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






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






3. Software which combines digitized mapping with key locational data to graphically depict trading-area characteristics such as population demographics; data on consumer purchases; and listings of current - proposed and competitor locations






4. The activity whereby a retailer generates a list of job applicants






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






6. Used to describe depreciated assets - such as buildings and warehouses - that are noted on a retail balance sheet at low values relative to their actual worth






7. The level of risk a consumer believes exists regarding the purchase of a specific good or service from a given retailer






8. Based on the premise that people are drawn to stores that are closer and more attractive than competitor's stores






9. 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






10. Involves both the use of automatic teller machines (ATMs) and the instant processing of retail purchases. it allows centralized record keeping and lets customers complete transactions whenever they want






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






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






13. Involve the combination of separately owned retail firms






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






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






16. A retailers ets prices by adding per-unit merchandise costs - retail operating expenses and desired profit






17. Avoids the problems of infrequent financial alaysis by keeping a running total of the value of all inventory on hand at cost at a given time






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






19. 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






20. 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






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






22. Refers to items that are received at the store in condition to be put directly on display without any preparation by retail workers






23. Whereby suppliers make agreements with one or a few retailers that designate the latter as the only ones in specified geographic areas to carry certain brands or products






24. Encompasses the paid communication activities other than advertising - public relations and personal selling that stimulate consumer purchases and dealer effectiveness






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






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






27. A retail firm owned by its customer members






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






29. A retailers starts with its total available store space - divides the space into categories - and then works on product layouts






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






31. A group of retailers gets together to make quantity purchases from supplier and obtain volume discounts






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






33. The optimum site for a particular store






34. Products are marked with a series of thick and thin vertical lines - representing each item's identification code






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






36. The sensitivity of customers to price changes in terms of the quantities they will buy - because there is a relationship between price and consumer purchases and perceptions






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






38. 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






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






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






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






42. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






43. Represents how a given retailer is perceived by consumers and others






44. Assumes new merchandise is sold first - while older stock remains in inventory






45. Stipulates that rent is related to sales or profits; protects a property owner against inflation and lets it benefit if a store is successful






46. 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






47. Whereby franchisors limit franchisee involvement in the strategic planning process






48. The reasons for a consumers behavior






49. The difference between net sales and the cost of goods sold; it consists of operating expenses plus net profit






50. Systematically examines and evaluates a firm's total retailing effort or a specific aspect of it






Can you answer 50 questions in 15 minutes?



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