...requests by store operations personnel B) vendors that are preferred by retail personnel C) budget requests for capital equipment D) customer requests for merchandise that is either out of stock or unstocked 3) Customer requests for unstocked or out-of-stock merchandise are recorded in a(n) ________. A) generic product file B) OCR-A system C) UPC system D) want book or want slip 4) Which of the following is not a merchandise source? A) resident buying office B) company-owned C) outside, regularly used supplier D) outside, new supplier 5) A deduction from a bill made by a retailer due to such infractions as late shipping or improper labeling is called a ________. A) penalty B) liquidated damage C) chargeback D) holdback 6) A purchaser of fine antiques is most likely to evaluate merchandise through ________. A) description B) sampling C) inspection D) testing by an independent agency 7) An example of items which should be evaluated by a retailer by inspection are ________. A) college textbooks B) antique furniture C) color televisions D) file cabinets 8) Description buying is most appropriate for ________. A) breakable, perishable, or expensive items B) standardized, nonbreakable, and nonperishable merchandise C) jewelry and art works D) nonstandardized, breakable, and perishable merchandise 9) A new or special order usually results in a ________. A) negotiated...
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...Retail Enterprise Resource Planning Enterprise Resource Planning systems or the ERP systems refer to the software packages that integrate all the data and the related processes of an organization into a unified Information System (IS). An ERP system uses a central database that holds all the data relating to the various system modules. In order to achieve a seamless integration, an ERP system uses multiple hardware and software components. ERP packages are heavily used by larger retail chains. Designed to facilitate the administration and optimization of internal business processes across an enterprise, ERP packages have become the competitive tool for most large retail organizations. An ERP software uses a single database that allows the different departments to communicate with each other through information sharing. ERP systems comprise function-specific components that are designed to interact with the other modules such as the Order Entry, Accounts Payable, Accounts Receivable, Purchasing, Distribution etc. ERP systems comprise of different modules such as order entry, purchase, sales, finances, inventory management, DRP (Distribution Resource Planning) and human resources. The components are designed to work effortlessly with the rest of the system and provide a consistent user interface throughout the system. ERP software packages have an enterprise wide reach that offers cross-functional capabilities to the organization. The different functional departments involved...
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...Turnover – is the retailer’s net sales divided by its assets. This assesses the productivity of a firm’s investment in its asset and indicates how many sales are generated by each dollar of sales. This two components is determined by two set of activities, profit management and asset management, and that high ROA can be achieved by various combinations of net profit margin and asset turnover Retailing View Summary: Federal Department Stores vs. Costco Federated Department Stores operates two national department store chains, Macy’s and Bloomingdales’s. Like other department store chains, Federated offers a wide variety of fashionable apparel and home furnishings, a relatively high level of customer service provided by its sales associates and an attractive shopping environment. Costco’s warehouse stores, in contrast, offer limited assortment of food and general merchandise in a self-service, warehouse environment. Profit Margin Management Path Information used to examine the profit margin management path comes from the retailer’s income statement, which summarizes a firm’s financial performance over a period of time. Income Statement for Federated Department Stores and Costco Profit Management...
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...Retail Management Course Syllabus |Course Name: |Retail Management | |Course Code: | | |Credit Hours: |03 Credit Hours | |Course Prerequisites: |Marketing Principles | |Quarter/Year: | | |Instructor: |Hasan Ashraf Khan | |Contact No: |051-4863363-65 | |Consultation Hours: |9 am to 2 pm | |E-mail: |hasan@szabist-isb.edu.pk | 1. Course Description: The retailing industry is a significant industry sector and the largest private sector employer in USA and many Western countries. In emerging economies, retailing reflects the rapid changes taking place as local...
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...Abstract You will either lose or save an abundance or money in the development of starting the corporation or retelling the merchandise this all depends on how you produced your merchandise. There are three things that need to be considered; the manufacture price, your financial plan and estimated profit margin. You will correspondingly need to reflect on your management knowledge and the people that assist you with the corporation judgments and the profits, when choosing how you need to manufacture your merchandise. How Management Operates The means of support if you want a successful corporation is the management. Management is everything and anything that affects the corporation in a moneymaking way or it could have a harmful effect on the corporation. The people that are responsible for the critical decision making to do with the corporation and they make the decisions dealing with the financial management, are called the managers. Controlling, leading, organizing, and planning are the four occupations management is broken down into. Each one of those corporations play a very significant part of what is takes to make you management successful for the corporation. (Coastal Carolina University, 2001-2011) In management controlling is completely regarding answerability. In the corporation or in a section of the corporation, a manager has a duty to establish goals, observer the goals, and if it is necessary modify or make different goals. A manager is also responsible...
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...The Four Functions of Management All organizations have good and bad managers. One difference between a good manager and bad manager is that a good manager is both effective and efficient. An effective manager reaches the organizational goals and an efficient manager reaches the organizational goals with the minimal dissipation of resources in the organization such as money or people. Managers understand organizations are changing on an every day basis such as coming up with new ideas or methods used in the workplace. Managers must be able to adjust to the changes without disregarding the basics of management. The following will discuss the fundamentals of management, which includes the four functions of management such as planning, organizing, leading, and controlling. It will also explain how the four functions relate to an organization. The first function of a manager is planning. A manager must understand what the organizational goal is and plan the direction that needs to be taken to achieve an organizational goal. According to Bateman and Snell (2009), “planning is specifying the goals to be achieved and deciding in advance the appropriate actions needed to achieve those goals” (p. 19). A manager, who focuses on the function of planning, identifies objectives, goals, and methods. He or she recognizes the capital or resources needed to accomplish the methods, responsibilities, and deadlines for the completion of tasks. For instance, a Wal-Mart department manager...
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...executives have to keep their focus and be ready to adapt to them at a moments notice. At Wal-Mart, top executives have learned to utilize the four traditional functions of management: planning, organizing, leading, and controlling. Through understanding the four functions, they have been able to overcome the internal and external factors that have threatened Wal-Mart’s place in their industry. However, Wal-Mart has experienced situations where internal and external factors have affected and, in some cases, enhanced their ability to use those functions. Now we will take a look at these five factors: Globalization, Technology, Innovation, Diversity, and Ethics and analyze their affects on the four functions of management. For Wal-Mart, globalization has affected the four functions of management. When the organization decided to go global in 1991, Wal-Mart experienced a huge shift in its ideas of planning. With the options of going into Europe, Asia, and other countries in the western hemisphere, Wal-Mart decided to first move into the South American markets. Ultimately, Wal- Mart chose to expand its organization globally in Mexico where it could gain knowledge and experience, and use this knowledge to continue to expand internationally. Globalization affected the company’s organization function of management as well. For Wal-Mart to expand further than South America and into Canada, the firm had to establish an organizational strategy. The corporation chose four main...
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... Learning about the technologies that can influence growth, and empower business owners to gain a more prosperous company is extremely satisfying. Technology is improving every day. Those who take advantage of it will take the lead. Those who will not will fall behind. When the improvements are made, Club IT will grow and be even more successful in the coming months and years. Club IT, Part Two Evaluating Club IT’s Resources, Customers, and Supply Chain Upon reviewing the records, both Rueben and Lisa have determined that the club’s information technology needed improvement. They had a simple website advertising Club IT gear such as caps, tee-shirts, and mugs. Even though they had their merchandise on their website, there was no way for their customers to order online. Customers had to reserve tickets for the weekend concerts by phone or at the door. They had acquired quite a few week-end customers and repeaters, and it was time to expand to the next level of technology. It is obvious that the expansion of certain information technology would improve their club’s relationship with their customers. It would increase their company’s time and decrease work load. It may be an expensive upgrade; however, it is cost-effective and will create a more efficient way of doing business. Defining Three IT Solutions to Resolve the Three Problems Currently, customers are returning each...
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...ERP for Retail Sector Presented By: Astha Priyamvada What is ERP? Enterprise Resource Planning systems or the ERP systems refer to the software packages that integrate all the data and the related processes of an organization into a unified Information System (IS). An ERP system uses a central database that holds all the data relating to the various system modules. In order to achieve a seamless integration, an ERP system uses multiple hardware and software components. ERP packages are heavily used by larger retail chains. Designed to facilitate the administration and optimization of internal business processes across an enterprise, ERP packages have become the competitive tool for most large retail organizations. An ERP software uses a single database that allows the different departments to communicate with each other through information sharing. ERP systems comprise of different modules such as order entry, purchase, sales, finances, inventory management, DRP (Distribution Resource Planning), human resources and budgeting software. The components are designed to work effortlessly with the rest of the system and provide a consistent user interface throughout the system. ERP software packages have an enterprise wide reach that offers cross-functional capabilities to the organization. The different functional departments involved in the operations or inventory processes are integrated into a single system. An ERP package takes care of the various business...
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...Running head: MANAGEMENT PRACTICES MANAGEMENT PRACTICE Abstract This paper will explain how good management practices of planning, leading, organizing, staffing, and controlling are implemented into the workplace. It will analyze the application of these management concepts to the workplace. Including specifics of how five functions are practiced in the workplace. Applying the five functions can only improve any business that is willing to accept changes. At the time it was not known that the Boutique was using the five functions. The course made it clear that the owner was utilizing the five functions and the contribution it will offer to the business when practiced during operation. MANAGEMENT PRACTICE Effective Management Practices in the Workplace A good, effective management practice to use in any workplace is the five functions: planning, leading, organizing, staffing, and controlling (Reilly, 2011). A successful workplace has to have a great staff working to help it move forward. A great leader (owner) will ensure that employees are organized, informed of the planning, leading, staffing, and controlling to reach the goals of the organization. Working in the clothing industry is tough so applying the five-functions in the workplace will work when it is applied properly. To be successful managers and owners need to know the five functions, and how to implement them into the workplace. Success will be reachable and achievable when all five functions are...
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...credit card segment which offers credit cards to qualified guest through their branded proprietary credit cards, the target visa and the target card. Additionally they offer a proprietary branded Target debit card. Together those different cards create a bond between the guests driving sales and contribute to the results of operations. Target’s key to their ongoing success is effective inventory management. Target utilizes various techniques such as demand forecasting and planning and various forms of replenishment management. Target achieves effective inventory management by being in-stock in core product offerings, maintaining a positive vending relationships and carefully planning inventory levels for seasonal and apparel items to minimize markdowns. In the retail segment target’s competition is with traditional and off-price general merchandise retailers, internet retailers, wholesale clubs, category specific retailers, drug stores, supermarkets and other forms of retail commerce. JC Penny is one of the retailers who offer similar product as target. JC Penny sells merchandise and services through their department stores and through their internet website as well. In the past, when people went into JC Penny, normally you would only be able to purchase apparel for ladies, men, and children. However over the years that has changed. JC Penny still sells that type of...
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...cost related. Logistics is the management of the flow of goods between the point of origin and the point of destination in order to meet the requirements of customers or corporations. Logistics involves the integration of information, transportation, inventory, warehousing, material handling, and packaging. “The birth of Logistics can be traced back to ancient war times of Greek and Roman empires when military officers titled as 'Logistikas' were assigned the duties of providing services related to supply and distribution of resources.” (…..) This system could have very well begun what we call logistics management in today’s modern time. Logistics has rapidly evolved over the past years. A person can’t talk about logistics without understanding the management structure of logistics which is the push and pull system because companies struggle trying to figure out which strategy to use. Push planning is generally supply driven and is a successful approach when a company owns market share and controls demand for its products. A push strategy combines the resources of retailers, wholesalers and manufacturers to create consumer demand for a product or product line. With this push strategy each phase of the supply chain pushes the merchandise forward to the next step in the supply chain. The manufacturer pushes the merchandise to wholesalers, the wholesalers then pushes the merchandise down to the retailers, and the retailer pushes the merchandise down to the consumers. This is pushed...
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...Discussion: Progressive Elaboration Consider this statement: Progressive elaboration is a technique that supports iterative planning and allows for incremental improvements in the accuracy and completeness of the project plan. Do you agree with this statement? Why or why not? Progressive elaboration permits the evolution and solution of a project to emerge. I must declare I completely agree with said statement. The idea of progressive elaboration refers to a project management technique within which the project set up is regularly changed, elaborated and improved as newer info becomes offered. Progressive Elaboration unendingly details a thought and specific info and a lot of correct estimates become offered because the project progresses, manufacturing a lot of correct and complete plans that result from the sequential iterations of the design method. Progressive elaboration is delineate by the Project Management Institute (PMI), in their guide to the Project Management Body of data (PMBOK® Guide), as a best observe. Progressive elaboration is analogous to alternative best practice components. It’s explained within the PMBOK® Guide and its use is usually recommended in many instances. The precise way to use it in a project management method would depend upon the methodology used. A number of the agile project management methodologies counsel on sharply unvarying or multi-step processes that will need active progressive elaboration, whereas methodologies just like the...
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...market. 3. The differences are not that obvious. Strategic alliances often are made to speed up and concentrate on the need for further development of a product. The alliance helps fray down the entire cost of the project whereas joint venture focus more on a common interest in which doing business in a 3rd market is sought or a project is going underway. Both types often have management issues amongst each other. 4. A firm can be multi domestic in relation to each foreign market is different. In a multi domestic market, the need to be adaptive is high along with stressing the principle of trying to keep prices low. All markets differ and the ability to adapt and change to a certain market from a global standpoint will enable a firm to think globally along with being able to fundamentally carry on multi domestic operations within a specific market. 5. One important condition is that a host government may not permit wholly owned subsidiary’s. Another reason a joint venture may be more useful is because there may be tax advantages involved and that two operations take on the risks together. 6. Management contracts are often wanted because expertise is brought with it. A fee is often paid for the know how of delivering tacit-knowledge. In addition, poor nations may have a harder time...
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...Introduction: ERP is the short form of Enterprise Resource Planning. ERP utilizes ERP software applications to advance the performance of organizations' resource planning, management control and operational control. ERP software is multi-module appliance software that integrates activities across functional departments, from product planning, parts purchasing, inventory control, product circulation, to order tracking. ERP software may include application modules for the finance, accounting and human resources aspects of a business. Enterprise Resource Planning systems (ERPs) integrate (or attempt to integrate) all data and processes of an organization into a unified system. A typical ERP system will use multiple components of computer software and hardware to achieve the integration. A key ingredient of most ERP systems is the use of a unified database to store data for the various system modules. ERP is an amalgamation of a company's information systems designed to bind more closely a variety of company functions including human resources, inventories and financials while simultaneously linking the company to customers and vendors. The Aim of an ERP System - The aim of ERP is to advance and modernize inner business processes, which characteristically requires reengineering of current business processes. The Components of an ERP System - The components of an ERP system are the common components of a Management Information System (MIS). * ERP Software - Module based...
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