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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. 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






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






3. Exhibits heavier - bulkier items than a rack holds






4. Factors having a high relationship with job success are given more weight than others






5. Merchandise that generates high sales over a short time






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






7. Based on the actual prices received for merchandise sold during a time period less merchandise cost






8. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






9. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






11. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






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






13. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






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






15. 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






16. 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






17. 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






18. 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






19. An unincorporated retail firm owned by one person






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






21. Whereby copies of all the data bases in a firm are maintained in one location and are accessible to employees at any locale






22. An indoctrination on the firm's history and policies - as well as a job orientation on hours - compensation - the chain of command and job duties






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






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






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






26. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






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






28. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






29. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






31. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






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






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






35. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






36. 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)






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






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






39. Displays merchandise by common end use






40. Consists of the regular products carried by a retailer






41. Places together various items that appeal to a given target market






42. Increases an item's original price because demand is unexpectedly high or costs are rising






43. The line of business in which a retailer operates






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






45. Has a primarily functional use: to neatly hang or present products






46. Mandates that persons with disabilities be given appropriate access to retailing facilities






47. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






48. When manufacturers and wholesales seek to control the retail prices of their goods and services






49. Takes place when the consumer buys out of habit and skips steps in the purchase process






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







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