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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. Influence people's thought and behavior such as families - aspirational groups and membership groups






2. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






3. Sets the guiding principles for all the merchandise decisions a retailers makes






4. The aspects of business that a firm can directly affect






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






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






7. 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)






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






9. The basic format or structure of a business






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






11. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






12. A listing of bipolar adjectives scales






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






14. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






15. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






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






17. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






18. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






19. 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






20. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






21. 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]






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






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






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






25. Where a consumer must pay the bill in full when it is due






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






27. Embodied by a series of activities and processes that provides a certain value for the consumer






28. The long-run and short-run performance targets a retailers hopes to attain






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






30. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






31. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






32. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






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






35. 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






36. An inside or outside organization that is used when a retailer wants to keep in close touch with key market trends and cannot do so through just headquarters buying staff






37. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






38. The activity whereby a retailer generates a list of job applicants






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






40. Competition between manufacturers and retailers for shelf space and profits






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






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






43. Consumers feel high prices connote high quality and low prices connote low quality






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






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






46. A multi-line firm operating under central ownership






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






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






49. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






50. Used by retailers that promote throughout the year







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