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 for products needing special handling






2. A planned shopping facility - with the largest store being a supermarket or a drugstore






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






4. A complete bundle product (ensemble) is presented - rather than showing merchandise in separate categories






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






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






7. The long-run and short-run performance targets a retailers hopes to attain






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






9. Consists of the regular products carried by a retailer






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






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






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






13. Involves the retailers collecting an assortment of goods and services from various sources - buying them in large quantity - and offering to sell them in small quantities to consumers






14. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






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






16. 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






17. Any item a retailer owns with monetary value






18. Prevent retailers from selling certain items for less than their cost plus a fixed percentage to cover overhead






19. A customer is first exposed to a good or service through a non-personal medium and then orders by mail - phone - fax or computer






20. Places displays and aisles in a rectangular or gridiron pattern - used for food retailers - discount stores - drugstores - hardware stores and stationary stores






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






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






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






24. A consumer uses each step in the purchase process but does not spend a great deal of time on each of them






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






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






27. The cost of running a retail business






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






29. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






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






32. A retailer offers discounts to customers who buy in quantity or who buy a product bundle






33. Used to determine the amount of merchandise to purchase for resale. the goal is to purchase enough of these procuts so they are always in stock






34. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






35. Occurs when a retailers adds goods and services that may be unrelated to each other and to the firm's original business






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






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






38. Concept that states that retail institutions - like the goods and services they sell - pass through identifiable life stages: introduction - growth - maturity and decline






39. Projections of expected retail sales for given periods






40. Begins planning at the individual product level and then proceeds to the category - total store - and overall company levels






41. Determines the floor space necessary to carry and display a proper merchandise assortment






42. 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






43. A formal way to record consumer requests for unstocked for out-of-stock merchandise






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






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






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






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






48. Relied on prior promotion budgets to allocate funds; a percentage is either added to or subtracted from one year's budget to determine the next year's






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






50. Every store - product - or customer has an equal or known chance of being chosen for a study