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. Doubt that the correct decision has been made






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






3. When retailers count on suppliers to participate in their inventory management programs






4. 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






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






6. A retailer first allots funds for each element of the retail strategy mix except promotion. the remaining funds go to promotion (weakest strategy)






7. The optimum site for a particular store






8. Graphically displays its hierarchical relationships created by a retailer






9. A retailer projects the future by studying factors that affect long -run performance and then forms contingency plans based on alternative scenarios






10. 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






11. A global electronic superhighway of computer networks that use a common protocol and that are linked by telecommunication lines and satellite






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






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






14. Beginning-of-month planned inventory during any month differs from planned average monthly stock by only one-half of that month's variation from estimated average monthly sales [equation]






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






16. An illegal practice in which a retailer lures a customer by advertising goods and services at exceptionally low prices; once the customer contacts the retailer - he/she is told the good is out of stock or of inferior quality; a salesperson tries to c






17. Entails the collection and analysis of information relating to specific issues or problems facing a retailer






18. Teach new (and existing) personnel how best to perform their jobs or how to improve themselves






19. Mandates that persons with disabilities be given appropriate access to retailing facilities






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






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






22. Involves the activities of government - businesses - and other organizations to protect people from practices infringing upon their rights as consumers






23. Whereby special tags are attached to products so that the tags can be sensed by electronic security devices at store exits






24. Encompasses 50 to 80 percent of a store's customers; the area closest to he store and possesses the highest density of customers to population and the highest per capita sales






25. The aspects of business that a firm can directly affect






26. A type of retail institution that is a department in a retail store that is rented to an outside party






27. Involve the combination of separately owned retail firms






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






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






30. Whereby suppliers sell through as many retailers as possible






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






32. 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






33. When a retailer gathers - integrates - applies - and stores information related to specific subject areas






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






35. 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






36. Used for products needing special handling






37. Has a primarily functional use: to neatly hang or present products






38. 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






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






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






41. 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






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






43. Exhibits heavier - bulkier items than a rack holds






44. A retailer specifies which products (goods and services) are purchased - when products are purchased - and how many products are purchased






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






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






47. Especially low prices are negotiated for merchandise whose sales have not lived up to expectations - end of season goods - items consumers have returned to the manufacturer or another retailer and closeouts






48. The criteria used to assess effectiveness






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






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