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. Merchandise quality ranges from average to quite good. pricing is moderate to above average. customer service ranges from medium levels of sales help - credit - delivery and so forth to high levels of each






2. The amount a retailer pays to acquire the merchandise sold during a given time period. it is based on purchase prices and freight charges - less all discounts






3. A retail firm that is formally incorporated under state law






4. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






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






6. Stores - product - or customers are chosen by the researcher - based on judgement or convenience






7. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






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






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






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






11. Performs all of the tasks of a computerized checkout and verifies check and charge transactions - provides instantaneous sales reports - monitors and changes prices - sends intra- and inter- store messages - evaluates personnel and profitability and






12. Involves planning and monitoring a retailer's financial investment in merchandise over a stated period






13. Money left after paying taxes and buying necessities






14. Suppliers sell through a moderate number of retailers






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






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






17. Appeals to price-conscious consumers - who must be members to shop there






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






19. Beginning inventory - purchases - and transportation charges equal the cost of this






20. A form of multi-channel retailing which engages in more than one type of distribution arrangement






21. The service level that customers want to receive from any retailer - such as basic employee courtesy






22. When retailers count on suppliers to participate in their inventory management programs






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






24. Projections of expected retail sales for given periods






25. A manufacturer and a retailer or a wholesales and a retailer share an ad






26. The overall plan or framework of action that guides a retailer






27. Attracts independents because of low capital requirements and relatively simple licensing provisions for many small retail firms. leads to intense competition






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






29. A retailer sets prices for goods and services and seeks to maintain them for an extended period






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






31. Involves a clear statement of the topic to be studied






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






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






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






35. 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






36. A retailers commitment to a type of business and to a distinctive role in the marketplace






37. The criteria used to assess effectiveness






38. A shopping site with (1) up to a half-dozen or so category killer stores and a mix of smaller stores and (2) several complementary stores specializing in one product category






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






40. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules






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






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






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






44. 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






45. Arise when consumers buy products and/or brands they had not planned on buying before entering a store - reading a mail-order catalog - seeing a TV shopping show - turning to the Web and so forth






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






47. Includes all the elements in retail offering that encourage or inhibit customers during their contact with a retailer






48. Consists of the regular products carried by a retailer






49. Exhibits heavier - bulkier items than a rack holds






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