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






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






3. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






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






5. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






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






8. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






9. 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






10. 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






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






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. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






15. The positive - neutral or negative feelings a person has about different topics






16. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






17. A listing of bipolar adjectives scales






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






19. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






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






21. A retailers best customers






22. Ordering can be computerized and mechanically activated when stock-on-hand reaches the reorder point






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






24. The difference between net sales and the total cost of goods sold






25. 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






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






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






28. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






29. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






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






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






32. A retailer purposely adjusts markups by merchandise category






33. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






35. Refers to the variety in any one good/service (product line) a retailer carries






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






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






38. Whereby a retailer sells to consumers through multiple retails formats (points of contact)






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






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






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






42. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






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






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






45. Customer orientation - coordinated effort - value driven and goal orientation






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






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






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






49. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






50. The service level that customers want to receive from any retailer - such as basic employee courtesy