Test your basic knowledge |

Retail Management

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






2. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






3. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






4. Whereby consumers lease and use goods for specified periods of time






5. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






6. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






7. The form of research in which present behavior or the results of past behavior are noted and recorded






8. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






9. An unincorporated retail firm owned by two or more persons - each with a financial interest






10. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






11. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






12. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






13. Whereby goods owned by consumers are repaired - improved - or maintained






14. A sign that displays the store's name






15. The mix of stores within a district or shopping center






16. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






17. Zeroing in on one specific group






18. Used for products needing special handling






19. Every store - product - or customer has an equal or known chance of being chosen for a study






20. A listing of bipolar adjectives scales






21. Any item a retailer owns with monetary value






22. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






23. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






24. The cost of running a retail business






25. Marketplace opening that exist because other retailers have not yet capitalized on them






26. A multi-line firm operating under central ownership






27. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






28. Out-of-hometown shopping - is important for both local and surrounding retailers






29. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






30. The long-run and short-run performance targets a retailers hopes to attain






31. A retailer purposely adjusts markups by merchandise category






32. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






33. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






34. Outlines a retailer's planned expenditures for a given time based on expected performance






35. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






36. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






37. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






38. A retailers carries complementary goods and services to encourage shoppers to buy more






39. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






40. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






41. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






42. A retailer wants to maintain a specified ratio of goods on hand to sales






43. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






44. An unincorporated retail firm owned by one person






45. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






46. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






47. Involve the combination of separately owned retail firms






48. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






49. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






50. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items