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. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






3. 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






4. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






5. Exhibits heavier - bulkier items than a rack holds






6. A large - planned shopping facility appealing to a geographically dispersed market






7. Money left after paying taxes and buying necessities






8. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






9. The portion of revenues turned over to the federal - state and/or local government






10. Lets consumers bargain over prices; those who are good at it obtain lower prices






11. Sets the guiding principles for all the merchandise decisions a retailers makes






12. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






13. Short-term selling and administrative costs in running a business






14. Assumes new merchandise is sold first - while older stock remains in inventory






15. Displays merchandise by common end use






16. A case that holds piles of sale clothing - marked down books or other products






17. Consists of products that sell well over nonconsecutive time periods






18. Describes how traditional family moves from bachelorhood to children to solitary retirement






19. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






20. Zeroing in on one specific group






21. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






22. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






23. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






24. The criteria used to assess effectiveness






25. the drive within people to attain work-related goals - can be positive or negative






26. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






27. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






29. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






30. A formal way to record consumer requests for unstocked for out-of-stock merchandise






31. Factors having a high relationship with job success are given more weight than others






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






33. A retailers best customers






34. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






35. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






36. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






37. Information is systematically gathered from respondents by communicating with them






38. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






40. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






41. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






42. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






43. Signals or cues as to the success or failure of that each part of the strategy






44. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






46. 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)






47. Delineates trading areas on the basis of the product assortment carried at various shopping locations - travel times from the shopper's home to alternative locations - and the sensitivity of the kind of shopping to travel time

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48. Consists of all the levels of independently owned businesses along a channel of distribution






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






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