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. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






3. Exists when a person regularly patronizes a particular retailer that he or she knows - likes - and trusts






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






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






6. Represents the number of times during a specific period - usually one year - that the average inventory on hand is sold






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






8. Laws whereby some retailers must express both the total price of an item and its price per unit of measure






9. Marketplace opening that exist because other retailers have not yet capitalized on them






10. The possible benefits a retailer forgoes if it invests in one opportunity rather than another






11. 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






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






13. Retailers identify specific customer segments and deploy unique strategies to address the desires of those segments rather than the mass market






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






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






16. Whereby a retailer sells to consumers through one retail format - may be store-bsed or non-store based






17. Distinctive heritage shared by a group of people that passes on a series of beliefs - norms and customs






18. The business activities involved in selling goods and services to consumers for their personal - family - or household use






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






20. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






21. Whereby retailers - at their sole discretion - make deductions in their bills for infractions - ranging from late shipments to damages and expired goods






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






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






24. 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






25. A version of customary pricing in which a retailer strives to sell goods and services at consistently low prices throughout the selling season






26. The sum total of an individuals traits - which make that individual unique






27. An open air shopping site that typically includes 150 -000 to 500 -000 square feet of space dedicated to upscale - well-known specialty stores






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






29. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






30. A manufacturer may sometimes help fund personal selling in addition to regular salesperson compensation






31. Exhibits heavier - bulkier items than a rack holds






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






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






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






35. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






36. Logically assumes old merchandise is sold first - while newer items remain in inventory






37. Places together various items that appeal to a given target market






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






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






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






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






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






43. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






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






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






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






47. Projections of expected retail sales for given periods






48. Many retail vendors sell a range of products at discount prices in plain surroundings






49. Used for products needing special handling






50. Takes a customer-centered approach and presents "solutions" rather than "products"