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. The aspects of business that a firm can directly affect






2. A review takes place in which the strategy and tactics are assessed against the business mission - objectives and target market






3. A retailer purposely adjusts markups by merchandise category






4. The logistics aspect of a value delivery chain. it compromises all the parties that participate in the retail logistics process: manufacturers - wholesalers - third-party specialists and the retailers






5. A large retail unit with an extensive assortment of goods and services that is organized into separate departments for purposes of buying promotion - customer service - and control






6. Consists of apparel - furniture - autos - and other products for which the retailer must carry a variety of products in order to give customers a proper selection






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






8. Whereby goods owned by consumers are repaired - improved - or maintained






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






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






11. Aiming at two or more distinct consumer groups - with different retailing approaches for each group






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






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






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






15. The number of distinct people exposed to a retailers promotion efforts in a specific period






16. The perception the shopper has of a value chain. the customers view of all the benefits from a purchase






17. A retailers carries complementary goods and services to encourage shoppers to buy more






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






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






20. A form of revolving account; no interest is assessed if a person pays a bill in full when it is due. when a person makes a partial payment - he or she is assessed interest monthly on the unpaid balance






21. A planned shopping facility - with the largest store being a supermarket or a drugstore






22. 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






23. A type of retail institution in which a retailers owns one retail unit






24. A franchisee acquires the identity of the franchisor by agreeing to sell the latter's products and/or operate under the latter's name






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






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






27. 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






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






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






30. 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






31. Places together various items that appeal to a given target market






32. Specifies the inventory level - color - brand - style category - size - package - and so on for every staple item carried by the retailer






33. A type of department store that has a clear customer focus on middle class and lower-middle-class shoppers looking for good value






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






35. A self-service food store with grocery - meat - and produce departments and minimum annual sales of $2 million






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






37. Analyzes a firm's overall performance - from the organizational mission to goals to customer satisfaction to the basic retail strategy mix and its implementation in an integrated - consistent way






38. Influence people's thought and behavior such as families - aspirational groups and membership groups






39. Bars manufacturers and wholesalers from discriminating in price or purchase terms in selling to individual retailers if these retailers are purchasing products of "like quality" and the effect of such discrimination is to injure competition






40. Focuses on the sale of tangible phoducts






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






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






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






44. Aka power retailer - an especially large specialty store that features and enormous selection in its category at relatively low prices






45. Places displays and aisles in a free-flowing pattern - used for department stores - apparel stores - and other shopping-oriented stores






46. Objective - quantifiable - easily identifiable and measurable population data






47. Theory that retail innovators often first appear as low-price operators with low costs and low profit margin requirements






48. A retailer devises its strategy in a way that projects an image relative to its retail category and its competitors and that elicits a positive consumer response






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






50. One way to access information on the Internet - whereby people work with easy-to-use Web addresses and pages