Human Resource Management Overview
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Questions and Answers

Which pricing strategy involves setting high initial prices before reducing them over time?

  • Skimming Pricing (correct)
  • Penetration Pricing
  • Dynamic Pricing
  • Cost-Plus Pricing

    • Collaborative relationships with vendors should be avoided in vendor negotiations.

    False

    What is the first step in the action plan for optimizing vendor negotiation?

    Define negotiation objectives

    The strategy of setting prices based on competitors' pricing is known as __________ pricing.

    <p>Competitive</p> Signup and view all the answers

    Match the following pricing strategies with their descriptions:

    <p>Cost-Plus Pricing = Setting prices based on costs plus a markup Dynamic Pricing = Adjusting prices in real time based on demand Penetration Pricing = Low initial pricing to gain market share Psychological Pricing = Pricing just below a round number</p> Signup and view all the answers

    What key consideration involves the management of available stock levels?

    <p>Inventory management</p> Signup and view all the answers

    Data security and compliance are not essential elements in vendor negotiation.

    <p>False</p> Signup and view all the answers

    What is a key benefit of using dynamic pricing strategies?

    <p>Adjust prices based on demand and competition</p> Signup and view all the answers

    What is the primary focus of value-based pricing?

    <p>Setting prices according to customer perceived value</p> Signup and view all the answers

    Premium pricing is used for products that are positioned as low-quality.

    <p>False</p> Signup and view all the answers

    Name one technique that can increase average order value through discounts.

    <p>Bundle Pricing</p> Signup and view all the answers

    ________ pricing adjusts prices based on demand and competition in real time.

    <p>Dynamic</p> Signup and view all the answers

    Match the following pricing techniques with their descriptions:

    <p>Value-Based Pricing = Aligns price with customer perceived value Psychological Pricing = Sets prices just below a round number to trigger sales Penetration Pricing = Sets low initial price to gain market share Premium Pricing = Sets higher prices for luxury or high-quality products</p> Signup and view all the answers

    Which pricing technique is often used to trigger emotional responses in customers?

    <p>Psychological Pricing</p> Signup and view all the answers

    Prices in the decline stage of the product life cycle are typically higher than at launch.

    <p>False</p> Signup and view all the answers

    What is the goal of penetration pricing?

    <p>To attract customers and gain market share</p> Signup and view all the answers

    Which of the following is an external recruitment source?

    <p>Management Consultant</p> Signup and view all the answers

    The selection process begins before the recruitment process is completed.

    <p>False</p> Signup and view all the answers

    What is the primary purpose of conducting a psychological test during the selection process?

    <p>To compare the behavior of applicants.</p> Signup and view all the answers

    During the initial screening of applicants, a __________ interview is conducted by the receptionist.

    <p>preliminary</p> Signup and view all the answers

    What is a primary benefit of enhancing customer experience through digital tools?

    <p>Increased customer satisfaction and loyalty</p> Signup and view all the answers

    Match the selection steps with their main purposes:

    <p>Preliminary Interview = Initial screening of applicants Reviewing Formal Application Blank = Preparing for the interview Interview = Understanding candidate qualities Reference Check = Verifying applicant information</p> Signup and view all the answers

    Which of the following is NOT considered a type of compensation?

    <p>Employee lunch breaks</p> Signup and view all the answers

    Which step of the selection process is considered the most important?

    <p>Interview</p> Signup and view all the answers

    The upstream supply chain is responsible for managing customer demand.

    <p>False</p> Signup and view all the answers

    Compensation management only includes base pay.

    <p>False</p> Signup and view all the answers

    What does data-driven decision making provide to businesses?

    <p>Actionable insights and trends for informed decisions</p> Signup and view all the answers

    A medical examination is only required for managerial candidates.

    <p>False</p> Signup and view all the answers

    What is meant by incentive pay?

    <p>Incentive pay refers to performance-based rewards such as bonuses, commission, or profit sharing.</p> Signup and view all the answers

    The flow of information in the supply chain is ______________, meaning it goes both upstream and downstream.

    <p>bidirectional</p> Signup and view all the answers

    What is the purpose of gathering references from applicants?

    <p>To verify facts about their previous employment.</p> Signup and view all the answers

    The total cash and non-cash payments given to an employee in exchange for their work is known as __________.

    <p>compensation</p> Signup and view all the answers

    Match the following supply chain components with their descriptions:

    <p>Upstream Supply Chain = Activities related to sourcing raw materials Downstream Supply Chain = Managing customer demand Data Management = Integrates data from various sources Visibility and Tracking = Provides real-time updates on goods</p> Signup and view all the answers

    Which system helps analyze data to predict demand and optimize inventory levels?

    <p>Planning and Forecasting</p> Signup and view all the answers

    Match the following types of compensation with their descriptions:

    <p>Base Pay = Regular paid wages either hourly or salary Commission = Payment based on sales performance Bonuses = Additional payment for achieving certain goals Benefits = Non-cash rewards such as insurance and vacation</p> Signup and view all the answers

    Cost reduction can be achieved by maintaining inefficient systems.

    <p>False</p> Signup and view all the answers

    What is a primary goal of employee evaluations?

    <p>To provide feedback for growth</p> Signup and view all the answers

    Merit pay is considered a type of indirect compensation.

    <p>False</p> Signup and view all the answers

    What is essential for maintaining coordination in the supply chain?

    <p>Bidirectional information flow</p> Signup and view all the answers

    What should managers focus on to create a positive work environment during employee evaluations?

    <p>Open communication and collaboration</p> Signup and view all the answers

    What type of window display allows visibility into the store while being partially covered at the back?

    <p>Semi-closed Windows</p> Signup and view all the answers

    Cool colors like red and gold create a peaceful and calming effect.

    <p>False</p> Signup and view all the answers

    Name one element of store atmosphere that can influence customer purchase behavior.

    <p>Lighting</p> Signup and view all the answers

    Elevated windows can either be a _____ or open window located at a higher level.

    <p>closed</p> Signup and view all the answers

    Match the store atmosphere elements with their effects:

    <p>Lighting = Highlights merchandise Color = Creates mood Music = Controls store traffic pace Scent = Affects customer emotions</p> Signup and view all the answers

    Which type of window display is typically used for jewelry and cosmetics?

    <p>Shadowbox window displays</p> Signup and view all the answers

    The five senses involved in creating store atmosphere include taste and touch.

    <p>False</p> Signup and view all the answers

    Why is customer service considered a strategic advantage?

    <p>It helps in retaining clients and preserving repeat revenue.</p> Signup and view all the answers

    Study Notes

    Pricing Strategies

    • Price Skimming: Setting high initial prices for a new product to capture early adopters and then gradually lowering prices over time.
    • Competitive Pricing: Setting prices based on competitor's prices in the market.
    • Value-Based Pricing: Defining a product’s value to target customers and setting prices based on that perceived value.
    • Premium Pricing: Setting high prices for products positioned as high-quality or luxurious.
    • Penetration Pricing: Setting low initial prices to gain market share and discourage competitors from entering the market.
    • Dynamic Pricing: Continuously adjusting prices based on demand and competition in real time.
    • Psychological Pricing: Triggering emotional responses in customers by using specific pricing strategies. Examples include using odd pricing ($9.99), anchoring, bundling, or price segmentation.

    Vendor Negotiation

    • First step in vendor negotiation: Understand the organization's needs and prioritize.
    • Collaborative relationships with vendors: They are beneficial for both parties, fostering trust and mutual understanding.
    • Data Security and Compliance: Essential elements in vendor negotiation to ensure data protection and adherence to legal regulations.
    • Key considerations in vendor negotiation: Inventory management to ensure efficient supply chain operations.

    Key Benefit of Dynamic Pricing Strategies

    • Increased revenue and profitability: By adapting to real-time market changes.

    Pricing Techniques

    • Bundle Pricing: Offering multiple products or services at a discounted price to increase average order value.

    Product Life Cycle

    • Decline Stage: Prices are typically lower than at launch due to increased competition and decreased demand.

    Recruitment and Selection

    • External Recruitment Sources: Job boards, social media, and professional networking sites.
    • Selection Process Steps:
      • Initial Screening: A brief interview conducted by the receptionist to filter applicants.
      • Testing: Used to assess candidates' skills and abilities, including psychological tests.
      • Interviewing: A more in-depth evaluation of candidates' qualifications and suitability for the role.
      • Reference Checks: Verifying information provided by applicants and gathering feedback from previous employers.
      • Background Checks: Ensuring candidates' suitability for employment by verifying their past actions and history.
      • Offer and Acceptance: Extending a job offer and receiving formal acceptance from the candidate.
      • Onboarding and Training: Introducing the new employee to the company culture and providing necessary training for the role.
    • Selection Process: It starts with the recruitment process.
    • Psychological Tests: To measure personality traits, cognitive abilities, and aptitude for the role.
    • Compensation: Includes base pay, bonuses, benefits, and other forms of remuneration.

    Supply Chain Management

    • Upstream Supply Chain: Focuses on sourcing raw materials, components, and manufacturing.
    • Downstream Supply Chain: Involves distribution, warehousing, and delivery to customers.
    • Information Flow: Bidirectional, flowing both upstream and downstream along the supply chain.
    • Data-Driven Decision Making: Provides insights based on data analysis to improve efficiency and optimize supply chain operations.
    • Employee Evaluations: Used to assess employee performance, identify areas for development, provide feedback, and motivate employees.
    • Incentive Pay: A form of compensation that rewards employees based on their performance and contributions.
    • Total Compensation: Includes all cash and non-cash payments an employee receives for their work, covering base pay, benefits, and incentives.
    • Demand Planning Systems: Used to analyze data and predict demand accurately, optimizing inventory levels and reducing potential stockouts or overstocking.
    • Cost Reduction: Achieving cost savings through efficient systems and processes, not by maintaining inefficient ones.
    • Coordination in the Supply Chain: Essential for seamless flow of goods, information, and resources, reducing delays and improving efficiency.
    • References: Gathering feedback from previous employers to verify the applicant's experience and suitability for the role.

    Store Atmosphere

    • Open Window: Displays merchandise directly in front of the store, offering maximum visibility.
    • Elevated Window: Located at a higher level, offering either a partially open view or a closed display space with a glass front.
    • Store Atmosphere Elements:
      • Lighting: Affects mood, visibility, and customer perception of the store.
      • Color: Impacts customer emotions and perceptions, influencing purchase decisions.
      • Music: Sets the mood and ambiance of the store, affecting customer behavior.
      • Scent: Evokes specific emotions and can enhance the shopping experience.
      • Touch: Encourages interaction with products through samples, displays, and textures.
    • Window Display Types:
      • Open Display: Offers complete visibility of merchandise, suitable for casual clothing, shoes, and accessories.
      • Closed Display: Partial visibility behind a decorative façade, ideal for showcasing jewelry, cosmetics, and luxury items.
    • Customer Service as a Strategic Advantage: Provides a competitive advantage by offering unique experiences and building lasting relationships with customers, leading to customer loyalty and brand advocacy.

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    This quiz covers the key aspects of Human Resource Management (HRM), including its objectives, issues specific to retail HRM, and the importance of aligning workforce skills with organizational needs. Test your knowledge on modern HR practices, employee engagement, and ethical considerations in the workplace.

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