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. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






2. Exhibits a wide range or merchandise encouraging the customer to feel - look at and/or try on products






3. 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






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






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






6. Involve the combination of separately owned retail firms






7. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






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






9. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






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






11. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






12. The reasons for a consumers behavior






13. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






14. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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






16. A retailer carries more items than expects to sell over a specified period






17. 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






18. 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






19. A memorized - repetitive speech given to all customers interested in a particular item






20. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






21. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






22. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






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






25. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






26. 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






27. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






28. A cash or card operated retailing format that dispenses goods and services






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






30. 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






31. The customer group sought by a retailer






32. 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






33. Shows the expected behavior of a good or service over its life






34. Takes a customer-centered approach and presents "solutions" rather than "products"






35. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






37. Zeroing in on one specific group






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






39. Displays merchandise by common end use






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






41. Relates to the quantites of merchandise a retailer handles during a stated period






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






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






44. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






45. Marketplace opening that exist because other retailers have not yet capitalized on them






46. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






47. 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






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






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






50. A retail firm owned by its customer members