Monday 12:30 Tutorial by Karen Lurati https://padlet.com/karen_lurati/l4t0jrx3go57 Week 11 en-us 2018-05-14 02:05:20 UTC 2025-11-12 05:36:49 UTC hello@padlet.com 2. Retail Auditing is considered essential for strategic planning and measurement of results. Choose one of the following parts of a retail business and discuss what elements should be audited and how.a. Stock Receiving into the storeb. Cash handling (from customer, change, POS, banking etc)c. Security procedures in a store (including theft, opening and closing store)d. Promotional Communicationse. Digital updates on Website and Social Mediaf. Customer Service and Relationship Managementg. Recruitment, Training and Performance Appraisalh. Visual Merchandisingi. Pricing, Discounts and Markdowns karen_lurati https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320077 2018-05-14 02:56:34 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320077 Cash Handling (from customer, change, POS, Banking) temcd1 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320133 - How Cash is transferred to the bank, i.e., are individuals sent alone, in pairs. Verification that cash has entered the bank account, is it done by a separate individual, compared with the report of what was earned. 
- Security regarding the actual transfer of cash, is it done through an internal security company, or for smaller businesses, do you send multiple individuals for protection.
- Tills balances should be verified by two independent individuals at the end of each day. ]]> 2018-05-14 02:56:58 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320133 Stock receiving into the store samdrew8 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320141 - Quantity of the stock. Make sure it matches invoices
- Condition of the stock. Make sure that no items are damaged
- Time the stock was received
- If the invoices were signed which were connected to the stock
- Make sure there is storage space for the new inventory
- If the stock needs to be transferred further to other retail stores
- If any stock needed to be returned to the supplier]]> 2018-05-14 02:57:04 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320141 Promotional Comms & Digital updates on Website and Social Media https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320167 Promotional Comms
-Advertisements, Social media, special offers, How affective the advertisement is eg if its a tv ad obtain numbers and stats of how many people watch, adjust timing of ads to attract target market
-Special offers, evaluate before and after sales figures
-  measure performance between stores and as a whole for special offers
Digital updates on Website and Social Media
- Use social media to posts to evaluate reach by seeing likes, shares etc 
- Figure out trends and whats popular 
- find out what type of content is successful
-Consistency between stores and online content ]]> 2018-05-14 02:57:19 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320167 Pricing,discount, and markdowns shuer266 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320330 - Factors that influence the price setting.
-  What's the price elasticity of certain products? 
- Determine the cost of competitors, how much is it?
- Does price strategy reflects the overall sales performance?
- Does the government regulations affect the price strategy?
- How the price discount be determined on the seasonal products and expired stock?
- How the markdowns influence the overall sales turnovers?
- Do employees have discounts on their purchase and how much is the discount?]]> 2018-05-14 02:58:16 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320330 Customer service and relationship management appleyee0416 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320426 - Are the customers manage to utilise the digital assistance at online websites such as chatbots
-  Are customers recognized and offered assistance immediately? Do they have to go to counter or look for staffs?
-Do the staffs put effort to follow up the inquires of customers?
customer repurchase intention
level of satisfaction done through feedback from customers
- Are the staffs helpful or being rude to customers?
- Do customers have to wait very long to get reply when make inquiries through websites or telephone call?
- how well do staffs handle customer calls? Do they have enough staffs?
- for the websites, is it customer friendly and easy to use?
- What is the most complaints received?

]]> 2018-05-14 02:59:07 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320426 Auditing in recruitment jefay1 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320507 Utilising the Management Audit form for small retailers,  certain questions can be asked such as:
-  Have you got an effective communication system with employees?
- Do you have a formal program to motivate employees?

Addititionally you need to plan before the audit, coduct onsite meetings, prepare a report, and follow up with recommendations.

Communication is important when conducting an audit. All stakeholders involved need to be notified and informed of how and when the audit will be taking place. For recruitment, this mainly means that HR will be involved.

A series of relevant questions then needs to be devised in order to conduct the audit. 

Next data needs to be collected. This may be through questionnaires, interviews, quizzes,  observation, or a combination.

The focus is on how recruitment activities and tasks are actually performed in the organization. Consolidate the information you collected. Compare the results with market surveys. Determine which practices are good/popular/effective/competitive. Determine which practices need improvement and provide recommendations with justification.

The results should also be benchmarked.

The aim of the audit should be to assess the current recruitment methods in terms of effectiveness (finding the right people for the right job), timeliness, cost, and whether or not staff have the correct experience or training. Additionally the audit should consist of background checks for employees (police and reference checks etc).]]> 2018-05-14 02:59:47 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320507 Training amas0010 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320514 Planning in relation to training would be planning how long the training will go for, and how in depth. What resources are required for the training, then further looking into the costs associated with the resources needed. 
Customer analysis in relation to training would be looking into who is the target customers for the store, and then basing training around these target customers. For example if the company has a major focus on customer service for example at Tiffany & Co, the training would specifically target the customer service aspect that is delivered to customers, where customers want time and patience throughout their interaction with staff. The training would also focus on knowing the products for sale so that staff can provide a higher standard of customer service by individualising each customers experience to each customers needs.
Organisation and HR regarding training would look at teaching new staff the structure of the organisation, who is in managerial positions and who to speak to when needing help in a situation at work. It would also effect the type of training/length received based on the position that is being trained within the organisational structure of that company, whether it be a position with authority (manager) or a sales assistant (casual worker). 
Operations and special Services regarding training would be teaching new staff about how to record returns or exchanges of products to help managers monitor overall sales and whether they are meeting goals or sales objectives, as well as any specific policies within the organisation.
Financial analysis and control regarding training would relate to looking into the organisations financial state before commencing training dependant on how much the training will cost (resources) to ensure they are at a stable condition to begin training. It would also look into training staff what to do in the event of any theft or shoplifting and how this affects the finance of the company, as well as possible ways to minimise this. 

]]> 2018-05-14 02:59:50 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320514 Performance lkeri1 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320576 Performance can be measured by KPI's (Key Performance indicators) these include things such as average dollar per transaction and the amount of units per transaction
By measuring these an organisation can set goals for the employees to try and reach. 
Customer feedback is a good way to find out how the organisation is satisfying their needs and performing the appropriate jobs. 
Mystery Shoppers can assist in understanding how brands are performing in terms of sales assistance
Having a budget allows for the organisation to strive for a daily/weekly/yearly figure and can motivate employees to strive for a certain amount daily. Measuring performance allows the business to see where the organisation is succeeding and not. ]]> 2018-05-14 03:00:30 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320576 Cash Handling https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320736 -There should be a clearly
communicated zero-tolerance
anti-theft policy
-Cash tills should be arranged
such that operators are visible
at all times
-Operators should not have
purses or wallets with them
when operating tills
-Operator lockers should be
subject to spot-checks
-Customers should be able to
see the price as it is rung up
-Customers should be given a
receipt with the till operator’s
ID
-Operators should have been
trained including how to
handle non-routine
transactions such as vouchers
and refunds
-There should be appropriate
segregation of duties between
cash till operation, start-of-day
float, refunds, end-of-day
totalling and banking. ]]> 2018-05-14 03:02:14 UTC https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260320736 https://padlet.com/karen_lurati/l4t0jrx3go57/wish/260321666 Security procedures in a store
-      Standard operating procedures: - who’s going to open and close the store and have the key. Who is going to monitor the cctv. Make sure some security guards are on duty and run the transition of shift smoothly
-      How to keep the stocks locked up when the store is close
-      Make sure the hydrant and sprinkle is working in case of fire
-      Place the cctv position in the right place in order to have larger monitored area (visibility)
-      Check if the actual inventory matched with the inventory data
-      Do the physical screening to the employee when they enter and exit the store

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