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






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






3. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






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






5. Appeals to price-conscious consumers - who must be members to shop there






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






7. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






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






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






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






11. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






12. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






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






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






15. Performs routine clerical and sales functions - setting up displays - stocking shelves - answering simple questions and ringing up sales






16. When manufacturers and wholesales seek to control the retail prices of their goods and services






17. Risk is still low - but a retailer takes title on delivery and is responsible for damages






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






19. When two or more retailers or a manufacturers/wholesalers share the advertising costs






20. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






21. Outlines a retailer's planned expenditures for a given time based on expected performance






22. The criteria used to assess effectiveness






23. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






24. Systematically lists all operating functions to be performed - their characteristics - and their timing






25. 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)






26. Increases an item's original price because demand is unexpectedly high or costs are rising






27. A type of retail institution which involves a contractual arrangement between a franchisor (a manufacturer - wholesales or service sponsor) and a retail franchisee - which allows the franchisee to conduct business under an established name and accord






28. 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






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






30. 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






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






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






33. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






34. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






36. 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






37. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






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






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






40. 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






41. Used for products needing special handling






42. A retail firm that is formally incorporated under state law






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






44. 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






45. Suppliers sell through a moderate number of retailers






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






47. Direct monetary payments (salaries - commissions - and bonuses) and indirect payments (paid vacations - health and life insurance - and retirement plans) should be fair to both the retailer and its employees






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






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






50. Any item a retailer owns with monetary value