. Purchased - End of Month Inv. At
cost - Cost of goods sold in dollars.
