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 company compares its actual performance against its potential performance and then determines the areas in which it must improve






2. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






3. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






4. A type of retail institution in which a retailers owns one retail unit






5. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






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






8. A retailer charges the same price to all customers buying an item under similar conditions






9. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






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






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






12. 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






13. Any item a retailer owns with monetary value






14. A retailers commitment to a type of business and to a distinctive role in the marketplace






15. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






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






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






18. 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






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






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






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






22. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






23. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






24. An unincorporated retail firm owned by one person






25. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






26. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






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






28. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






29. Occurs when a consumer makes full use of the decision process






30. The profit earned after all costs and taxes have been deducted






31. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






32. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






33. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






34. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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






36. Determines the floor space necessary to carry and display a proper merchandise assortment






37. Era we in now - death of the middle market. Mass merchandising and niche retailing are popular






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






39. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






40. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






42. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






43. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






44. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






45. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






46. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






47. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






49. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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