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






2. Refers to the stores physical characteristics that project an image and draw customers - a retailers signs - sounds - smalls and other physical attributes






3. Outlines a retailer's planned expenditures for a given time based on expected performance






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






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






6. Money left after paying taxes and buying necessities






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






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






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






10. An exchange of money or a promise to pay for the ownership or use of a good or service. three factors: place of purchase - purchase terms and availability






11. A sign that displays the store's name






12. A retailer clearly defines its promotion goals and prepares a budget to satisfy them. determines the tasks and costs required to achieve that goal (best budgeting method)






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






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






15. Awkward spaces where normal displays cannot be set up like light fixtures - wood or metal beams - doors - rest rooms - dressing rooms and vertical transportation






16. All of the businesses and people involved in the physical movement and transfer of ownership of goods and services from producer to consumer






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






18. 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






19. A combination store blending an economy supermarket with a discount department store (it is the US version of a hypermarket)






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






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






22. Consumers feel high prices connote high quality and low prices connote low quality






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






24. Occurs when a consumer makes full use of the decision process






25. 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






26. An unplanned shopping area that appeals to the convenience shopping and service needs of a single residential area






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






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






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






30. 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






31. 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






32. Whereby intangible personal services are offered to consumers who then experience the services rather than possess them






33. Includes all the remaining customers - and they are the most widely dispersed






34. The stores in a planned shopping center complement each other as to the quality and variety of their product offerings - and the kind and number of stores are linked to overall population needs






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






36. When retailers engage in strategy mixes that are not store-based to reach consumers and complete transactions






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






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






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






40. A firm structures and assigns tasks - policies - resources - authority - responsibilities - and rewards to efficiently and effectively satisfy the needs of its target market - employees and management






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






42. 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






43. Zeroing in on one specific group






44. Closing inventory value is determined by calculating the average relationship between the cost and retail values of merchandise available for sale during a period






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






46. 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






47. Traditional means of trading-area delineation. establishes a point of indifference between two cities or communities - so the trading area of each can be determined - more consumers go to the larger city/community because there are more stores and wo


48. 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






49. The cost of running a retail business






50. 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