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. Converts shopping from a passive activity into a more interactive one - by better engaging customers






2. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages






3. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






4. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






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






7. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






8. Many retail vendors sell a range of products at discount prices in plain surroundings






9. An inexpensive display that leaves merchandise in the original carton






10. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






11. A firm starts each new budget from scratch and outlines the expenditures needed to reach the periods goals






12. Occurs when one consumer talks to others; can build a chain of customers






13. Exhibits heavier - bulkier items than a rack holds






14. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






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






17. Feature products' generic names as brands; they are no-frills goods stocked by some retailers






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






19. Consists of the regular products carried by a retailer






20. Programs to combine a high degree of centralized management control with strict operating procedures for every phase of the business






21. Retailers price selected items below cost to lure more customer traffic for those retailers






22. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






23. A retail firm that is formally incorporated under state law






24. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






25. Actively involved with informing and persuading customers in closing sales






26. 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)






27. 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






28. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






30. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






31. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






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






33. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






34. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






36. 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






37. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






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






39. Whereby each department is subdivided into further categories for related types of merchandise






40. Larger and more diversified than a conventional supermarket but usually smaller and less diversified than a combination store






41. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






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






43. Calls for all maintenance costs to be paid by the retailer






44. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






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






46. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






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






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






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






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