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






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






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






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






5. A retailers pays an outside party to undertake one or more of its operating functions with the goal of reducing costs and employee time devoted to particular tasks






6. Uses a series of mathematical equations showing the association between potential store sales and several independent variables at each location






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






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






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






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






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






12. Any nonpersonal form of public relations whereby messages are transmitted through mass media - the time or space provided by the media is not paid for - and there is no identified commercial sponsor






13. A departmentalized food store with a wide range of food and related products; sales of general merchandise are rather limited






14. An unplanned shopping area in a city or town that is usually bounded by the intersection of two major streets






15. A retailer charges the same price to all customers buying an item under similar conditions






16. Retailers price selected items below cost to lure more customer traffic for those retailers






17. Determining the alternative that will solve the problem at hand and ascertaining the characteristics of each alternative






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






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






20. A way to control inventory investment by systematically set stock levels at which new orders must be placed; based on three factors - order lead time - usage rate and safety stock (lead time * usage rate) + safety stock






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






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






23. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






24. Refers to the variety in any one good/service (product line) a retailer carries






25. Takes place when the consumer buys out of habit and skips steps in the purchase process






26. A visual (graphical) representation of the space for selling - merchandise - personnel and customers - as well as for product categories which lays out the in-store placement






27. The in-depth analysis of information to gain specific insights about customers - product categories - vendors and so forth. the goal is to learn if there are opportunities for tailored marketing efforts






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






29. 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






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






31. A retailer carries more items than expects to sell over a specified period






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






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






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






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






36. Used by retailers that promote throughout the year






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






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






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






40. Involve the combination of separately owned retail firms






41. Suppliers sell through a moderate number of retailers






42. The overall plan guiding a retail firm






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






44. A multi-line firm operating under central ownership






45. Aka store brands; contains names designated by wholesales or retailers - are more profitable to retailers - are better controlled by retailers - are not sold by competing retailers - are less expensive for consumer and lead to customer loyalty to ret






46. A catalog in which a retailer caters to a particular customer segment - emphasizes a limited number of items - and reduces production and postage costs






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






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






49. The process of deciding and the factors affecting the process. - stimulus - problem awareness - information search - evaluation of alternatives - purchase - and post-purchase behavior






50. The optimum site for a particular store