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. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






2. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






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






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






5. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






6. A retailers has no risk because title is not taken; the supplier owns the goods until sold






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






8. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






9. A manufacturer and a retailer or a wholesales and a retailer share an ad






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






11. Ways in which individual consumers and families live and spend time and money






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






13. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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






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






16. Doubt that the correct decision has been made






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






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






19. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






20. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






21. A multi-line firm operating under central ownership






22. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






23. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






24. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






25. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






26. When a retailer acts in the best interests of society - as well as itself






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






28. 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






29. The aspects of business to which a retailers must adapt






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






31. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






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






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






35. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






36. The profit earned after all costs and taxes have been deducted






37. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






38. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






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






40. Represents how a given retailer is perceived by consumers and others






41. Signals or cues as to the success or failure of that each part of the strategy






42. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






43. The criteria used to assess effectiveness






44. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






45. The business activities involved in selling goods and services to consumers for their personal - family - or household use






46. Based on the original retail value assigned to merchandise less the costs of the merchandise






47. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






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






49. The mix of stores within a district or shopping center






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