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






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






4. Divides all retail activities into four functional areas - merchandising - publicity - store management - and accounting and control






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






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






7. A way to collect - store and use relevant information about customers






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






9. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






10. Competition between manufacturers and retailers for shelf space and profits






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






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






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






14. Occurs when the value and customer services provided through a retailing experience meet or exceed consumer expectations






15. Whereby the retailer sets standards and measures its performance based on the achievements of its sector of retailing - specific competitors - high-performance firms - and/or the prior actions of the firm itself






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






17. When a retailer looks at data that are collected to address the specific issue or problem under study






18. The efficient and effective implementation of the policies and tasks necessary to satisfy the firm's customers - employees - and management






19. An unincorporated retail firm owned by one person






20. A multi-line firm operating under central ownership






21. Displays merchandise by common end use






22. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo

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






24. Consists of products that may have cyclical sales due to changing tastes and lifestyles






25. A sign that displays the store's name






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






27. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






28. A type of retail institution in which a retailers owns one retail unit






29. Whereby a retailers sells to consumers through multiple retail formats






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






31. The mix of stores within a district or shopping center






32. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






33. The profit earned after all costs and taxes have been deducted






34. Sets the guiding principles for all the merchandise decisions a retailers makes






35. Available from sources outside the firm






36. Feature brand-name apparel and accessories - footwear - linens - fabrics - cosmetics - and/or housewares and sells them at everyday low prices in an efficient - limited-service environment






37. A company compares its actual performance against its potential performance and then determines the areas in which it must improve






38. Used by retailers that promote seasonally






39. 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






40. 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






41. Consists of these interrelated personnel activities: recruitment - selection - training - compensation and supervision. the goals are to obtain - develop and retain employees






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






43. The extent to which a person desires and pursues social status






44. 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






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






46. A format whereby multiple outlets conform to relatively uniform construction - layout and operations standards






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






48. Where consumers shop for a product category at more than one retail format during the year OR visit multiple retailers on one shopping trip






49. Typically supervises the on-floor selling and operational activities for a specific retail department






50. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes







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