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 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






2. Encompasses all merchandise flows from a customer and or the retailers back through the supply channel






3. An unincorporated retail firm owned by two or more persons - each with a financial interest






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






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






6. A retailer sets a price floor - the minimum price acceptable to the firm so it can reach a specified profit goal






7. A "geographic area containing the customers of a particular firm or group of firms for specific goods or services"






8. Selling merchandise at a limited range of price point - with each point representing a distinct level of quality






9. An area's industrial and commercial structure - the companies and industries that residents depend on to earn a living






10. Converts shopping from a passive activity into a more interactive one - by better engaging customers






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. Whereby franchisors limit franchisee involvement in the strategic planning process






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






14. A freestanding - interactive - electronic computer terminal that displays products and related information on a video screen






15. 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






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






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






18. Used by retailers that promote seasonally






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






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






21. Short-term selling and administrative costs in running a business






22. 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






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






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






25. Involves recruiting - selecting - training - compensating - and supervising personnel in a manner consistent with the retailer's organization structure and strategy mix






26. Whereby the purchase price is immediately deducted from a consumer's bank account and entered into a retailer's account through a computer terminal






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






28. The aspects of business to which a retailers must adapt






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






30. Any communication by a retailer that informs - persuades - and/or reminds the target market about any aspect of that firm






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






32. 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






33. 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






34. A retailer alters its prices to coincide with fluctuations in costs or consumer demand






35. Type of retail institution in which a retailer operates multiple outlets (store units) under common ownership; it usually engages in some level of centralized purchasing and decision making






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






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






38. Whereby the retailer uses differentiated marketing and develops focused retail strategy mixes for specific customer segments - sometimes fine tuned for the individual shopper






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






40. A computerized - demand-based - variable pricing technique whereby a retailer determines the combination of prices that yield the greatest total revenues for a given period (widely used by airlines and hotels)






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






42. Assigns floor space on the basis of sales or profit per foot






43. Is a cue (social or commercial) or a drive (physical) meant to motivate or arouse a person to act






44. The difference between net sales and the total cost of goods sold






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






46. Involve the combination of separately owned retail firms






47. Reward a retailers best customers - those with whom it wants long-lasting relationships with






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






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






50. Where a consumer must pay the bill in full when it is due