RETAIL MANAGEMENT-FINAL EXAM
QUESTIONS & VERIFIED COMPLETE
SOLUTIONS PASSED 100%
What are store managers responsible for? - Correct Answer ✔✔ Employees and real
estate
Steps in Employment Management Process - Correct Answer ✔✔ 1. Recruit and select
employees
2. Socialize and train new employees
3. Motivate and manage employees to achieve store performance goals
4. Evaluate employee performance and provide feedback
5. Compensate and reward employees
What is a managers' most important but also frustrating task? - Correct Answer ✔✔
Motivating employees
Employee performance improves when employees feel: - Correct Answer ✔✔ -That
their efforts will enable them to achieve the goals set for them by their managers.
-That they'll receive rewards they value if they achieve their goals.
Who should do the evaluation? - Correct Answer ✔✔ -System designed by HR
-Done by immediate supervisors
How often should evaluations be made? - Correct Answer ✔✔ annually or semiannually
Extrinsic Rewards - Correct Answer ✔✔ rewards provided by either the employee's
manager or the firm such as compensation, promotion, and recognition
A la carte plans - Correct Answer ✔✔ Give employees a choice of rewards for their
good performance
Intrinsic Rewards - Correct Answer ✔✔ Rewards employees get personally from doing
a job well done because they think it is challenging and fun
Job enrichment - Correct Answer ✔✔ the redesign of a job to include a greater range of
tasks and responsibilities
When is a compensation plan effective? - Correct Answer ✔✔ When the employees feel
the plan is fair and that the compensation is related to their efforts
Types of compensation plans - Correct Answer ✔✔ -Straight Salary Compensation
, -Incentive compensation plans
(straight commission or quota bonus)
-Group (Team) incentives
Two Elements to compensation plan - Correct Answer ✔✔ 1. the amount of
compensation
2. the percentage of compensation based on incentives
When is incentive compensation most effective? - Correct Answer ✔✔ When
performance can be measured easily and precisely
(Difficult to measure teamwork, nonselling activities, customer service, merchandising
performance)
Why have individualized motivation programs? - Correct Answer ✔✔ -Impact of goals
differs across people
-Different people seek different rewards
How can a manager maintain morale? - Correct Answer ✔✔ -Meetings before store
opening
-Educate employees about financing
-Divide charity budget
-Give every employee a business card
What are the costs that are controlled by store managers? - Correct Answer ✔✔ -Labor
scheduling
-Energy, heating, lighting
-Maintenance
-Inventory Shrinkage
Inventory Shrinkage - Correct Answer ✔✔ the difference between the recorded annual
value of inventory (at retail prices) and the value of the actual inventory in stores and
distribution centers divided by retail sales during the period
What is the largest source of inventory shrinkage? - Correct Answer ✔✔ Employee theft
(47%)/$19B
How do you spot a shoplifter? - Correct Answer ✔✔ -Don't assume that all shoplifters
are poorly dressed
-Spot loiterers
-Look for groups
-Look for people with loose clothing
-Watch the eyes, hands, and body
How do you detect/prevent shoplifting? - Correct Answer ✔✔ =Store design
-Merchandise Policies
-Security measures
QUESTIONS & VERIFIED COMPLETE
SOLUTIONS PASSED 100%
What are store managers responsible for? - Correct Answer ✔✔ Employees and real
estate
Steps in Employment Management Process - Correct Answer ✔✔ 1. Recruit and select
employees
2. Socialize and train new employees
3. Motivate and manage employees to achieve store performance goals
4. Evaluate employee performance and provide feedback
5. Compensate and reward employees
What is a managers' most important but also frustrating task? - Correct Answer ✔✔
Motivating employees
Employee performance improves when employees feel: - Correct Answer ✔✔ -That
their efforts will enable them to achieve the goals set for them by their managers.
-That they'll receive rewards they value if they achieve their goals.
Who should do the evaluation? - Correct Answer ✔✔ -System designed by HR
-Done by immediate supervisors
How often should evaluations be made? - Correct Answer ✔✔ annually or semiannually
Extrinsic Rewards - Correct Answer ✔✔ rewards provided by either the employee's
manager or the firm such as compensation, promotion, and recognition
A la carte plans - Correct Answer ✔✔ Give employees a choice of rewards for their
good performance
Intrinsic Rewards - Correct Answer ✔✔ Rewards employees get personally from doing
a job well done because they think it is challenging and fun
Job enrichment - Correct Answer ✔✔ the redesign of a job to include a greater range of
tasks and responsibilities
When is a compensation plan effective? - Correct Answer ✔✔ When the employees feel
the plan is fair and that the compensation is related to their efforts
Types of compensation plans - Correct Answer ✔✔ -Straight Salary Compensation
, -Incentive compensation plans
(straight commission or quota bonus)
-Group (Team) incentives
Two Elements to compensation plan - Correct Answer ✔✔ 1. the amount of
compensation
2. the percentage of compensation based on incentives
When is incentive compensation most effective? - Correct Answer ✔✔ When
performance can be measured easily and precisely
(Difficult to measure teamwork, nonselling activities, customer service, merchandising
performance)
Why have individualized motivation programs? - Correct Answer ✔✔ -Impact of goals
differs across people
-Different people seek different rewards
How can a manager maintain morale? - Correct Answer ✔✔ -Meetings before store
opening
-Educate employees about financing
-Divide charity budget
-Give every employee a business card
What are the costs that are controlled by store managers? - Correct Answer ✔✔ -Labor
scheduling
-Energy, heating, lighting
-Maintenance
-Inventory Shrinkage
Inventory Shrinkage - Correct Answer ✔✔ the difference between the recorded annual
value of inventory (at retail prices) and the value of the actual inventory in stores and
distribution centers divided by retail sales during the period
What is the largest source of inventory shrinkage? - Correct Answer ✔✔ Employee theft
(47%)/$19B
How do you spot a shoplifter? - Correct Answer ✔✔ -Don't assume that all shoplifters
are poorly dressed
-Spot loiterers
-Look for groups
-Look for people with loose clothing
-Watch the eyes, hands, and body
How do you detect/prevent shoplifting? - Correct Answer ✔✔ =Store design
-Merchandise Policies
-Security measures
