30 Questions
What are operations in a retail business?
Procedures for running the business
Which of the following is NOT a part of the operations function mentioned in the text?
Customer relationship management
What does inventory management entail in a fashion retail business?
Receiving and preparing goods for the sales floor
Why is research and development important in retail business operations?
To improve operational efficiency
Which of the following is NOT part of operational policies and procedures in a fashion retail business?
Customer loyalty programs
In the context of a fashion retail business, what does 'operational control' primarily refer to?
Ensuring smooth day-to-day business operations
What is the primary focus of control in operations and facility management?
Comparing results with goals and objectives
Which factor is NOT considered in merchandise receiving?
Checking for expired items
Why should the facility layout accommodate staff duties?
To improve staff efficiency
What is a critical consideration for leasehold improvements?
Length and terms of the lease
Which aspect is crucial for staff efficiency in operations?
Accommodation of staff duties
What is an essential requirement for maintaining the merchandise quality in operations?
Cleaning and waste removal
What is the purpose of taking markdowns in a retail store?
To designate and record reductions in selling prices
In a retail store, what is the key to security and sales according to the text?
Visual merchandising efforts
What is the purpose of returning goods to the vendor in a retail setting?
To facilitate return to the supplier for various reasons
What should employees be trained on based on the text content?
How to complete customer transactions
What is mentioned as a common reason for returning goods to the vendor according to the text?
To enhance visual merchandising
What is one of the operations involved in preparing merchandise for the sales floor?
Steaming or pressing merchandise
What inventory method assumes that the last item purchased is the first one to be used or sold?
First in, first out (FIFO)
Which term refers to a document detailing the items included in a shipment?
Packing slip
In terms of compensation, which method involves a fixed payment and additional earnings based on sales performance?
Hourly plus commission
What does LIFO stand for in the context of inventory management?
Last in, first out
Which term describes the process of returning unsold merchandise back to the vendor?
Return to the vendor (RTV)
What does POS stand for in the retail industry?
Point-of-sale
What is the primary purpose of Research and Development (R&D) mentioned in the text?
Analyze trends and issues affecting products
In the context of operations and the computer, what does cross-filing refer to?
A system where the same information is listed in multiple categories
What tasks are NOT mentioned as part of the computer's role in operations?
Creates promotional plans
How is R&D related to growth opportunities according to the text?
R&D indicates that change can provide new growth opportunities
What is a significant function of the computer in operations mentioned in the text?
Maintaining payroll records
How does R&D contribute to business success based on the text?
R&D assists in identifying areas for growth and improvement
Test your knowledge on the content covered in Chapter 12 of 'Fashion Entrepreneurship: Retail Business Planning, Third Edition' by Michele M. Granger, Tina M. Sterling, and Ann Cantrell. The quiz is designed to help you assess your understanding of key concepts related to developing a successful fashion retail business.
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