MIX REVIEW Flashcards
(50 cards)
1
Q
- Which of the following is the primary goal of outsourcing in operations
management?
a. To increase workforce size
b. To lower costs and improve efficiency
c. To expand product lines
d. To create more in-house jobs
A
To lower costs and improve efficiency
2
Q
- Which of the following is the primary objective of crisis management in
operations?
a. To minimize production costs
b. To maintain continuous production
c. To prepare for and respond to emergencies eectively
d. To enhance employee performance.
A
To prepare for and respond to emergencies effectively
3
Q
- How does data analytics improve operational eciency in retail?
a. By creating more complex supply chains
b. By predicting inventory needs and optimizing stock levels
c. By enhancing employee training programs
d. By establishing pricing strategies without customer input
A
By predicting inventory needs and optimizing stock levels
4
Q
- Which of the following is a key component of a merchandise plan?
a. Store layout design
b. Seasonal trends
c. Customer demographics
d. All of the choices
A
All of the choices
5
Q
- What is “assortment planning” in the context of merchandise planning?
a. The process of deciding on the location of the store
b. The strategy for deciding which products and categories to offer to meet
customer needs
c. The technique to manage employee schedules
d. The creation of promotional signage
A
b. The strategy for deciding which products and categories to offer to meet
customer needs
6
Q
- A company is deciding how to allocate limited funds between two operational
projects. Project A has a projected ROI of 15%, and Project B has a projected ROI
of 10%. Which project should receive priority?
a. Project A, because it has a higher ROI
b. Project B, because it might have lower risks
c. Both projects, equally splitting funds
d. Neither project, because ROI is not enough to decide
A
Project A, because it has a higher ROI
7
Q
- What does ‘Personnel Utilization’ in operations management refer to?
a. The process of hiring and training new employees
b. The eective management of employees time and productivity levels
c. The evaluation of employee satisfaction and morale
d. The development of workplace safety protocols
A
The effective management of employees time and productivity levels
8
Q
- What role does employee training play in personnel utilization?
a. It adds to operational overhead
b. Minimal impact as job-specific skills are not necessary
c. It is essential for improving skill levels and adaptability
d. It primarily focuses on compliance with labor laws
A
It is essential for improving skill levels and adaptability
9
Q
- In the context of operation management, what does the term
“facility layout” refer to?
a. The design of services oered in the facility
b. How machinery and equipment are arranged in the production area
c. The arrangement of inventory storage
d. The setup of the workforce in an organization
A
How machinery and equipment are arranged in the production area
10
Q
- Which of the following is a key component of effective credit management?
a. Establishing clear credit policies and payment terms
b. To minimize financial risks and ensure timely collection of receivables
c. It ensures that customers do not exceed a manageable level of debt
d. Procedures for following up on overdue accounts and receiving
payments
A
Establishing clear credit policies and payment terms
11
Q
- What does the term “Net Profit Margin” indicate in retail operations?
a. The relationship between cost of goods sold and sales revenue
b. The percentage of revenue that remains as profit after all expenses are paid
c. The total sales divided by the number of units sold
d. The total costs associated with acquiring inventory
A
The percentage of revenue that remains as profit after all expenses are paid
12
Q
- What financial metric would a retail manager analyze to understand the
eectiveness of promotional campaigns?
a. Return on Investment
b. Current Ratio
c. Inventory Turnover Ratio
d. Earnings Before Interest and Taxes
A
Return on Investment
13
Q
- Which of the following is a critical component of eective inventory
management under the operation dimension of retailing?
a. Increasing the variety of products oered
b. Reducing supplier relations
c. Maintaining optimal stock levels to meet customer demand
d. Focusing solely on high-margin items
A
Maintaining optimal stock levels to meet customer demand
14
Q
- What does the term “store layout” refer to in retail operations?
a. The geographic location of the store
b. The pricing strategy used by the retailer
c. The arrangement of products within a store
d. The branding and signage of the retail store
A
The arrangement of products within a store
15
Q
- Which of the following is an example of an operational eciency metric in
retailing?
a. Sales growth percentage
b. Inventory turnover ratio
c. Customer satisfaction score
d. Brand awareness index
A
Inventory turnover ratio
16
Q
- Which operational dimension is primarily concerned with ensuring product
availability in retail stores?
a. Visual merchandising
b. Human resource management
c. Inventory management
d. Financial accounting
A
Inventory management
17
Q
- What is the main goal of retail operations in terms of customer service?
a. Maximizing inventory
b. Reducing marketing expenses
c. Ensuring customer levels satisfaction and loyalty
d. Streamlining employee management
A
Ensuring customer levels satisfaction and loyalty
18
Q
- In terms of operation management, which financial statement is primarily used
to evaluate a company’s profitability over a specific period?
a. Balance Sheet
b. Income Statement
c. Cash Flow Statement
d. Shareholder’s Equity Statement
A
Income Statement
19
Q
- Which of the following is the primary goal of cost management in operations?
a. To increase production rates
b. To enhance product quality
c. To reduce costs while maximizing profit
d. To improve supplier relationships
A
To reduce costs while maximizing profit
20
Q
- In operation management under the operation dimension,which of the
following is the resource allocation?
a. Maximize the utilization of all available resources.
b. Minimize the cost of underutilized resources.
c. Balance resources to achieve eciency and financial goals.
d. Reduce labor costs to the lowest possible level.
A
Balance resources to achieve eciency and financial goals.
21
Q
- A retail organization is implementing a new sales incentive program. What is
the primary objective of such a program?
a. To reduce employee turnover
b. To enhance product quality
c. To increase sales performance
d. To attract new customers
A
To increase sales performance
22
Q
- Which of the following is a primary function of a retail organization?
a. Manufacturing goods
b. Providing legal consultancy services products to retailers
c. Selling products directly to end consumers
d. wholesaling products and retailers
A
Selling products directly to end consumers
23
Q
- Which type of retail organization operates on a membership basis and sells
products in bulk?
a. Department stores
b. Supermarkets
c. Warehouse clubs
d. Specialty stores
A
Warehouse clubs
24
Q
- Which of the following is the first step in the HR planning process?
a. Conducting job analysis
b. Evaluating current HR capacity
c. Forecasting HR requirements
d. Recruiting employees
A
Evaluating current HR capacity
25
25. What is the primary objective of employee training?
a. To reduce the workload of managers
b. To align employee skills with organizational needs
c. To meet statutory compliance requirements
d. To improve employee loyalty
To align employee skills with organizational needs
26
26. What is the primary purpose of financial management in retail operations?
a. To manage supplier relationships
b. To maximize profitability
c. To track operational eciency
d. To oversee marketing eorts
To maximize profitability
27
27. Which of the following metrics is commonly used to evaluate a retail store's
profitability?
a. Employee turnover rate
b. Customer satisfaction score
c. Gross margin
d. Foot traffic
Gross margin
28
28. In retail operations, what does the term "inventory turnover ratio" refer to?
a. The speed at which products are sold and replaced
b. The total amount of inventory a store has at any given time
c. The frequency of inventory audits
d. The amount of discount applied to sold products
The speed at which products are sold and replaced
29
29. Which of the following is a primary financial goal in retail operations?
a. To maintain high employee morale
b. To maximize customer service ratings
c. To optimize inventory levels and reduce costs
d. To enhance product variety
To optimize inventory levels and reduce costs
30
30. Which financial statement provides a snapshot of a retailer's financial
position at a specific point in time?
a. Cash Flow Statement
b. Balance Sheet
c. Income Statement
d. Retained Earnings Statement
b. Balance Sheet
31
31. When developing a merchandise plan, what is a "buying plan"?
a. The strategy for hiring additional sta
b. A purchasing inventory based on forecasted sales
c. A list of marketing promotions
d. A layout plan for the store
The strategy for hiring additional staff
32
32. Which of the following helps retailers forecast future merchandise needs?
a. Back-end supply chain audits
b. Social media engagement
c. Historical sales data analysis
d. Employee training programs
Historical sales data analysis
33
33. What does "inventory turnover" measure in retail?
a. The frequency of new product introductions
b. The rate at which inventory is sold and replaced over a specific period
c. The amount of sales per transaction
d. The eectiveness of employee training
The rate at which inventory is sold and replaced over a specific period
34
34. Which of the following is the first step in developing a merchandise plan?
a. Selecting suppliers
b. Conducting a sales forecast
c. Setting financial objectives
d. Evaluating inventory levels
Conducting a sales forecast
35
35. Which merchandise planning strategy focuses on grouping related products
to optimize sales and profitability?
a. Assortment planning
b. Markdown planning
c. Category management
d. Supply chain management
Category management
36
36. Which of the following metrics is commonly used to measure the success of a
merchandise plan?
a. Gross margin return on investment
b. Number of employees
c. Store square footage
d. Total advertising expenditure
Gross margin return on investment
37
37. Which strategy is typically used to reduce overstock in merchandise planning?
a. Markdown strategy
b. Buy one get one free oers
c. Increase in advertising
d. Expanding the product line
Markdown strategy
38
38. What is the purpose of a 'buying plan’ within a merchandise plan?
a. To forecast customer visits
b. To dictate the communication methods for promotions
c. To specify how much merchandise to purchase over a specific period
d. To analyze competitor pricing
To specify how much merchandise to purchase over a specific period
39
39. Which of the following is the first step in implementing a merchandise plan?
a. Evaluating vendor performance
b. Purchasing inventory
c. Allocating merchandise to stores
d. Communicating the plan to stakeholders
Communicating the plan to stakeholders
40
40. What role does technology play in implementing merchandise plans?
a. It eliminates the need for employee training.
b. It automates processes like inventory tracking and sales monitoring.
c. It creates new product categories for the store.
d. It replaces physical stores with online platforms.
It automates processes like inventory tracking and sales monitoring
41
41. In retail site selection, which of the following is most important for a
supermarket?
a. Proximity to luxury housing
b. Ample parking space
c. High foot trac
d. Exclusive brand partnerships
Ample parking space
42
42. Which of the following is a potential drawback of a high rent retail location?
a. Increased brand visibility
b. Higher expectations from customers
c. Increased overhead costs leading to lower profit margins
d. Greater employee availability
Increased overhead costs leading to lower profit margins
43
43. What is the primary goal of human resource management in a retail context?
a. To manage merchandise inventory
b. To maximize employee productivity and satisfaction
c. To develop marketing strategies
d. To oversee supply chain logistics
To maximize employee productivity and satisfaction
44
Which of the following functions is NOT typically associated with human
resources management in retail?
a. Recruitment and selection
b. Merchandise pricing
c. Training and development
d. Employee performance management
b. Merchandise pricing
45
What is the benefit of having a structured training program for retail
employees?
a. It reduces stang costs
b. It ensures consistency in customer service and operational procedures
c. It allows employees to work independently without supervision
d. It minimizes the need for hiring new sta
It ensures consistency in customer service and operational procedures
46
Which of the following is the primary objective of site selection in retail
management?
a. To maximize employee satisfaction
b. To enhance product quality
c. To increase sales and customer foot trac
d. To reduce operating costs
To increase sales and customer foot traffic
47
Which of the following factors is NOT typically considered in retail site
selection?
a. Demographics of the area
b. Local competition
c. Personal preference of the store manager
d. Accessibility and Transportation
Personal preference of the store manager
48
Which retail format most likely prioritizes high trac areas for site selection?
a. Specialty Stores
b. Pop-Up Shops
c. Discount Stores
d. E-commerce
Pop-Up Shops
49
What is the significance of conducting a competitor analysis during the site
selection process?
a. To create unique product lines
b. To identify potential threats and opportunities
c. To determine employee hiring strategies
d. To decide on the store's interior design
To identify potential threats and opportunities
50
Which site selection criterion primarily concerns how easily customers can
enter and exit the store?
a. Visibility
b. Accessibility
c. Lease costs
d. Surrounding environment
Accessibility
