Glossary of Terms

What are Inventory Audits?

Inventory is a critical asset for an organization.  It is this stock inventory maintained by an organization - either with itself or in its distribution network that eventually translates into sales.  While companies do keep track of the stock on a regular basis by maintaining records, they need to periodically assess and reconcile these records to check the accuracy of books and take the necessary corrective measures where required.  This is done by undertaking a stock audit.  

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What are Visibility Audits?

Retail stores are supposed to follow certain standards of cleanliness, layout & product displays. In terms of visual merchandising too, brands budget a significant spend planning various Point of Purchase material e.g. fixtures, wall branding, posters etc. so that the stores convey a standard look and visually convey the message of the brand.

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What is the meaning of MOP or SRP?

MOP stands for Market Operating Price while SRP is the acronym for Suggested Retail Price.  Both these terms essentially denote pricing benchmark or guideline set forth by a brand for retail price of its products.  

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What is Mystery Shopping?

Mystery Shopping is a process in which a person visits a retail store, restaurant, bank branch or any such location with the objective of measuring the quality of customer experience.

Many companies define detailed processes and parameters to ensure that customers will have a good experience in their sales locations. Some examples are:

  • How customers will be greeted
  • What is the maximum acceptable waiting time
  • What should be the temperature of the facility
  • How many products should be on display etc.
To ensure that these processes are followed, these companies hire Mystery Shopping Companies to conduct regular audits on their locations.
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