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. The mix of stores within a district or shopping center






2. Any item a retailer owns with monetary value






3. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






4. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






5. An unincorporated retail firm owned by two or more persons - each with a financial interest






6. The hub of retailing in a city. synonymous with the term downtown. exists where there is the greatest density of office buildings and stores






7. 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






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






9. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






10. The firms particular combination of store location - operating procedures - goods/services offered - pricing tactics - store atmosphere and customer services - and promotional methods






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






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






13. Environmental and marketplace factors that can adversely affect retailers if they do not react to them






14. 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






15. 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






16. 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






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






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






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






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






21. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






22. The efficiency with which a retail strategy is carried out






23. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






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






25. Many retail vendors sell a range of products at discount prices in plain surroundings






26. Describes how traditional family moves from bachelorhood to children to solitary retirement






27. The manner of providing a job environment that encourages employee accomplishment






28. When retailers count on suppliers to participate in their inventory management programs






29. When a retailer looks at data that are collected to address the specific issue or problem under study






30. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






31. Projections of expected retail sales for given periods






32. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






33. The merchandise categories for which data are gathered






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






35. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






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






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






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






40. The overall plan guiding a retail firm






41. 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






42. Focuses on the sale in which consumers do not purchase or acquire ownership of tangible products






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






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






45. The form of research in which present behavior or the results of past behavior are noted and recorded






46. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






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






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






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






50. 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