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






2. Appeals to price-conscious consumers - who must be members to shop there






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






4. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






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






7. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






9. 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






10. Whereby prices are marked only on shelves or signs and not on individual items






11. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






12. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






13. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






15. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






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






17. Mazur plan derivative in which buying is centralized and branches become sales units with equal operational status






18. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






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






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






21. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






22. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






24. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






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






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






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






28. the drive within people to attain work-related goals - can be positive or negative






29. 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)






30. Involves an informal ranking of people based on income - occupation - education and other factors






31. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






32. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






33. The reasons for a consumers behavior






34. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






35. 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






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






37. 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






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






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






40. Where a customer charges items and is billed monthly on the basis of outstanding cumulative balance






41. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






42. A retailers best customers






43. Consists of the regular products carried by a retailer






44. Assigns floor space on the basis of sales or profit per foot






45. The extent to which a person desires and pursues social status






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






47. 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






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






49. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






50. 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