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. Used by retailers that promote seasonally






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






3. Occurs when a consumer makes full use of the decision process






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






5. An unplanned shopping area compromising of group retail stores - often with similar or compatible product lines - located along a street or highway






6. Large retailers seek to reduce competition by selling goods and services at very low prices - thus causing small retailers to go out of business






7. Available within the company - sometimes from the data bank of a retail information system






8. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






10. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






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






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






13. Lower price than the original is used to meet the lower price of another retailer - adapt to inventory overstocking - clear out shopworn merchandise - reduce assortments of odds and ends - and increase customer traffic






14. The process by which people determine whether - what - when - where - how - from whom - and how often to purchase goods and services






15. Retailers and suppliers regularly exchange information through their computers with regard to inventory levels - delivery times - unit sales and so on of a particular item






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






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






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






19. Ways in which individual consumers and families live and spend time and money






20. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






21. A retailer advertises and sells selected items in its goods/service assortment at less than the usual profit margins. goal is to increase customer traffic for the retailer so that it can sell other regularly prices goods






22. Enumerates basic functions - the relationship of each job to overall goals - the interdependence of positions and information flows






23. A candid evaluation of the opportunities and threats facing a prospective or existing retailer






24. A typically well-located - food-oriented retailer that is open long hours and carries a moderate number of items






25. Appeals to the consumer's urge to buy product and the amount of time she or he is willing to spend on shopping






26. Calls for precise rent increases over a stated period of time






27. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






29. Describes how traditional family moves from bachelorhood to children to solitary retirement






30. Includes both personal contact with consumers in their homes and phone solicitations initiated by a retailer






31. The number of distinct people exposed to a retailers promotion efforts in a specific period






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






33. The total process of planning - implementing and coordinating the physical movement of merchandise from manufacturer (wholesaler) to retailer to customer in the most timely - effective and cost-efficient manner possible






34. 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






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






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






37. Selection process of one opinion from others. a person determines the criteria to evaluate and their importance before buying






38. Paid - nonpersonal communication transmitted through out-of-store mass media by an ideantified sponsor






39. A moderate-sized - planned shopping facility with a branch department store (traditional or discount) and/or a category killer store - as well as several smaller stores






40. One member of the distribution channel dominates the decisions made in that channel due to the power it possesses






41. A retailer purposely adjusts markups by merchandise category






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






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






44. Available from sources outside the firm






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






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






47. Involves oral communication with one or more prospective customers for the purpose of making a sale






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






49. Incorporates life stages for both family and non-family households






50. Permits supermarkets to incorporate aspects of quick response inventory planning - electronic data interchange - and logistics planning