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. A retailers best customers






2. Available from sources outside the firm






3. 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






4. Focuses on the sale of tangible phoducts






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






6. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






7. A merchandising technique that some firms use to improve productivity






8. The activity whereby a retailer generates a list of job applicants






9. The efficiency with which a retail strategy is carried out






10. 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






11. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






12. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






13. The line of business in which a retailer operates






14. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






15. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






16. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






17. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






18. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






19. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






20. Logically assumes old merchandise is sold first - while newer items remain in inventory






21. Where the same customers are served by both branches






22. A sequence of steps that consumers go through - which takes them from awareness to knowledge to liking to preference to conviction to purchase






23. A way to collect - store and use relevant information about customers






24. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






26. Refers to the number of distinct goods/services categories (product lines) a retailer carries






27. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






28. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






29. A retailers has no risk because title is not taken; the supplier owns the goods until sold






30. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






31. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






32. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






33. Available within the company - sometimes from the data bank of a retail information system






34. Represents how a given retailer is perceived by consumers and others






35. Reward a retailers best customers - those with whom it wants long-lasting relationships with






36. Includes all the remaining customers - and they are the most widely dispersed






37. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






38. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






39. Whereby unprofitable stores are closed or divisions are sold off - by retailers unhappy with performace






40. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






41. A listing of bipolar adjectives scales






42. Calls for precise rent increases over a stated period of time






43. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






44. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






45. A type of retail institution that is a department in a retail store that is rented to an outside party






46. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






47. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






48. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






49. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






50. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory