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. Embodied by a series of activities and processes that provides a certain value for the consumer






2. 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






3. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






4. Whereby suppliers sell through as many retailers as possible






5. The overall plan or framework of action that guides a retailer






6. Payments that retailers require of vendors for providing shelf space






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






8. 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)






9. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






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






11. When a retailer acts in a trustworthy - fair - honest - and respectful manner with each of its constituencies






12. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






13. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






14. Beginning inventory - purchases - and transportation charges equal the cost of this






15. Ways in which individual consumers and families live and spend time and money






16. When a retailer acts in the best interests of society - as well as itself






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






18. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






19. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






20. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






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






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






23. Used to acquire more specific estimates - which divides each month's actual sales by average monthly sales and multiplies the results by 100






24. A retailer sets prices for goods and services and seeks to maintain them for an extended period






25. Whereby a retailers sells to consumers through multiple retail formats






26. Depicts a product offering in a thematic manner and sets a specific mood






27. Available from sources outside the firm






28. 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






29. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






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






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






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






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






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






35. The manner of providing a job environment that encourages employee accomplishment






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






37. A multi-line firm operating under central ownership






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






39. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






40. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






41. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






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






43. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






45. Concentrates on selling one goods or service line - such as young women's apparel






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






47. Selling goods and services to a broad spectrum of consumers






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






49. Equals the cost of merchandise available for sale minus the cost value of ending inventory






50. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip