Fashion Entrepreneurship: Retail Business Planning Chapter 12 Quiz
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Questions and Answers

What are operations in a retail business?

  • Procedures for running the business (correct)
  • Procedures for marketing products
  • Procedures for hiring employees
  • Procedures for designing store layouts

    • Which of the following is NOT a part of the operations function mentioned in the text?

  • Space allocation
  • Business security
  • Customer relationship management (correct)
  • Research and development

    • What does inventory management entail in a fashion retail business?

  • Receiving and preparing goods for the sales floor (correct)
  • Calculating financial projections for the next quarter
  • Training employees on customer service
  • Preparing marketing materials for new products

    • Why is research and development important in retail business operations?

    <p>To improve operational efficiency</p> Signup and view all the answers

    Which of the following is NOT part of operational policies and procedures in a fashion retail business?

    <p>Customer loyalty programs</p> Signup and view all the answers

    In the context of a fashion retail business, what does 'operational control' primarily refer to?

    <p>Ensuring smooth day-to-day business operations</p> Signup and view all the answers

    What is the primary focus of control in operations and facility management?

    <p>Comparing results with goals and objectives</p> Signup and view all the answers

    Which factor is NOT considered in merchandise receiving?

    <p>Checking for expired items</p> Signup and view all the answers

    Why should the facility layout accommodate staff duties?

    <p>To improve staff efficiency</p> Signup and view all the answers

    What is a critical consideration for leasehold improvements?

    <p>Length and terms of the lease</p> Signup and view all the answers

    Which aspect is crucial for staff efficiency in operations?

    <p>Accommodation of staff duties</p> Signup and view all the answers

    What is an essential requirement for maintaining the merchandise quality in operations?

    <p>Cleaning and waste removal</p> Signup and view all the answers

    What is the purpose of taking markdowns in a retail store?

    <p>To designate and record reductions in selling prices</p> Signup and view all the answers

    In a retail store, what is the key to security and sales according to the text?

    <p>Visual merchandising efforts</p> Signup and view all the answers

    What is the purpose of returning goods to the vendor in a retail setting?

    <p>To facilitate return to the supplier for various reasons</p> Signup and view all the answers

    What should employees be trained on based on the text content?

    <p>How to complete customer transactions</p> Signup and view all the answers

    What is mentioned as a common reason for returning goods to the vendor according to the text?

    <p>To enhance visual merchandising</p> Signup and view all the answers

    What is one of the operations involved in preparing merchandise for the sales floor?

    <p>Steaming or pressing merchandise</p> Signup and view all the answers

    What inventory method assumes that the last item purchased is the first one to be used or sold?

    <p>First in, first out (FIFO)</p> Signup and view all the answers

    Which term refers to a document detailing the items included in a shipment?

    <p>Packing slip</p> Signup and view all the answers

    In terms of compensation, which method involves a fixed payment and additional earnings based on sales performance?

    <p>Hourly plus commission</p> Signup and view all the answers

    What does LIFO stand for in the context of inventory management?

    <p>Last in, first out</p> Signup and view all the answers

    Which term describes the process of returning unsold merchandise back to the vendor?

    <p>Return to the vendor (RTV)</p> Signup and view all the answers

    What does POS stand for in the retail industry?

    <p>Point-of-sale</p> Signup and view all the answers

    What is the primary purpose of Research and Development (R&D) mentioned in the text?

    <p>Analyze trends and issues affecting products</p> Signup and view all the answers

    In the context of operations and the computer, what does cross-filing refer to?

    <p>A system where the same information is listed in multiple categories</p> Signup and view all the answers

    What tasks are NOT mentioned as part of the computer's role in operations?

    <p>Creates promotional plans</p> Signup and view all the answers

    How is R&D related to growth opportunities according to the text?

    <p>R&amp;D indicates that change can provide new growth opportunities</p> Signup and view all the answers

    What is a significant function of the computer in operations mentioned in the text?

    <p>Maintaining payroll records</p> Signup and view all the answers

    How does R&D contribute to business success based on the text?

    <p>R&amp;D assists in identifying areas for growth and improvement</p> Signup and view all the answers

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