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






2. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






3. Selling goods and services to a broad spectrum of consumers






4. Lets consumers bargain over prices; those who are good at it obtain lower prices






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






6. Whereby a service retailer does not get paid until after the service is performed and payment is contingent on the service's being satisfactory






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






8. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






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






10. Used by retailers that promote seasonally






11. A type of retail institution that is a department in a retail store that is rented to an outside party






12. Available from sources outside the firm






13. A form of multi-channel retailing which engages in more than one type of distribution arrangement






14. Retail prices are set at levels below even dollar values; the assumption is that people feel these prices represent discounts or that the amounts are beneath consumer price ceilings






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






16. Relates to the quantites of merchandise a retailer handles during a stated period






17. 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






18. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






19. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






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






21. 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






22. Customer orientation - coordinated effort - value driven and goal orientation






23. Represents the total bundle of benefits offered to consumers through a channel of distribution






24. 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






25. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






26. Includes all the remaining customers - and they are the most widely dispersed






27. The overall plan or framework of action that guides a retailer






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






29. 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






30. Money left after paying taxes and buying necessities






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






32. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






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






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






35. A retailer purposely adjusts markups by merchandise category






36. Displays merchandise by common end use






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






38. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






39. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






40. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






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






42. Whereby suppliers sell through as many retailers as possible






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






44. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






46. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






48. Compromises all the parties that develop - produce - deliver and sell and service particular goods and services






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






50. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales