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. 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






2. 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






3. 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






4. 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






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






6. Whereby a retailer reduces the amount of inventory it holds by ordering more frequently and in lower quantity






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






8. Consists of the activities involved in acquiring particular goods and/or services and making them available at the places - times - and prices and in the quantity that enable a retailer to reach its goals






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






10. 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






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






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






14. 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






15. Produces and controlled by manufacturers. they are usually well known and supported by manufacturer ads - somewhat pre-sold to consumers - require limited retailer involvement in marketing - and often represent maximum quality






16. A type of research in which one or more elements of a retail strategy mix are manipulated under controlled conditions






17. Provides shoppers with information - adds to store atmospere and serves substantial promotional role






18. A cash or card operated retailing format that dispenses goods and services






19. Embodied by a series of activities and processes that provides a certain value for the consumer






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






21. Factors having a high relationship with job success are given more weight than others






22. Involve the combination of separately owned retail firms






23. Takes a customer-centered approach and presents "solutions" rather than "products"






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






25. When a retailer looks at data that are collected to address the specific issue or problem under study






26. The overall plan guiding a retail firm






27. Based on the principle that each customer has different wants; thus - a sales presentation should be geared to the demands of the individual customer






28. The total physical exterior of the store itself - marquee - entrances - windows - lighting - and construction materials






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






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






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






32. Assumes that consumers will not buy goods and services at prices deemed too low; a low price means poor quality and status






33. There is more interactive relationship between a franchisor and a franchisee






34. A program-length TV commercial for a specific good or service that airs on cable or broadcast television - often at fringe time






35. 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






36. 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






37. 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






38. Incorporates life stages for both family and non-family households






39. 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






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






41. Whereby prices are marked only on shelves or signs and not on individual items






42. Unites supermarket and general merchandise in one facility - with general merchandise accounting for 25 to 40% of sales






43. Outlines the job interactions within a company by describing the reporting relationships among employees (from the lowest level to the highest level)






44. An agreement among manufacturers - wholesalers or retailers to set prices. these agreements are illegal under the Sherman Antitrust Act and Federal Trade Commission Act






45. The profit earned after all costs and taxes have been deducted






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






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






48. A positioning approach whereby retailers offer a discount or value-oriented image - a wide and/or deep merchandise selection and large store facilities






49. Projections of expected retail sales for given periods






50. Whereby workers have the discretion to do what they believe is necessary - within reason - to satisfy the customer even if it means bending the rules