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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. A type of experiment whereby a computer program is used to manipulate the elements of a retail strategy mix rather than test them in a real setting






2. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






3. Graphically displays its hierarchical relationships created by a retailer






4. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






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






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






7. The overall plan guiding a retail firm






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






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






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






11. A large - planned shopping facility appealing to a geographically dispersed market






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






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






14. Forecasts average sales weekly - so beginning inventory equals several weeks expected sales

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15. When stores at a given location complement - blend - and cooperate with one another - and each benefits from the others' presence; when it is strong - the sales of each store are greater due to the high customer traffic






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






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






18. 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






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






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






21. Refers to the number of distinct goods/services categories (product lines) a retailer carries






22. A retailer sets its prices in accordance with competitors'






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






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






25. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






27. Objective - quantifiable - easily identifiable and measurable population data






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






29. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






31. Determines the floor space necessary to carry and display a proper merchandise assortment






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






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






34. Consists of the regular products carried by a retailer






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






36. A listing of bipolar adjectives scales






37. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






38. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






39. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






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






41. Any item a retailer owns with monetary value






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






43. The aspects of business that a firm can directly affect






44. The line of business in which a retailer operates






45. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






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






47. The cost of running a retail business






48. Usually the first tool used to screen applications; providing data on education - experience - health - reasons for leaving prior jobs - outside activities - hobbies and references






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






50. 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







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