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. 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






2. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






3. Whereby goods owned by consumers are repaired - improved - or maintained






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






5. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






6. Money left after paying taxes and buying necessities






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






8. A listing of bipolar adjectives scales






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






10. Analyzes a firm's performance in one area of the strategy mix or operations - such as the credit function - customer service - merchandise assortment - or interior display






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






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






13. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






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






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






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






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






18. Consists of all the levels of independently owned businesses along a channel of distribution






19. The sum total of an individuals traits - which make that individual unique






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






21. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






22. A retailer purposely adjusts markups by merchandise category






23. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






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






26. 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






27. 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






28. A formal way to record consumer requests for unstocked for out-of-stock merchandise






29. A technique that enables a retailer to find the profitability of each category or merchandise by computing adjusted per-unit gross margin and assigning direct product costs for such expense categories as warehousing - transportation - handling - and






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






31. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






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






33. The difference between net sales and the total cost of goods sold






34. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






35. A retailer carries more items than expects to sell over a specified period






36. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






37. The reasons for a consumers behavior






38. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






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






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






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






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






43. A type of retail institution in which a retailers owns one retail unit






44. Whereby franchisors limit franchisee involvement in the strategic planning process






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






46. 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






47. The basic format or structure of a business






48. An inexpensive display that leaves merchandise in the original carton






49. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






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