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






2. Shipping goods right from suppliers to individual stores. workds best with retailers who utilize EDI






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






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






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






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






7. Service that includes the activities that enhance the shopping experience and give retailers a competitive advantage






8. The difference between planned purchases and the purchase commitments already made by a buyer for a given period - often a month






9. Graphically displays its hierarchical relationships created by a retailer






10. When a retailer looks at data that have been gathered for purposes other than addressing the issue or problem currently under study






11. Involves an informal ranking of people based on income - occupation - education and other factors






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






13. A firm uses current and past budgets as guides and adds to or subtracts from them to arrive at the coming period's expenditures






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






15. Suppliers sell through a moderate number of retailers






16. Rates the promise of new and established goods - services - procedures - and/or store outlets across a variety of criteria






17. The consumer not only has been aroused by social - commercial - and/or physical stimuli but also recognizes that the good or service under consideration may solve a problem of shortage or unfulfilled desire






18. Focuses on the sale of tangible phoducts






19. Based on the actual prices received for merchandise sold during a time period less merchandise cost






20. Customer orientation - coordinated effort - value driven and goal orientation






21. A retailer's promotion budget is raised or lowered based on competitors actions; if the leading competitor raises its budget - other retailers in the area may follow






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






23. When a retailer acts in the best interests of society - as well as itself






24. 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






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






26. When ending inventory - recorded at cost - is measured by counting the merchandise in stock at the end of a selling period






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






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






29. A retailer sets prices based on consumer desires; at the top is the demand ceiling - the most that people will pay for a good/service






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






31. Used by retailers that promote seasonally






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






33. A way to collect - store and use relevant information about customers






34. When a retailer takes a proactive - integrated atmospherics approach to create a certain "look" - properly displaying products - stimulate shopping behavior and enhancing the physical environment






35. Retailers become active in businesses outside their normal operations - and add stores in different goods/service categories






36. 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






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






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






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






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






41. The selection of merchandise a retailer carries - includes both the breadth of product categories and the variety within each category






42. Contains a position's title - relationships (superior and subordinate) - and specific roles and tasks






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






44. 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






45. 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






46. 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






47. Consumers view the company as distinctive enough to become loyal to it and go out of their way to shop there






48. When manufacturers and wholesales seek to control the retail prices of their goods and services






49. The line of business in which a retailer operates






50. Competition between manufacturers and retailers for shelf space and profits