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






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






3. Retailers hire people to pose as customers and observe their operations - from sales presentations to how well displays are maintained to service calls






4. Consists of all the levels of independently owned businesses along a channel of distribution






5. 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






6. Available from sources outside the firm






7. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






8. 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






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






10. A retailer tied it promotion budge to revenue and develops a promotion to sales ratio






11. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






12. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






13. 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






14. The cost of running a retail business






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






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






17. Assets minus liabilities; aka owner's equity and represents the value of a business after deducting all financial obligations






18. Caused by employee theft - customer shoplifting - vendor fraud and administrative errors






19. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






20. The geographical breaking point between two cities (communities) at which consumers are indifferent to shopping at either






21. Occurs when one consumer talks to others; can build a chain of customers






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






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






24. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






25. Assumes new merchandise is sold first - while older stock remains in inventory






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






27. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






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






29. Suppliers sell through a moderate number of retailers






30. The average number of times each person reached is exposed to a retailers promotion efforts in a specific period






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






32. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






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






34. The cost to the retailer of each item recorded on an accounting sheet and/or is coded on a price tag or merchandise container






35. Out-of-hometown shopping - is important for both local and surrounding retailers






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






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






38. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






39. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






40. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






41. Short-run decisions that are made and enacted for each controllable part of the strategy and encompasses a retailers daily and short term operations






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






43. Selling goods and services to a broad spectrum of consumers






44. Consists of products that sell well over nonconsecutive time periods






45. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






46. A food-based discounter that focuses on a small selection of items - moderate hours of operation - few services and limited manufacturer brands






47. Used by both large and small retailers so they can efficiently process transactions and monitor inventory






48. Graphically displays its hierarchical relationships created by a retailer






49. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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