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. 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






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






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






4. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






5. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






6. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






7. Consists of the regular products carried by a retailer






8. 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






9. Handles an assortment of inexpensive and popularly prices goods and services - such as apparel and accessories - costume jewelry - notions and small wares - candy - toys - and other items in the price range






10. When two or more retailers or a manufacturers/wholesalers share the advertising costs






11. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






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






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






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






15. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






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






17. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






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






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






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






21. Systematically lists all operating functions to be performed - their characteristics - and their timing






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






23. A memorized - repetitive speech given to all customers interested in a particular item






24. The customer group sought by a retailer






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






26. A method of storing and remotely retrieving data using devices called RFID tags or trandponders






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






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






29. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






31. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






32. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






33. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






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






36. 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






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






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






39. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






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






42. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






43. Any communication that fosters a favorable image for the retailer among it publics (consumers - investors - government - channel members - employees - and the general public)






44. Where the same customers are served by both branches






45. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






46. A way to collect - store and use relevant information about customers






47. The overall plan guiding a retail firm






48. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






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






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