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 the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






2. A manufacturer-owned store selling closeouts; discontinued merchandise; irregulars; cancelled orders; and - sometimes in-season - first-quality merchandise






3. Logically assumes old merchandise is sold first - while newer items remain in inventory






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






5. The cost of running a retail business






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






7. A retailer wants to maintain a specified ratio of goods on hand to sales






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






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






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






11. A merchandising technique that some firms use to improve productivity






12. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






13. When information is amassed on each job's functions and requirements: duties - responsibilities - aptitude - interest - education - experience - and physical tasks






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






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






16. There is more interactive relationship between a franchisor and a franchisee






17. Occurs when a consumer makes full use of the decision process






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






19. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






20. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






21. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






22. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






23. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






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






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






26. Consumers feel high prices connote high quality and low prices connote low quality






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






28. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






29. Whereby consumers lease and use goods for specified periods of time






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






31. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






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






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






34. Takes place when the consumer buys out of habit and skips steps in the purchase process






35. The customer group sought by a retailer






36. Actively involved with informing and persuading customers in closing sales






37. Anticipates the information needs of retail managers; collects - organizes - and stores relevant data on a continuous basis; and directs the flow of information to the proper decision makers






38. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






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






40. 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






41. Has a provision allowing rent to increase if a property owner's taxes - heating bills - insurance or other expenses rise beyond a certain point






42. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






44. Whereby each department is subdivided into further categories for related types of merchandise






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






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






47. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






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






49. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






50. Money left after paying taxes and buying necessities