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






2. The identifiable - but sometime intangible - activities undertaken by a retailer in conjunction with the basic goods and services it sells






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






4. Based on the original retail value assigned to merchandise less the costs of the merchandise






5. The revenues received by a retailer during a given period after deducting customer returns - markdowns - and employee discounts






6. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






8. the drive within people to attain work-related goals - can be positive or negative






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






10. 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






11. Contains an additional 15 to 25 percent of a stores customers; located outside of the primary area - and customers are more widely dispersed






12. A consumer may engage in behavior after purchasing a product that falls into two categories: further purchases or re-evaluation






13. When a retailer acts in the best interests of society - as well as itself






14. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






16. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






17. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






19. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






20. 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






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






22. The customer group sought by a retailer






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






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






25. Focuses on the sale of tangible phoducts






26. The simplest and most popular trading-area analysis model. potential sales for a new store are estimated on the basis of revenues for similar stores in existing areas - the competition at a prospective location - the new store's expected market share






27. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






28. 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






29. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






30. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






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






32. The portion of revenues turned over to the federal - state and/or local government






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






34. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






35. 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






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






37. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






38. The form of research in which present behavior or the results of past behavior are noted and recorded






39. 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






40. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






42. 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






43. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






44. The overall plan guiding a retail firm






45. The manner of providing a job environment that encourages employee accomplishment






46. Acquires and maintains a proper merchandise assortment while ordering - shopping - handling - storing - displaying and selling costs are kept in check






47. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






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






50. 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