The answers to the Retail IQ quiz

Here are the answers to THIS QUIZ.

1.     AVERAGE INVENTORY AT RETAIL

2.      FIRST/PRIME MARGIN

3.      OPEN TO BUY

4.      UNIVERSAL PRODUCT CODE

5.      FAST MOVING CONSUMER GOODS

6.      DIRECT PRODUCT PROFITABILITY

7.      ASSETS

8.      NEWSAGENT

9.      # of TRANSACTIONS

10.   MERCHANDISE (COST OF GOODS)

11.   The cycle of 4 week, 5 week, 4 week months of a typical retail calendar

12.   MARKDOWNS

13.   SALES PER SQUARE METRE

14.    (GP$/Sales$) x (GP$/Ave Inventory at Cost)

15.   (Current Assets/ Current Liabilities)

16.   1.5 (Nothing happens when it is less, it is just unhealthy)

17.   1.2 – 2-2

18.   12% - 18% (for some it could be double that, but 15% is somewhat of a sweet spot)

19.   FIRST

20.   COLOUR BLOCKING

21.   FOCAL POINT

22.   DEPARTMENT STORE (although some supermarkets are not selling e.g. clothes)

23.   Product, Price, Place, Promotion, Presentation, People

24.   Trade Area Analysis (of a retail precinct)

25.   OPPOSITE (each other)

 

Be ruthless and honest with your scoring and multiply by 4 to get your percentage. Let me know how you went…